VBDA approves option agreement with Dominion Energy for Corporate Landing site tied to offshore wind plan

The Virginia Beach Development Authority voted June 9 to authorize a five-year option agreement with Dominion Energy for approximately 32 acres in the Corporate Landing business park to support the Coastal Virginia Offshore Wind project known in staff remarks as "Seal South."

Paige presented the agreement terms: the purchase price will be the greater of $200,000 or the appraised value, with the authority required to approve the appraiser within 30 days of Dominion's exercise of the option. Twenty-five percent of option payments will be credited at closing and the authority will retain 75 percent of option payments otherwise. The BBDA will have a first right of offer to repurchase the land at purchase price if Dominion does not build the onshore substation. Staff said Dominion had already invested roughly $200 million in the project to date and described the site as a planned interconnection point capable of supporting up to 800 MW at peak.

Board members asked questions about appraisals, assignment and protections for potential corporate changes; staff noted the agreement contemplates assignment to related entities and that an assignment approval may be requested in the future. The motion to authorize the option agreement was moved, seconded and carried.