VIRGINIA BEACH \u2014 Several residents asked the City Council at a public hearing on Tuesday to delay its decision on selling a revered public golf course to study it further and consider other options.<\/p>\n
The council is poised to vote next Tuesday on the sale of the Virginia Beach National Club<\/a> property to Dragas Cos. It\u2019s unclear whether the council would defer the vote, though Councilwoman Barbara Henley, who represents the district that includes the land, said she wants time\u00a0to review the sale term sheet.<\/p>\n \u201cThere\u2019s no way in the world we\u2019re going to be able to deal with this next Tuesday,\u201d Henley said at the end of the hearing, adding that she wants to see all of the responses to the city\u2019s request for proposals for the Virginia Beach National property.<\/p>\n The sale of roughly 300 acres at 2500 Tournament Drive\u00a0to Dragas will require a super-majority vote, or nine affirmatives, of the City Council.<\/p>\n The Virginia Beach-based real estate developer plans to invest $38 million to renovate and reconfigure portions of the Pete Dye-designed course and to build 659 townhomes. More than half of the future Princess Anne Landing residences would be considered affordable or priced at or below 120% area median income, which for Virginia Beach is considered $129,240 for a four-person family. The proposal also includes a childcare facility and preserves 45 acres of wooded land.<\/p>\n \u201cLocal golfers deserve to have their Pete Dye golf course restored to world-class status,\u201d said Helen Dragas, president and CEO of Dragas Cos., who was among 42 speakers at the hearing.<\/p>\n Dragas Cos.\u2019 total investment includes the $17.9 million purchase price, plus an additional $18.4 million from the developer, and $1.8 million from the Development Authority, which was set aside for golf course improvements.<\/p>\n The city would also be responsible for an additional $4.3 million for infrastructure to support the project, and up to an additional $3.6 million for contingency cost overruns associated with the infrastructure elements. Dragas would be responsible for all other cost overruns, but could recoup up to a maximum of $10.2 million from the city from tax revenues generated by the project.<\/p>\n The project is expected to generate $3.4 million in annual real tax revenue.<\/p>\n The land sale is contingent on a rezoning approval for the residential aspect and other design authorizations, which could take a year, said Emily\u00a0Archer, acting director of economic development.\n<\/p>\n