Do The Math

The state's GAP financing program -- designed as a way to rebate sales to developers of especially important projects that are unique and promote tourism -- has made headlines in recent weeks. That's largely because of the controversy surrounding a proposed hotel project by Armada Hoffler developers at 27th Street in Virginia Beach. This section looks at the Cavalier, the first project in the city to receive such a tax break. You will see the Cavalier's application for the tax rebate, and state regulations mandating that all financing must be in place before approval. The Cavalier did not have financing in place when applying two years ago, and in fact didn't receive its $77 million loan from TowneBank until Feb. 3, 2016. That loan was given just weeks after Armada Hoffler's application for the same GAP approval was initally rejected by state regulators.

This section includes the Cavalier application, bank records, internal calculations and city and state e-mails. The final documents relate to the $77 million loan from TowneBank, and filings involving various Cavalier partners.

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