Virginia Beach’s “Tourism Investment Program” Fund (TIP) has become a central funding source for tourism-related development in Virginia Beach. But what exactly is the TIP and how is it funded? And why do city leaders think it’s so essential to the city’s economy?
“I think this is one of the best things going for us, and I’d like the entire council to be behind this type of stuff,” said Virginia Beach Mayor Will Sessoms during Tuesday night’s city council workshop.
So what is the TIP fund?
The TIP is a combination of two different funds: Tourism Growth Invest Fund (TGIF) was established by Virginia Beach City Council in 1992, and the “major projects fund” — which dedicated revenues to rebuild the convention center, construct the Sandler Center, and expand parking for the Virginia Aquarium — was established by council in 2001.
