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Va. program helps finance tourism project

Wednesday - 4/30/2014, 7:09am  ET

NEWPORT NEWS, Va. (AP) -- A Newport News tourism project financed through a state program is expected to create 525 jobs.

Gov. Terry McAuliffe says that City Center at Oyster Point Entertainment District has been certified for financing through Virginia's Tourism Development Financing Program.

The state program provides financing of up to 20 percent for larger-scale tourism projects.

The area will include a movie theater and multiple restaurants, some of which already are open.

The project reflects a total capital investment of more than $26 million dollars and is projected to have a tax benefit of more than $2 million in its first full year of operation.

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