Virginia Beach City Council Approves Bond for Flood Protection Projects
What happened
The Virginia Beach city council approved a bond referendum to fund flood protection projects. The planned projects, which were initiated after Hurricane Matthew caused severe flooding in 2016, have since grown in cost to $1.5 billion.
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Why it matters
The city is committing to a decade-long, multi-phase infrastructure financing plan that allocates 4 cents of real estate taxes. This funding is intended to accelerate resiliency projects, though it remains unclear how the city will cover the growing costs.
From dailypress.com
Who's involved
- Virginia BeachThe city governed by the council
- city councilThe legislative body that approved the bond referendum
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Balfour BeattySpeculative
Balfour Beatty might receive construction contracts due to the funding for flood protection projects.
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The entities involved
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Virginia Beach
independent city in Virginia, United States
-
city council
legislative body that governs a city, municipality or local government area
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