Virginia Beach voters approve referendum on $ 567 million flood bonds
Virginia Beach residents approved a referendum On Tuesday, this will allow the city to issue up to $ 567 million in bonds to cover the cost of accelerating a flood protection program designed to deal with stormwater and stormwater issues. sea level rise.
More than two-thirds of voters supported the show, which is expected to increase property taxes over the next decade from 4.3 to 6.4 cents per $ 100 of assessed value.
The city is one of the hardest-hit communities in Virginia in terms of sea level rise, impacting the Hampton Roads area – home to the country’s largest naval base and numerous facilities military – faster than any other area on the east coast.
The 21 projects that the city proposes to finance through a three-phase bond issue were specifically identified in the referendum and cover everything from converting a city-owned golf course to a park with water storage storms to major storm sewer upgrades and road elevation to the construction of flood barriers.
While all projects had to be completed, whether the referendum is passed or not, the bond issues will allow Virginia Beach to accelerate its deployment schedule from 20 or 25 years to 10 years.