Flood Protection Program Bond Referendum
On July 13, 2021, City Council approved the following referendum question for the November 2, 2021 General Election ballot:
Shall the City of Virginia Beach issue general obligation bonds in the maximum amount of $567,500,000 pursuant to the City Charter and the Public Finance Act to fund the design and construction of flood mitigation measures as part of a comprehensive citywide flood protection program that includes the following Phase 1 projects: Chubb Lake / Lake Bradford Outfall, Church Point/Thoroughgood Drainage Improvements, Central Resort District - 24th Street Culvert, Central Resort District Drainage Improvements, Eastern Shore Drive - Elevate Lynnhaven Drive, Eastern Shore Drive - Phase I, Section 1F Improvements, Eastern Shore Drive - Phase I, Section 1G Improvements, Eastern Shore Drive - Poinciana Pump Station, First Colonial Road & Oceana Boulevard Drainage Improvements, Princess Anne Plaza Golf Course Conversion, Princess Anne Plaza North London Bridge Creek Tide Gate, Barriers, and Pump Station, Pungo Ferry Road Improvements, Sandbridge/New Bridge Intersection Improvements, Seatack Neighborhood Drainage Improvements, Stormwater Green Infrastructure, The Lakes - Flood Barriers, The Lakes - Holland Road Gate, West Neck Creek Bridge Replacement, Windsor Woods - Thalia Creek/Lake Trashmore Improvements, Windsor Woods Flood Barriers, and Windsor Woods Pump Station?
If the referendum is approved and depending on the term of the bonds issued (10-year repayment vs. 20-year repayment), the real estate tax increase needed would be between 4.3 and 6.4 cents per $100 of a home’s assessed value. That would end up costing $10 – $14 per month or $115 – $171 per year. Based on the median home assessment value of $267,600.