FY2002 BEDI Funding Announcements - Virginia

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Virginia

Norfolk will receive $2 million of BEDI funds and $10,700,000 of Section 108 loan funds to assist in the development of the Broad Creek Renaissance project. The project will result in the creation of 968 units of new or rehabilitated housing. A new shopping center will also be constructed, creating 50 new jobs. The project also entails the construction of a regional library, a YMCA facility and walking and biking trails. The project will be implemented in seven phases over 5 years. The BEDI funds will be used for remediation of environmental contamination in the residential portion of the development and for an upgraded storm water system. The City will use Section 108 funds to finance public infrastructure improvements and remediation costs. The total project costs are estimated at more than $160 million, and the City has secured commitments of over $120 million for use by the project.