HAMPTON, Va. — The City of Hampton could be the first in Virginia to take on projects that reduce flooding using environmental impact bonds (EIBs).
Christy Everett the Director of The Chesapeake Bay Foundation said these bonds from private investors are an option when traditional financing challenging.
“Using a 'pay for success' model, these investors share the financial risk with the city if projects don’t perform as well as expected, but earn increased returns if they succeed beyond expectations,” said Everett.
Hampton is teaming up with CBF to explore using green infrastructure to help reduce flooding problems. This includes using natural solutions such as living shorelines and rain gardens to reduce runoff from storms, beautify and enhance the value of communities, and support wildlife.
In Hampton, severe weather, tidal influences, and sea-level rise are leading to increased flooding. The city will identify specific projects for Newmarket Creek, which runs through Hampton’s core in a complex web of manmade turns, ditches and outfall drain.
Terry O'Neill the city’s Community Development Department said the NewMarket Creek area is a good laboratory to test these new ideas.
“It’s a big drainage basin that runs through the entire city and actually goes into Newport News. A large watershed of the city is influenced and brings draining into this basin or when flooding occurs,” said O’Neill.
O’Neill said the goal is to identify what solutions work in NewMarket Creek and implement similar models through the city.
In early 2019, experts and stakeholders will continue to define specific next steps in Hampton’s approach to resiliency. For the latest information and updates, visit Resilient Hampton or The Chesapeake Bay Foundation's website.