City of Virginia Beach, Virginia


The City of Virginia Beach, Virginia was formed in 1963 through the consolidation of the beach city with suburban and rural Princess Anne County. The city covers the entire eastern border of Virginia and includes all of the area from the Chesapeake Bay to the North Carolina border. It has the largest population of any city in the state. In the spring of 1995, the city hired Evergreen to assist it in instituting an installment-purchase program to acquire easements on farmland. Evergreen advised City Council on creating a dedicated funding source from property taxes, worked closely with bond counsel in Norfolk to craft documents that met state and local legal requirements as well as federal tax regulations, and explained the program to numerous potential participants. Evergreen also developed spreadsheet cash-flows that estimated the city could afford to purchase $57 million of easements over the succeeding five years, analyzed the program's impact on the city's debt structure and was instrumental in obtaining investment-grade ratings on the program from Moody's Investors Service and Standard & Poor's. To date, the city has purchased easements on 6,800 acres using 61 installment-purchase agreements totaling $22 million.

References:
Mr. Melvin E. Atkinson
Rural Community Coordinator
Virginia Beach Agricultural Reserve Program
2449 Princess Anne Road, Building 14
Virginia Beach, Virginia 23456-9077
T: (757) 385-8886
e-mail: