VIRGINIA BEACH, Va. (AP) - A waterfront property in Virginia Beach will be protected from development under a $13 million conservation deal.
The Virginian-Pilot reports that the City Council approved the deal Tuesday.
The Trust for Public Land plans to buy most of the 122-acre property along the Lynnhaven River from Wells Fargo and then transfer it to the city. The property includes oyster beds and wetlands.
A local developer had planned to build a large subdivision on the property before the housing market collapsed. Well Fargo has since taken control of the land.
Funding for the acquisition includes $4 million from the city's open space program, $2 million in donations and grants, and a $6 million low-interest loan from the Virginia Department of Environmental Quality.
Information from: The Virginian-Pilot, http://pilotonline.com
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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