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Va. Beach OKs deal to preserve waterfront property

Wednesday - 3/14/2012, 8:55am  ET

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.

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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 This material may not be published, broadcast, rewritten or redistributed.)