Financing Agreed for Nags Head Beach Nourishment Project
- Business & Finance
Dare County (NC) has just released highlights from the Board of Commissioners November 20 meeting.
At the meeting, the Board approved a reimbursement resolution presented by Finance Director David Clawson for debt issuance related to the Nags Head Beach Nourishment maintenance project.
The resolution states the County’s intention to proceed with the project, issue the debt, and reimburse itself for expenditures that occur prior to the debt closing.
According to the County, Nags Head will pay 50% of the project costs and the other half is paid with occupancy tax proceeds set aside specifically for beach nourishment projects. The Town’s last beach nourishment project had a price tag of $36 million and involved placing 4.6 million cubic yards of sand on the beach.
Nags Head plans to bid the project in early 2018 with construction taking place in summer 2018 or summer 2019 depending on schedules of dredge companies.