2020 was a wild year in many respects. As we move into the new year filled with hope the housing market remains strong. 2020 left us with a pandemic, an election and record low mortgage rates.
Charleston Flooding Project
Dated: August 30 2019
Its no secret that Charleston has a serious flooding crisis, and it's only getting worse. After a weeks delay- a delay that left at least one City Council member “totally frustrated”- the city of Charleston agreed to apply to the State Infrastructure Bank for $32 million to speed up work to raise the Low Battery. But city Council also wants to ask the state to reopen its contract on the city’s massive Spring-Fishburne drainage project and cover those cost overruns of up to $43 million. However, if the state tells Charleston leaders they may have either a $32 million Low Battery grant or more funding for the Spring-Fishburne project-but not both, Mayor John Tecklenburg is to opt for the Spring Fishburne, City Council voted Monday. Last week, City Council deferred a vote on an $32 million application for the Low Battery wall-heightening project because some city Council members mentioned they felt the overrun costs to Spring-Fishburne project should be the city’s funding priority.
The Spring -Fishburne project includes a new drainage tunnel to end flooding on Crosstown, and is now expected to cost significantly more than its original $154 million budget. It is being supported through about $88 million from the State Infrastructure Bank, a special arm of state government created to help fund large transportation-related projects. When the bank made the commitment, it made clear that it would not fund any more toward the project, but the city will ask the bank to reconsider that part of the contract. Charleston’s flooding problems only project to get worse in the coming years with sea levels projecting to rise. The upcoming decisions by state legislators in the coming months will be crucial to Charleston and solving the flooding problems that continue to plague the city.
About Dan Lorentz, ABR, CRS, Founder & Team Leader of Greater Charleston Properties: Founder and Team Leader of the Greater Charleston Properties Team, Dan Lorentz, has lived in the Charleston, SC ....