Blenheim will provide substantial benefits to Chesapeake and Virginia Beach. The proposed interchange, for instance, will improve traffic flows on existing interchanges in the two cities and offer additional access to the interstate for residents living in fast growing areas south of that highway. Together, Chesapeake and Virginia Beach will realize more than 11,000 new jobs and a marked increase in real estate market value as noted below:
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Production of New Market Value of Real Estate
City of Chesapeake
Residential Market Value Increase $540-Million
Commercial Market Value Increase $859-Million
Total Chesapeake Market Value Increase $1.399-Billion
City of Virginia Beach
Residential Market Value Increase $177-Million
Commercial Market Value Increase $588-Million
Total Virginia Beach Market Value Increase $765-Million
Total Increase in Market Value $2.164-Billion
Revenues vs. Expenditures-30 Year Projection
(Net after debt service and all costs of municipal services)
City of Chesapeake $116-Million
City of Virginia Beach $134-Million
Total New, Net Revenue to Cities $250-Million
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