That’s according to the “Virginia Beach Light Rail Extension Grant Terms” sent to Virginia Beach on Wednesday.
The offer was then sent to City Council Members by City Manager Jim Spore Friday.
His letter to council members, Spore said “We are most appreciative of the states’ potential participation in funding 50% of the light rail extension as the competition for resources is extraordinarily intense.”
According to the grant terms, the state would pay 50% of the project costs up to $155 million, as long as the city also paid 50%.
It goes on to say “any cost over runs above $310M, excluding $18M previously spent for right-of-way, are the responsibility of the City of Virginia Beach.”
The offer sent to Virginia Beach also seeks more information about a maglev proposal.
“The City will provide the Department of Rail and Public Transportation with access to all necessary, as determined by the Department, information to allow the Department to undertake an independent cost review of the American Maglev Technology proposal to build a magnetic levitation transit line in the City of Virginia Beach,” the agreement reads.
The offer to Virginia Beach by the state is not final and could still be negotiated.
In his letter, Spore said they “will be meeting with state officials to discuss in the near future.”
You can read the full offer to Virginia Beach by clicking here.