VIRGINIA BEACH, Va. (WAVY) — The city and the developers behind Atlantic Park have reached a deal on how to resolve a dispute surrounding the cleanup of contaminated water discovered during construction.
Tuesday morning, the Virginia Beach Development Authority is slated to vote on a settlement valued at $8 million, in which the city will pay Venture Waves LLC $3 million in cash out of its risk management fund and transfer nearly two acres of land to the company for Atlantic Park Phase II.
In turn, Venture must release the city and authority of all claims having to do with the environmental remediation and move forward with any further development without city cost participation…