Representing the Board of Directors of the Chesapeake Alliance 90 business executives, we oppose the Commonwealth's withdrawal from RGGI without an alternative, dedicated, reliable, recurring funding source first being established to continue the Commonwealth's financial partnership with localities to support flood protection projects across the Commonwealth.

Governor Youngkin’s proposed one-time, General Fund allocation of $25 million, to provide loans, not grants, to help facilitate local protection projects, is not sufficient to meet this immediate, significant, and growing need. Recurrent flooding is a threat to the properties, lives, and economies of communities across the Commonwealth.  Cost estimates for protecting Hampton Roads alone from flooding and sea level rise exceed $40 billion. Addressing these challenges will require financial participation at all levels of government; local, state, and federal.

Continued state funded grant support is critical to our cities and the Commonwealth’s economic future. At risk regionally are our military facilities, the Port of Virginia, the supply chain network, and the tourism industry.

Respectfully,

Dan Bell

Executive DIrector

Chesapeake Alliance

PO Box 5008

Chesapeake, VA 23320