Fort Monroe authority expects needing $40 million for capital improvements

MATTHEW STURDEVANT | 247-7874
The Daily Press
5:15 PM EST, November 20, 2008

FORT MONROE - - The authority that will manage Fort Monroe after the Army leaves in September 2011 anticipates needing $30.million to improve infrastructure, roads, utilities and flood controls.

The Fort Monroe Federal Area Development Authority anticipates needing another $10.million for building improvements, and $20 million for budget shortfalls from fiscal year 2012 to 2016.

Executive Director William A. Armbruster explained the finances to board members during a meeting on Thursday. The authority anticipates that it will make enough money by leasing or renting buildings and facilities on the historic military base to pay for all of its expenses by fiscal year 2017. The authority expects that it will make enough in revenue by fiscal year 2021 to issue bonds to repay the Commonwealth for the $40.million needed to improve infrastructure, roads, utilities, flood controls and buildings.

Armbruster said the projected dollar amounts are preliminary and subject to change.