Boiling Spring Lakes, a small city in southeastern North Carolina, has been working tirelessly to restore its lakes after rain from Hurricane Florence overwhelmed their dams in September 2018. The project has faced several challenges, but the city officials have been determined to complete it without burdening the residents with a tax increase.
With a population of approximately 6,200 residents, the city has been pursuing a $52 million project to restore the dams and lakes. The cost of such a massive undertaking could be a significant burden for the residents, but officials were keen to find other funding sources. In November, a bond referendum passed, giving the city a $20 million credit line. Additionally, millions of dollars in funding are coming from public sources, which is helping to keep the cost down for the residents.
The project is expected to take three years to complete, with officials currently in the process of analyzing construction bids and choosing a company to lead the project. The officials are pushing to get started as soon as possible and have the lakes refilled by 2026.
Property values in Boiling Spring Lakes, like in other communities in Southeastern North Carolina, have risen steeply over the past two years, but they remain below average compared to the neighboring areas. Local real estate professionals expect the property values to rise once the lakes are filled. This expectation is reasonable as many studies have shown that properties located near water bodies have higher values.
Restoring the lakes in Boiling Spring Lakes is not only essential for the property values but also for the community’s quality of life. The lakes and their adjoining parks provide recreational areas for residents. Many residents bought homes thinking they would always have waterfront properties for canoeing, kayaking, sailing, paddleboarding, fishing, and more. So, there’s lots of anticipation for when the lakes will be restored.
In conclusion, the progress being made on the restoration of the lakes in Boiling Spring Lakes is encouraging. The city officials have been diligent in finding funding sources to complete the project without increasing taxes for the residents. Although there are still challenges to overcome, they remain committed to restoring the lakes and refilling them by 2026. The restored lakes will not only boost property values but also enhance the residents’ overall quality of life.
Read an update on the rebuilding of the Boiling Spring Lakes dams on the Wilmington Business Journal.