Water-Related News

Tampa issues $36M green bond in effort to stave off stormwater flooding

The constant threat of stormwater flooding and the impending threat of sea-level rise has the city of Tampa thinking ahead.

The city issued a $36.6 million third-party certified green bond for capital improvements in the Central and Lower Basin Improvement Area on Thursday morning. A green bond is a fixed-income instrument where investors make money as the bond matures and borrowers secure financing for environmental solutions projects.

Tampa plans on using the money to solve flooding issues and improve water quality, Sustainability and Resiliency Officer Whit Remer said. To do that, it will build the following:

 

  • Rain gardens: A collection of shrubs and other plants designed to temporarily hold rainwater runoff and filter out harmful chemicals
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  • Permeable pavement: Sidewalks that filter out pollutants and allow water to seep into the underlying soil and gravel
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  • Bioswales: Shallow, landscaped depressions meant to capture and treat runoff
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    Cities have traditionally built bigger pipes and drain inlets to handle increased flooding. Tampa wants to take a more holistic approach, Remer said.