A developer got approval last night to build 46 homes in the Carver neighborhood, despite concerns that the units could end up being rented to Virginia Commonwealth University students.
The Richmond City Council voted 8-0 to approve plans for Sylvia Place, a development of 23 duplexes on North Lombardy Street across from the Maggie Walker L. Governor's School for Government and International Studies.
Representatives of Lombardy Place LLC said they're planning condos, but the Carver Area Civic Improvement League sought assurances that the historic neighborhood would not be getting more student housing. Residents complained the 1.3-acre site is too small for so many homes. They also said that condos are marketed in college towns as investment opportunities for parents of students.
"We don't trust the developer to provide what Carver and the city need," said resident Doug Kleffner, pleading for a chance to rework the plans.
Resident Barbara Abernathy said the development would be another blow against Carver's efforts to attract homeowners.
Councilman E. Martin Jewell credited Carver residents for battling blight but recommended the development, saying the objection to Sylvia Place was really about policing the misbehavior of students.
"The fact remains the city's growing," Jewell said. "Where are we going to put the folks?"
Second District Councilman Charles R. Samuels, who represents Carver, abstained because his wife had done legal work for Carver residents on the Sylvia Place proposal.
In other business, the council agreed to consider real estate tax rates in the range of $1.17 to $1.21 for fiscal 2009-10.
The current rate is $1.20 per $100 of assessed value, and a majority of council members said they favor keeping the rate at or near $1.20 in light of projections that revenues for next year could fall $30 million short of expectations.
Mayor Dwight C. Jones is scheduled to submit his proposed budget March 27. Each penny on the tax rate represents about $2 million in revenue.
Jones also announced an initiative aimed at upgrading the city's bond ratings with the goal of achieving AAA status from the Moody's, Standard & Poor's and Fitch rating agencies. Depending on the type of borrowing, Richmond's ratings are two or three steps below AAA. Chesterfield and Henrico counties enjoy three AAA ratings, which allow them to borrow money at more favorable rates.
"This is not going to be easy, and it's going to take several years" of increasing cash reserves and operating more efficiently, Jones said.
Financial advisers with Davenport & Co. told the council that Richmond could improve its bond ratings by setting aside cash to reduce borrowing for capital projects, boosting the city's cash reserves and switching to twice-a-year collection of real estate taxes.
Contact Will Jones at (804) 649-6911 or wjones@timesdispatch.com.
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