Richmond and Virginia have agreed to put up about $7 million toward the cost of putting on the 2015 Road World Championships cycling event here if corporate sponsors and donors don't come up with the money, officials confirmed Wednesday.
Richmond guaranteed about $5 million and Virginia guaranteed $2 million in the official pitch made to win the right to host the race.
The event is expected to cost about $12 million to put on.
Neither the city nor the state would be responsible for the amount if corporate sponsors and donors come up with the money, the officials said.
"We needed to have some of the financing guaranteed," Mayor Dwight C. Jones said Wednesday after a rally to celebrate Richmond winning the right to host the championships.
The mayor said he's confident that the money will come from outside sources.
The nine-day event could bring more than 450,000 people from 70 countries and have an estimated $135.3 million in economic benefit to the Richmond area. About $87 million of that will be direct economic impact to the city.
Gov. Bob McDonnell said even if the state had to pony up the $2 million, it would be a worthwhile investment.
"We'll get that back two to three times in tax revenue," he said after the rally.
Many of those attending the race are expected to visit sites across the state.
The championships will be televised to an estimated audience of 300 million.
The event also will demonstrate that the city is able to host international events, Jones said.
"This will put us on the map and make us an international city," he said.
Along with guarantees from the city and state, the bid included a pledge of financial support and fundraising support from about 35 companies — some of the companies pledged both.
Organizers, who have not released the list of companies, say they have contacted a host of potential sponsors and are working to put together fundraising events that will be held over the next four years.
The city or the state could decide later to spend money for improvements, but that has not been decided yet and is separate from the money to put on the race, organizers say.
Union Cycliste Internationale, cycling's Swiss-based international governing body, last week awarded the 2015 race to Richmond. It is tentatively scheduled to begin Sept. 19, 2015.
It will be the first time the races will have been held in the U.S. since 1986 in Colorado Springs, Colo.
About 200 people gathered at James Center on Wednesday morning to celebrate Richmond winning the right to host the championships.
The mayor and the governor were among the speakers.
Hosting the championships is an "extraordinary opportunity to show what Richmond can do," said Thomas F. Farrell II, chairman, president and CEO of Dominion Resources, the parent company of Dominion Virginia Power.
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