Shockoe Center project appealing, but needs city credit support
Image of the Shockoe Center ballpark development.
Richmond Mayor Dwight C. Jones said today that while he is not ready to give the official go-ahead to the proposed $363 million Shockoe Bottom development that includes a downtown baseball stadium, he thinks it has the potential to be a transformative project.
But, Jones said, based on the executive summary of the proposed project, it is highly unlikely it can be financed without the credit support of the city. Jones said if the city provides credit support, the amount financed would drop from over $80 million to $60 million because of the city's credit rating. Jones said the increase in tax revenue needed to support payment for the bonds would be 2.1 percent in sales tax.
Jones said that the project needs to contain a transit element, GRTC transfer station, a retail core and a black history venue, and that baseball is just one part of the project.
For more, read tomorrow's Richmond Times-Dispatch
Advertisement
Reader Reactions
Loggerhead the developers are asking us taxpayers to back $60 million in construction bonds for the stadium. The rest of the $363 million will come from developers.
The next most expensive stadium in AA baseball is Fifth Third Field in Toledo, it cost $31 million to build. So the question remains, why does this proposed stadium cost double what even the most expensive stadium in the league cost?
You are correct to say the Norfolk stadium is in a different league, as it is for a AAA team, not just a AA team like we’re getting here.
the money is not just for “a stadium”. If you look at the plans it is more that just “a stadium”. That is why is more than other stadiums in the same league, because they are not the “same league”. This is more than a stadium.
jajones43 ) I95 also runs south….care to join SATIN? You need to!
Let’s be honest rt2lite, this thing is a freaking ripoff! Twice the cost of the most expensive stadiums in AA baseball, why on earth does it cost so much?? We are being asked to buy the Rolls Royce of bush league ball parks, what a terrible waste of taxpayer money for the next 30 years. Compare the AAA Harbor Park in Norfolk, it only cost $16 million! (By the way, attendance at Tides games has waned every year since 1998. 2008 had record low attendance)
Show us an affordable option, or forget about it.
rf2lite, I95 still runs north take it somewhere!!!!
Lets be honest RICHMONDERS! All of the negativity, half of you that are opposed to the stadium in the bottom didnt support the team when it had a home on the BLVD!! One thing is certain about richmond and MOST of the residents…They dont like change, wont accept change unless its FORCED upon them and lastly….will sit around and complain day in and day out…but will never step outside the box for a second or maybe 2 and think on their own! I believe building a stadium in the bottom will help rebuild this BORING city! All you hear is Richmond has history! Get over it, thats exactly what it is…HISTORY…time to move on and try something different!
You can be sure that the investors already know that the only way they can make money with this is through taxpayer subsidies—sales tax increases (hitting the poorest the most btw), infrastructure development (roads, police, fire etc). And what do we get for our money? You can bet it won’t be reflected in ticket and concession prices. What we will get is an economic dead zone around the area—people will come to the game and then go home. As far as jobs, it’s mostly seasonal work.
I’m not buying.
How many times do I have to hear how dangerous this city is. Did you know that in 2008 Minneapolis MN, the home of the 2008 Republican National Convention, was ranked more dangerous? Other cities that were ranked more dangerous than Richmond VA include Milwaukee WI, Houston TX, West Palm Beach FL and Springfield MA. We were ranked about the same as Nashville TN, yet no one seems to think of a trip to the Grand Ole’ Opry as being dangerous. Since I’ve lived in the metro area I have had two incidents where my safety was endangered. I was robbed at gun point in western Hanover county near Ashland and assaulted on Broad Street in Glen Allen while exiting a restaurant. I don’t constantly bad mouth either Henrico or Ashland because of it. I enjoy a night out at the Funny Bond Comedy Club, Innsbrook after hours or at Barksdale Theatre and am quite fond the Iron Horse in the Town of Ashland. My point is simply that I am sick of the perpetual miss-conceptions about the City. Discuss the financial aspect of this project as you see fit but please leave out the issue of crime. This is not 1985, heck it’s not even 2000.
Sounds like all we need is for the RMA to pay the city the money it owes.
“Early Repayment of the Notes – If the RMA begins repayment of the notes at the City’s request (requiring an RMA debt restructuring) the City would receive sufficient annual payments to
cover 100% of the debt service payments on the ballpark.“
Here are some other benefits:
Risk to the City: “Under the Developer’s proposal, the ballpark will be built only if the entire Phase I of the project is built simultaneously. This approach minimizes the City’s exposure to development risk.“
Creates Jobs:
“In the most conservative scenario the
project is expected to generate over 1,100 jobs with a payroll exceeding $44 million, as well as $113 million in annual spending.“
Can be developed within flood plain: “Flood Plain – Due to restrictions on development within a flood plain, the proposed project may be a unique opportunity to develop this area.“
Share this vision! Would be a great thing for the city.
I TOLD YOU SO. For months supporters have stated that no tax money or credit would be used to fund this venture. “It will be privately funded by developers without taxpery funds” was the mantra over and over again. “It won’t cost the city a dime,“ they said. Well what say you now? We have come to expect lie after lie from developers and city leaders and here it is. This is not Oklahoma, we do not have the money, the economy is on the brink of disaster, and the majority of citizens to not want this development. Every city leader and developer who moves forward with this plan should be held accountable in a court of law when it goes belly up. This is insanity.
Post a Comment(Requires free registration)
- Please avoid offensive, vulgar, or hateful language.
- Respect others.
- Use the "Flag Comment" link when necessary.
- See the Terms and Conditions for details.
Advertisement