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Shockoe Center project appealing, but needs city credit support

Photo provided by Hichwoods Properties, Inc.

Image of the Shockoe Center ballpark development.

By Staff Reports
Published: May 18, 2009
Updated: May 28, 2009

PDF: Executive summary of report
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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