Change in law could help revitalize Richmond schools

Former Virginia Democratic Party Chairman Paul Goldman says students at Richmond public schools could benefit from a change in the law to allow developers to receive historic tax credits for rehabilitating school buildings.

Potential developers who would renovate old schools under the proposed change in the law could agree to donate a percentage of their profits to a scholarship fund, Goldman said yesterday during a news conference with Richmond School Board Vice Chairwoman Kimberly B. Gray.

Goldman and former Gov. George Allen, a Republican, outlined their School Modernization and Revitalization Tax Credit last week.

The change, they said, would help create jobs and give a needed boost to the economy. Private investors would receive historic tax credits for rehabilitating school buildings and then lease the structures back to the localities.

Yesterday, Goldman said some investors are ready to commit to such a program in Richmond and would give a percentage of their profits to the establishment of a scholarship fund.

"There are a lot of details to be worked out, but the first step is to change the law," he said, encouraging residents to support the plan by calling their representatives in Congress.

A public-private partnership was behind the renovation of the school building that became the Maggie L. Walker Governor's School in Richmond, said Goldman.

Gray said the initiative would allow for much-needed improvements in the system's old school buildings while the city could get profits for a scholarship fund. The average Richmond school, she said, is 55 to 60 years old.

"It's been proven that it has worked," said Gray.

Contact Luz Lazo at (804) 649-6058 or .