May 18, 2009

Shockoe Center project appealing, but needs city credit support  05/18/09 2:48 PM

Shockoe Center project appealing, but needs city credit support

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.

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