RICHMOND, Va. -- Administrators’ pitch to change the city’s approach to financing its massive Diamond District development appeared to land receptively with Richmond City Council on Monday.
Council members expressed support for the plan to have the city issue its own lower-interest revenue bonds to fund the project’s anchor ballpark for the Richmond Flying Squirrels and initial infrastructure improvements. Doing so is expected to save $215 million in debt costs over the previous plan to issue the bonds through a community development authority (CDA).
While the city would be responsible for any downside on the debt under the new plan, councilmembers agreed that the risk is outweighed by the project’s benefits and chances for success, given the parties involved and the momentum of the Scott’s Addition area it’s in.
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