Posted by Colby Rogers - email
RICHMOND, VA (WWBT) - At a public meeting Tuesday, the economy was the prime concern over how the proposed Shockoe Bottom baseball stadium venue will be financed.
Developers were on hand at Tuesday night's meeting to help answer questions about the development.
The $363 million project, with a ballpark as the centerpiece, would be financed with bonds paid off with sales tax generated by the ballpark and the new surrounding private development.
Just this week, a house finance committee approved a bill that would allow developers to finance the project.
"There are many projects that we've done in the city that were going to be financed with sales tax," said Richmond City Councilwoman Kathy Graziano, "but the sales tax is projected, and that's not always the reality of the amount of money that comes back to the city."
Executives with Highwoods Properties, the proposed ballpark's developer, say they want to make it clear that sales tax money does not constitute public funding for the project.