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Mayor Levar Stoney Announces Coliseum Deal

Claims Project Would Mean 9,300 Permanent Jobs; Largest VA Arena

August 01, 2019 - 4:12 pm
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Richmond, Va. (Newsradiowrva.com) -  Richmond Mayor Levar Stoney (D) says a deal has been finalized with private developers to build a new arena, and redevelop the area around the Richmond Coliseum.  Stoney says the deal will lead to over 12,000 construction jobs, 9,300 permanent jobs, and he estimates will bring back $1 billion in revenue to the city over 30 years.

Stoney says when built, the new arena will be the largest in Virginia, and enable to get Richmond shows that currently head elsewhere.  The project also includes a new GRTC bus transit center, a renovated historic Blues Armory, and a new 525+-room Hyatt Regency hotel.

Stoney says there are taxpayer protections in the deal, which will go to City Council on Monday.  He says the risk will be held by bond holders, not the city.  The bonds will be repaid out of property taxes from around the arena.

The deal has been the subject of lawsuit by Paul Goldman, a Stoney critic.  Goldman has been fighting to get more information on the negotiations.