Description
Title: To amend Ord. No. 2025-057, adopted May 12, 2025, which adopted the Fiscal Year 2025-2026 General Fund Budget and made appropriations thereto, by (i) transferring $14,700,000.00 from the Contingency Reserve; (ii) creating a new line item in the Outside Agencies and Central Appropriations agency entitled “EDA - Diamond District;” and (iii) appropriating such transferred funds to such new line item in the Outside Agencies and Central Appropriations agency, all for the purpose of providing funding to the Economic Development Authority of the City of Richmond for the redevelopment of the area kn
Summary
On February 9, 2026, the City of Richmond introduced Ordinance No. 2026-041 to amend the Fiscal Year 2025-2026 General Fund Budget. This legislation reallocates $14.7 million from the Contingency Reserve to establish a new funding line item for the Economic Development Authority (EDA) specifically for the redevelopment of the Diamond District. The funds will support the EDA's purchase of a 6.6-acre parcel known as the "Sports Backers Parcel" from Virginia Commonwealth University, which is critical for the district's redevelopment plan. This loan is expected to be repaid by the EDA through proceeds from future property sales. The ordinance highlights the city's commitment to economic development and urban revitalization