Description
Title: To authorize the Chief Administrative Officer, for and on behalf of the City of Richmond, to execute an Eighth Amendment to the Agreement for the Provision of Services in the Downtown Richmond Special Service and Assessment Districts between the City of Richmond and Venture Richmond, Inc., for the purpose of extending the term of the agreement to June 30, 2031.
Summary
On May 11, 2026, the City of Richmond introduced Ordinance No. 2026-115, which authorizes the Chief Administrative Officer to execute an Eighth Amendment to the existing agreement with Venture Richmond, Inc. This amendment extends the term of the agreement for the Downtown Richmond Special Service and Assessment Districts to June 30, 2031. The original agreement was established in 1996 and has been amended multiple times, most recently in 2021. This extension is vital for the continued provision of services in the designated districts, ensuring ongoing support and maintenance of public spaces and services that benefit residents and businesses. The fiscal impact is accounted for in the proposed FY 27 budget. A public hearing is scheduled for May