Additional $1.2 billion over 30 year dedicated to Education (50%), Housing (15%) and the Arts (1%)
Mayor Stoney announced his intention today to
dedicate significant portions of the surplus revenues from the Navy Hill
Redevelopment Project to his core priorities of education and housing. The
Mayor’s proposal, which will be included in the ordinances submitted to city
council in the coming weeks, would direct 50 percent of surplus revenues from
the Tax Increment Financing district to support Richmond Public Schools, 15
percent to support housing opportunities and homeless services and 1 percent
for art, history and cultural opportunities. The remaining 34 percent would remain
in the general fund for investments in public safety, public works and other
core city services.
“By dedicating significant portions of the
surplus revenues that this project will create to our top priorities of
education, housing opportunities, and arts and culture, we are following
through on my commitment that this project will truly be the greatest economic
empowerment project in our city’s history,” said Mayor Levar Stoney.
The city’s third party analysis estimated the
Navy Hill Project would generate $1.2 billion in surplus revenues to the City
General Fund over 30 years. The Mayor’s proposed distribution of surplus
revenues would provide an estimated $600 million for schools to use on
operations or could be bonded for infrastructure and capital needs, in addition
to the $34 million projected to be generated from the 1.5% of meals tax
collections that will still go to the special fund for school construction.
$180 million would be available for investments in housing needs such as
affordable housing opportunities, public housing transformation and
homelessness services intervention. $12 million would be dedicated for public
projects that add to the artistic, cultural and historic assets of the city. In
addition to these commitments, an additional $400 million would be available
for the city to invest in neighborhoods through roads and infrastructure
improvements, police and fire services, as well as other city services.
“I believe the 21,000 jobs, nearly 700 units of
affordable housing and the more than $300 million in opportunities for minority
business that the Navy Hill project will create already provides tremendous
economic opportunities for our residents. But I’m just as excited about its
potential to generate significant revenues that we can use to build a world-class
educational system, to improve housing opportunities for all our residents, and
to invest in art and cultural projects that tell our full and complete history.
This type of project will truly enable us to build One Richmond,” said Mayor
Stoney.
The Mayor’s plan won immediate support from
leaders of Richmond Public Schools, who were in attendance for the announcement
outside of George Mason Elementary School in Church Hill.
“This
partnership is a signal of new collaboration between RPS and the City,” said RPS School Board Chairwoman Dawn Page.
“I want to thank the Mayor for listening and prioritizing our children. There
is much more to do, but this agreement helps us move forward together.”
“This
is an important symbol of what we can achieve when we work together as One
Richmond,” said Richmond Public Schools
Superintendent Jason Kamras. “Starting in 2023, this revenue will allow us
to rebuild at least another half dozen schools. That means thousands of
children will have a beautiful, modern building to walk into every morning. Of
course, this doesn’t solve our facility challenges, nor does it address our
immediate need for more instructional dollars. But it’s a significant step in
the right direction.”
Advocates for improving housing opportunities in
the city also voiced support for the plan.
“This level of investment into affordable
housing will change so many lives,” said Councilwoman
Ellen Robertson, Chairwoman of the Richmond Affordable Housing Trust Fund.
“Right now, too many Richmonders are living in unsatisfactory conditions and we
haven’t had the resources to adequately help tackle this problem. This proposed
financial pledge to housing and homelessness services is exactly what our city
and our citizens need.”
“This distribution of surplus revenue which
directs 15 percent to housing goes a long way in finding the funds needed to
rehabilitate or replace aging buildings in our public housing communities and
bolster our homeless services. Everyone in Richmond deserves a high-quality
home, and Mayor Stoney’s proposal affirms that it’s a priority,” said Robert Adams, Chairman of the Board of
Commissioners, Richmond Redevelopment and Housing Authority.
“This announcement of an estimated $180 million
over the next 30 years, in conjunction with the already announced commitment of
nearly 700 affordable housing units, will change the face of housing for this
city,” said Greta Harris, CEO of the
Better Housing Coalition. “It will address head-on the housing crisis and
homelessness and help us build an inclusive community that sends a message that
Richmond welcomes and serves residents of all income levels.”
“It’s no secret that Richmond’s culture is
strongly rooted in history and the arts. This commitment that the Mayor has put
forward will be a significant investment in our community arts and culture
programming. It is, in part, recognition that a city without arts and culture
is a city without a soul. And if there’s one thing we know, Richmond has soul,”
said Sarah Cunningham, Chairwoman of the
Richmond Public Arts Commission.
While the Navy Hill Project still requires City
Council approval, the Mayor’s plan to dedicate a significant portion of the
surplus revenue to education, housing and the arts was met with support by
members of City Council.
"While I will fully vet the Navy Hill
proposal with the community and council, I would strongly support the Mayor's
proposed allocation of the largest portion of the anticipated revenues to be
generated by the project to go to our public schools, followed by housing and
core services,” said Council
Vice-President Cynthia Newbille. “Education and housing are the city’s most
critical needs and require more resources. And the arts and cultural component
will go a long way in helping to bring art into our neighborhoods to help tell
the history of our city and highlight the culture of our communities.”
I look forward to reviewing this proposal
carefully to ensure that it delivers all that it promises. However, I think
dedicating 50% for schools, 34% for core services, 15% for affordable housing
is a clear demonstration of meeting the City’s commitment to these priorities,”
said City Council President, Chris
Hilbert. “This is a very positive development in this process and I welcome
the Mayor’s decision to pursue this avenue.”
