“This third-party report, requested and funded entirely by City Council, confirms that the proposal is ‘written in the city’s favor,’ and reaffirms our confidence that in the event of a default, ‘the city has no legal or moral obligation’ and ‘retains control if the development does not perform.’
“The report also asserts that the arena program and cost, as well as the financials associated with it, are reasonable and consistent with venues in comparable markets.
“In reviewing the proposal’s financials, the third-party consultants found that all of the mechanisms deployed, including non-recourse bonds and a stabilization fund, are either entirely appropriate or the accepted industry standard and best practice.
“Most importantly, the project’s effect on schools’ bottom line would be ‘net neutral’ at worst, and ‘positive’ at best.
“In short, this ‘world class’ project both is consistent with national trends and offers groundbreaking, transformative opportunities for Richmond. In fact, these consultants hired by Council stated that our growth has been inhibited by the absence of these types of projects.
“Armed with yet another third-party report, a report which describes the proposal as a ‘thoroughly vetted development by various outside specialty consultants’ that promises ‘tax revenue potential,’ it’s time that council members come to the table and make this work.
“As the mayor of this great city, I want to see our elected officials exhibit faith in our city’s future, not fear borne of our city’s past.”
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