42 million money multi-site development and careers proposal for the city of Richmond. This major announcement for our city came about as a result of the unique opportunity that we have to welcome the Washington Redskins Summer Training Camp to Richmond, Virginia for the next eight years. The Washington Redskins calling Richmond home is based on us delivering a satisfactory training camp site.
And after much work completed by our Steering Committee as well as others, we brought forward our plan to make it happen then. “This major economic development package can be done thanks to a great partnership with Bon Secours. And since we presented our plan, we have worked to build a consensus of support on all fronts diligently.
We have been getting the insight and ideas of City Council associates and others. And things have developed precisely as we’d have expected them to at this time. 42 million economic development plans. And today, through a series of anticipated negotiations, we have been able to improve our intend to ensure that people have an agreement that all parties can feel even more confident about.
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100, per calendar year for ten years for capital academic institutions tasks 000. We have also agreed to a change in the terms for Bon Secours lease at the Westhampton property. 33,000. That is essentially the same amount Bon Secours would have be paying under our original plan, because of the field upkeep agreement.
But what we can do is have those money come right to the town for disbursement. 288,000 a calendar year for a decade), for schools capital tasks. 32,000 a 12 months from other new non-real estate taxes that are generated as a result of the overall development plan. Additionally, Bon Secours will endeavor to maintain the historic nature of the Westhampton School property as they have said all along, and have invited the Historic Richmond Foundation to work with them toward that end. 195,000 each year for eight years for the school’s program enhancements.
We’ve determined this funding stream based on the estimated tax revenue impact of experiencing the Redskins’ summer training camp in our city. Based on sales tax, food tax, lodging tax and admissions tax revenue that individuals can expect to be noticed over the three weeks of the training camp each year, we’ve created a dedicated funding stream to support our academic institutions essentially.
60,000 a yr for a decade will be specified from the fees or as a Payment in Lieu of Taxes for the Leigh Street development site for the school’s program improvements to be dependant on City Council. 6.3 million additional dollars being focused on investment in city institutions over a decade. I see these changes as true enhancements and a win-win for all those. “For me, this settles the discussion as to what benefit would have gone to the institution system had we outright sold the Westhampton property.
42 million economic development gain that our financial development plan produces and we’ve a gain for our colleges with the focused reinvestment of resources into our college system. “I want to thank all users of City Council who’ve joined up with in this effort to attain a consensus, and I want to especially give thanks to Chris Hilbert for his management and guidance throughout this process. Councilman Hilbert has taken a good situation and managed to get only better and he showed leadership in doing so throughout a particularly trying personal time.
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