A Shockoe Bottom development could generate enough tax revenue to pay for a new Richmond ballpark, according to a study commissioned by Mayor Dwight Jones to be released today — but that endorsement will come with caveats, such as the continued financial contributions of neighboring counties.
A Shockoe Bottom development could generate enough tax revenue to pay for a new Richmond ballpark, according to a study commissioned by Mayor Dwight Jones to be released today — but that endorsement will come with caveats, such as the continued financial contributions of neighboring counties.
The report is the second run at an analysis of ballpark needs in Richmond, where the relocated Connecticut Defenders (Class AA; Eastern League) could play as early as 2010. There have been several attempts to put a new ballpark in the downtown area known as Shockoe Bottom under the previous Doug Wilder mayoral administration.
The issue for many in Richmond: whether a new ballpark belongs downtown or if a new or renovated Diamond, the former home of the Richmond Braves (Class AAA; International League), would be better. The new study looked at all alternatives. We’ve been told the $100,000 study commissioned by Jones will conclude a $318-million Shockoe Bottom development from Highland Properties could generate enough revenue to allow tax-increment financing to be used for a new $60-million ballpark.
But just barely. The report is expected to conclude the project will need the continued financial assistance of neighboring counties, a financing practice used at The Diamond. However, The Diamond’s location at the so-called Boulevard site provides easy access to residents of the surrounding counties; a Shockoe Bottom location is less accessible, and some county officials have questioned the need for them to subsidize a development primarily benefiting Richmond. In addition, the Shockoe Bottom location is expected to generate some deep opposition from the city’s African-American community; Shockoe Bottom was once a central point in the American slave trade, and some want to see that history preserved with memorials and other reminders.
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