City News

Economic Development

Relief, investment, and opportunity creation in the City of Richmond

City officials are poised to put forth a new resolution to bring the One Casino + Resort to Richmond.  Empowered with the knowledge that residents want to know how the casino revenue will be spent, city staff proposes a two-cent tax rate reduction and uses the additional revenue for one-time capital improvement projects for Richmond City Public Schools and the City of Richmond.

The infusion of 1500 jobs and millions of dollars in economic growth and development that will help Richmond grow is exactly what many leaders and community members desire.

But it is much more than dollars and cents, it is also about closing gaps and providing relief.  Equity and community wealth gaps can be narrowed with this one project.  As the city continues to work on diversity, equity, and inclusion, the casino project can assist with leveling the playing field for many Richmonders who continue to struggle during these uncertain and unprecedented times.  This resolution doubles down on the city’s commitment to creating “One Richmond”.

"Our city needs to explore opportunities that create new jobs, generate new revenues, and create new tourism destinations,” said Councilman Andreas Addison. “This is more than a casino, it’s a new privately funded entertainment district for music, arts, and other amenities in the heart of southside where more investment opportunities are needed. I support the democratic process to explore this project."

While the proposed ideas center around tax rate reduction and capital improvement projects, which are both areas that provide relief for Richmond residents, the main relief can be found in providing jobs for those hardest hit by COVID.  Relief can be found in the revenue being used to address transit mobility issues.  Relief can also be found in the revenue being used to address diversifying the city’s economic engines that can bring sustainable change to Richmond.

"I strongly believe that the revenue from the resort casino project can purposefully be used to provide property tax relief for residents across the city,” said Councilwoman Ann-Frances Lambert.  Richmond is one of the hottest real estate markets in the country.  In fact, in the 3rd district, there are working families, seniors, and other residents on fixed incomes who are unable to pay for their increased property taxes.  They are at risk of losing their homes.  At the end of the day, I think that this project will help mitigate one of our city’s top issues."

Introducing new economic engines into the city is extremely important as the community looks strategically at moving away from being dependent on the government.

“Economic development is a top priority for 2022. A lack of diversity in revenue sources makes the cost of living in Richmond too high,” states Councilwoman Ellen Robertson. “As such, in 2022, we should focus on economic development to include: the Boulevard, Downtown/Central City Small Area Plan, $20M investment in affordable housing, South Richmond 1-95 Gateway and Urban One Hotel Casino Resort - which will create thousands of jobs, reduce real-estate taxes tremendously, and assist with completing facilities and infrastructure development throughout the city.  When we increase employment, increase tax revenue and retail sales, and put community benefits in place that will drastically impact the lives of citizens, we are certainly putting the community first.”

As Richmonders look towards the future of their city, officials have heard the need for more jobs, bringing the right development that benefits all of Richmond, and growing through sustainable economic development.

“The One Casino + Resort opportunity makes sense for our entire community.  Our residents should have the chance to change the narrative of their city and One Casino + Resort helps us do that,” stated Councilwoman Reva Trammell.  “Providing jobs and access is paramount to what we believe in doing in Richmond.  With the One Casino + Resort, we can jumpstart careers, provide access and wealth-building opportunities for those who need them, create spaces for creativity, and provide new educational outlets.  This is what inclusive development looks like – something for everyone.”

While the proposals have to be vetted, it is important to highlight some of the community benefits if One Casino + Resort calls Richmond home –

  • No city funding required
  • Capital Investment over $560M which can be spent on improvement projects in Richmond City Schools and the City of Richmond
  • Influx of 1500 jobs for those who need them most
  • $16M to support local community organizations which assists with decreasing the wealth gap
  • $325K to support transit mobility solutions which creates more access

Councilmember Michael Jones echoes the sentiments of his colleagues.  “Investment in our community and our people is the key to the casino project.  There is no time like the present to ensure that our residents know we are committed to creating a better Richmond for everyone,” said Councilmember Michael Jones. “While the casino may be housed on the Southside, its benefits will be felt citywide.”

The community benefits encompass all of Richmond therefore all Richmonders win.

“Our residents deserve tax relief and access to good jobs,” said Mayor Levar M. Stoney. “They want public infrastructure improvements and more funding for school capital projects. This project provides a unique opportunity to do just that. I know City Council is committed to creating opportunities that uplift and support ALL Richmond residents, and I’m hopeful tonight’s vote affirms this shared commitment.”

This project is about the people of Richmond.  It is about providing security, relief, jobs, and investment which leads to a brighter future for the entire city.

Patrons for the resolution include President Newbille, Vice President Robertson, Councilman Jones, Councilwoman Trammell, Councilwoman Lambert, Councilman Addison, and Mayor Stoney.

The proposed resolution will be introduced at today’s City Council Meeting at 6 PM.

International Economic Development Council Announces Leonard Sledge as Board Member

International Economic Development Council Announces Leonard Sledge as Board Member

Leonard Sledge to Begin Serving Tenure as IEDC Board Member in January

Washington, D.C. — International Economic Development Council (IEDC) is proud to announce that Leonard Sledge, Director, Department of Economic Development of City of Richmond, has joined the IEDC Board of Directors for a two-year term. The process took place during the annual board meeting on Wednesday, October 6, 2021, at IEDC's 2021 Annual Conference in Nashville, TN. The upcoming term begins on January 1, 2022.

"We look forward to the addition of Sledge to our Board of Directors,” said 2021 IEDC Board Chair and President and CEO of Invest Buffalo Niagara, Tom Kucharski. “Their new role will ensure great accomplishments in 2022 and beyond." 

“We are very pleased with the credentials and commitment to economic development of our new board. They will help lead the International Economic Development Council to the future of this profession" added IEDC President and CEO Jeff Finkle.

"It is truly an honor to be selected to serve as a Board Member for the largest economic development organization in the world, the International Economic Development Council (IEDC)," said Sledge. "Now more than ever economic development professionals have a critical role to help ensure equitable economic growth in all communities. I look forward to supporting my colleagues in this mission and the advancement of our profession and the communities that we serve over the next two years."

Sledge is an economic development leader with over 15 years of experience. Currently serving as the Director of Economic Development for the City of Richmond, Sledge and his team focus on supporting the existing business community, attracting new companies, and transformational redevelopment projects. Sledge has previously served as the Director of Economic Development for Henry County, GA, the City of Hampton, and the College of William & Mary. Sledge received his multiple degrees from Morehouse College, Georgia Institute of Technology, and the University of Phoenix. 

About the International Economic Development Council

The International Economic Development Council (IEDC) is a non-profit membership organization serving economic developers. With more than 5,000 members, IEDC is the largest organization of its kind. Economic developers promote economic well-being and quality of life for their communities, by creating, retaining, and expanding jobs that facilitate growth, enhance wealth and provide a stable tax base. From public to private, rural to urban, and local to international, IEDC’s members are engaged in the full range of economic development experience. Given the breadth of economic development work, our members are employed in a wide variety of settings including local, state, provincial, and federal governments, public-private partnerships, chambers of commerce, universities, and a variety of other institutions. IEDC’s members create high-quality jobs, develop vibrant communities, and improve the quality of life in their regions. 

www.iedcONLINE.org

City asks for resident feedback on resort casino upfront payment spending

Following Council’s recent approval of the resort casino Host Community Agreement, the City of Richmond is launching an engagement effort asking residents how they would like the city to spend the upfront $25.5 million that will be paid to the city by ONE Casino + Resort (RVA Entertainment Holdings, LLC) if Richmond voters approve the casino gaming referendum on November 2. In addition, by no later than January 2023, ONE Casino + Resort will pay the city an additional $1 million upon closing on the financing for the resort casino project.

The engagement period will span from August 13 to September 6 and will include a digital survey, targeted print surveys, and public meetings in both English and Spanish. While all Richmonders are invited to participate, targeted engagement efforts will be focused on the Southside.

The survey asks residents to rank projects based on priority and offers an open-ended opportunity to provide feedback. The survey focuses mostly on capital improvement projects in the 8th and 9th voter districts, which are closest to the proposed resort casino site. Click here to take the survey now. The survey is available in Spanish here.

Residents have the opportunity to attend public meetings virtually or in person:

  • Virtual: Wednesday, August 18 – 6pm

Click here to join the virtual meeting

Call-In Information:+1 804-316-9457   United States, Richmond (Toll)

Conference ID: 847 482 67#

  • In-person: Wednesday, August 25 – 6pm

Hickory Hill Community Center

3000 Belt Blvd, Richmond, VA 23234

For more information about Resort Casino community engagement opportunities, visit:

www.rva.gov/economic-development/resort-casino

City Council Approves Resort Casino Host Community Agreement

Media Advisory
Tuesday, July 27, 2021
Contact: Devin Wood
Cell: 804-484-4800

Devin.Wood@richmondgov.com

 

Richmond, VA — Richmond City Council has approved the Host Community Agreement for ONE Casino + Resort (RVA Entertainment Holdings, LLC).  With this approval and the required approval from the Virginia Lottery in hand, the city will proceed with petitioning the Circuit Court for a November 2nd referendum on casino gaming in the City of Richmond.

“I congratulate the City Council for approving a resort casino Host Community Agreement that puts Richmonders first,” said Mayor Levar Stoney. 

The action paves the way for city voters to have the final say at the ballot box to move this project forward in South Richmond. If approved, ONE Casino + Resort will create over 1,300 good paying jobs with benefits and generate an estimated $172 million in new General Fund revenue over the five years of the project. 

“Richmond needs both,” said the mayor.  “Great new jobs for our residents and new revenue to help fund our priorities and keep taxes low for everyone.”

If the referendum is approved by Richmond voters, the $562 million project is planned to open in October 2024.

Information on the project and the text of the final Host Community Agreement can be found athttps://www.rva.gov/economic-development/resort-casino.

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