RICHMOND, Va. (WRIC) — Richmond City Council is holding a special meeting today to review Mayor Levar Stoney’s Navy Hill project proposal.
If the project is approved, it’s expected to increase funding to the city’s education, housing, transit and more. Mayor Stoney says this would be a big step in revitalizing downtown.
The project focuses on redeveloping areas of Richmond that are under-utilized. The overall cost would reach $1.5 billion and should create $500 million in annual wages.
The proposal also includes 12,500 jobs in construction and more than 9,000 permanent jobs, nearly 500 affordable housing units, $300 million in minority business participation and a new arena to replace the Richmond Coliseum.
Mayor Stoney says the plan does not take any tax money from schools and will not raise taxes.
Last week, one councilmember told 8News she wanted to closely inspect the figures of the Navy Hill deal before approving the project.
“It’s being sold as the motherhood and apple pie, but some of the numbers seem grossly exaggerated so I’d like to dig in and see how they arrived at those figures,” Kim Gray, the 2nd District councilwoman, said.
City council is expected to review the proposal around noon. Stay with 8News for updates.