RICHMOND, Va. (WRIC) — Richmond Mayor Levar Stoney says half of the surplus revenue from the city’s proposed “The New Navy Hill Redevelopment Project” will go to Richmond Public Schools. 

Mayor Stoney made the announcement Friday morning at George Mason Elementary School alongside Superintendent Jason Kamras and RPS School Board Chairwoman Dawn Page. 

The mayor anticipates that the $1.4 billion economic development project north of Broad Street, which includes replacing the Coliseum with a 17,500-seat arena, will generate an additional $1.2 billion over 30 years. The project is also expected to bring 680 affordable housing units, thousands of apartments and a large hotel to benefit the new arena. 

If the project gets approved, Stoney says 50 percent of the surplus revenue would go to city schools, 15 percent to support housing opportunities and homeless services and one percent for art, history and cultural opportunities. The remaining 34 percent would go towards core city services. 

“This partnership is a signal of new collaboration between RPS and the city,” said RPS School Board Chairwoman Dawn Page. “I thank the mayor for listening and prioritizing our children. There is much more to do, but this agreement helps us move forward together.”

While some RPS leaders stood in support of the project, others are not sold on Stoney’s proposal.

“This new wrinkle in the Coliseum proposal is what I would characterize as the if you believe this plan than I have some swampland in Florida to sell you,” said RPS School Board member Jonathan Young. 

The mayor’s proposal is expected to go before city council in the coming weeks. 

Reporter Aaron Thomas is following this story and will have a full update tonight on 8News. 

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