Mayor Stoney Announces Key Priorities for Navy Hill Project Surplus
Additional $1.2 billion over 30 year dedicated to Education (50%), Housing (15%) and the Arts (1%) Mayor Stoney announced his intention today to dedicate significant portions of the surplus revenues from the Navy Hill Redevelopment Project to his core priorities of education and housing. The Mayor’s proposal, which will be included in the ordinances submitted to city council in the coming weeks, would direct 50 percent of surplus revenues from the Tax Increment Financing district to support Richmond Public Schools, 15 percent to support housing opportunities and homeless services and 1 percent for art, history and cultural opportunities. The remaining 34 percent would remain in the general fund for investments in public safety, public works and other core city services. “By dedicating significant portions of the surplus revenues that this project will create to our top priorities of education, housing opportunities, and arts and culture, we are following through on my commit