On November 17, 2015, the City of Richmond successfully issued $85.8 million of taxable and tax-exempt series of bonds, which were sold by competitive bid. Seven bids were received for the $62.8 million Series 2015B bonds, with Bank of America Merrill Lynch winning the bid. Seven bids were also received for the $23.0 million Series 2015C bonds, with Robert W. Baird & Co., Inc., winning the bid. Reporting before the Finance and Economic Development Standing Committee today, the City noted that investor demand for the City’s bonds was considerable and that the bonds sold with a lower than expected interest rate, saving money for the city. The City received an interest rate of 3.83% on its taxable bond issuance, over 1.25% lower than initial planning rates. The longer term tax-exempt series received a 3.16% interest rate. The bonds sold will be used to finance spending related to general capital improvements for Stone Brewery as well general capital improvements in the City’s Capit...

The City of Richmond has announced plans to move forward with improvements to the Intermediate Terminal/Intermediate Wharf – a City-owned parcel that fronts the James River on the East side of the city. Providing increased public access to the riverfront is one of the goals in the City’s adopted Riverfront Plan. Improvements to the Intermediate Terminal Dock are seen as especially timely with the completion of the Virginia Capital Trail – 52 miles of continuous multipurpose trail between Williamsburg and Richmond. A structural stabilization project has been underway in the Intermediate Terminal area since August of this year. With the completion of that stabilization nearing in early Spring of 2016, the City is ready to move forward with broader plans for improving riverfront access in that area, to include passive and active Riverfront recreational opportunities. Conceptual plans for the development of the area include the possibility of a community pavilion, an event lawn, an in...

The Richmond Public Library, the Office of Community Wealth Building and Richmond Public Schools (RPS) have partnered to create RVA Reads to improve literacy in the city by improving access to books in low income homes of preschool children. RVA Reads is designed to expand or create home libraries for three and four year olds, increase the time parents and children read together and engage children and families in library services. The program provides one book a month to hundreds of pre-k children participating in the Virginia Preschool Initiative. To introduce the books each month, community volunteers visit pre-k classrooms to lead fun, interactive readings with the students. These readings take place at the RPS preschool centers at Blackwell, Maymont and Mary Scott schools as well as the Martin Luther King, Jr. Preschool Learning Center. Members of the City Administration and parent volunteers will lead the next reading event at the Martin Luther King, Jr. Preschool Learning Cente...

Mayor Dwight C. Jones issues the following statement today in honor of Veterans Day: “As we celebrate Veteran's Day, it is important that we reflect upon what these brave men and women have selflessly done. We thank all of our veterans and active duty military personnel for the sacrifices they have made and continue to make to help keep our country safe. I would also like to recognize all the City employees and their families who have served, both past and present. “Veterans of the U.S. Armed Forces have given so much to ensure that we are able to continue to enjoy our rights and freedoms. Today, be sure to properly honor the debt we owe to them all. “Thank you again to all our service men and women.”

Construction of the City’s first “Bike Boulevard” will begin on November 16. The Bike Boulevard is being installed along a 2-mile stretch of Floyd Avenue from North Thompson Street to North Laurel Street. This capital improvement project represents an estimated investment of $900,000, with the majority of funding coming from Federal funding sources. “Forward movement with this Bike Boulevard project helps tremendously with our effort to develop a city-wide network of bike infrastructure,” said Mayor Dwight C. Jones. “Through this project, we are further diversifying mobility in the city and enhancing both transportation options and recreation. It’s very exciting to see us reach the point of starting construction.” The targeted section of Floyd Avenue will receive engineering treatments to make it an efficient, safe bicycle route with low traffic speeds and volumes, while also incorporating improvements for pedestrians. The project includes the following safety measures:   ...

~ 2015 UCI Road World Championships event goals exceeded ~ The 2015 UCI Road World Championships Sustainability Report to be released next week by Mayor Dwight C. Jones shows that the event achieved or exceeded all of its sustainability goals. A goal was set to divert a minimum of 60% of event waste from going to the landfill, and the efforts undertaken surpassed that goal, achieving a 76% waste diversion rate. Waste diversion was achieved by composting food wastes; requiring caterers and vendors to use compostable serve ware; operating a robust recycling effort that included cardboard, pallets, and plastic bags, reusing event signage, recovering and donating unused food, collecting cooking grease to turn into bio-fuel, using water filling stations and reusable beer cups in lieu of plastic.  An additional goal of offsetting 100% of the greenhouse gas emissions produced from event operations was met. Sources of emissions included electricity use in the Greater Richmond Conven...

All three Wall Street bond rating agencies have re-affirmed their rating of general obligation bonds to be issued by the City of Richmond. The re-affirmations follow six bond rating increases the city has received since Mayor Dwight C. Jones took office in 2009. “We’re gratified to earn this re-affirmation of Richmond’s fundamental financial strength,” said Mayor Jones. “Wall Street looks only at the facts when they review a city’s finances. It’s clear that investors are confident in Richmond’s progress and our future outlook.” Here are the key points from each agency: Moody’s: Aa2 rating, Outlook is Stable • “The Aa2 rating incorporates the city’s prominent role in the regional economy and as the state capital of the Commonwealth of Virginia, a tax base that is expected to exhibit long-term stability, satisfactory financial operations characterized by conservative budgeting and an elevated but manageable debt position.” • “The stable outlook reflects the expectation of long-...