Good morning, RVA! It’s 22 °F, and highs today will barely make their way into the 40s. That’s cold! But, no joke, the forecasted high on Saturday is 68 °F. On one hand, I’m sad that climate change is slowly dissolving winter, but, on the other hand, I’m going to ride the heck out of my bike this weekend.
Water cooler
Well here is some fascinating combined NoBro and General Assembly news: Mark Robinson at the Richmond Times-Dispatch says that Del. Jeff Bourne has introduced legislation to dedicate a portion of the typically inaccessible state sales tax to paying down potential NoBro bonds 💸. You can read the full text of HB 1345 here. Robinson says that the area the City could receive the additional revenue from is a box bounded by Leigh, Franklin, 3rd, and 10th, which, theoretically, would allow the NoBro team to reduce the size of the BigTIF back into a plain ol’ regular TIF. I’m super ambivalent about this! No amount of new revenue changes the fact that the process leading up to this project was super bad, and, additionally, I remain unconvinced that a new arena is a smart use of extremely valuable downtown land. That said, the vast majority of the property in this new box is exempt from real estate tax, and this bill would open up a new source of revenue to help offset some of that tax exemptness. Part of me wonders if this is as close to a PILOT (Payment In Lieu of Taxes) from the State as we’re ever going to get? To intelligently evaluate this new proposal, here’s what I’d like to know: 1) Just how much revenue is the State willing to part with, 2) By how much will it allow us to shrink the BigTIF, and 3) how does this slice of sales tax compare to the amount of real estate tax the City misses out on due to the presence of state government downtown. While I definitely can imagine a world where these numbers work out really well in Richmond’s favor, I don’t have a lot of hope for that given how the State typically treats its host city. Also, and this is important, assuming HB 1345 dramatically changes the financing of NoBro, more community engagement must happen. Reminding y’all about a billion more public meetings is certainly the last thing I want to do, but I just don’t see how we can totally change the most basic financial underpinnings of this massive project and not go back to Richmonders, the advisory councils, and elected officials, and ask them to reevaluate the deal. Without a good-faith commitment to a public reevaluation process, I’ll be extremely (and probably loudly) disappointed. P.S. This certainly has the vibe of a last-minute Hail Mary.
Here’s a big regional affordable housing update: The Partnership for Housing Affordability will officially launch the Richmond Regional Housing Framework next Wednesday, January 15th, at the Eastern Henrico Recreation Center (1440 N. Laburnum Avenue) from 8:30–10:30 AM. This event is free, open to the public, and at a tough time for normal people to attend, but, if you are interested and available make sure you register ahead of time. I’ve got high hopes for this framework! With any luck, it’ll lay down a shared foundation so lawmakers in Richmond, Henrico, and Chesterfield can start building complementary policies that address our affordable housing issues and work together, pulling the same direction, instead of either pretending like we’ve got no housing issues at all or charging off in one of a thousand unhelpful directions. Surely a many-paged PDF will exist at some point next week, and I’m excited to share it with you.