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Committee backs two Scott’s Addition-area tourism projects using state tourism-development gap financing
Summary
The Richmond finance committee voted to forward two ordinances to participate in Virginia’s tourism-development gap financing program for two Scott’s Addition–area hotel projects, one at 1600 Roseneath Road and a larger project near Broad and N. Arthur Ashe Boulevard.
The Richmond City Council finance committee voted to forward two ordinances to council that would allow two Scott’s Addition–area hotel projects to participate in the Virginia Tourism Corporation’s Tourism Development Financing Program (TDFP). Both projects must still clear final state underwriting and approvals.
Matt Welch of the Department of Economic Development presented the state program and project details. The TDFP is gap financing that uses net new taxable revenue generated by a qualifying tourism project: the state, city and developer each contribute portions of a calculated quarterly remittance of sales/use taxes toward repayment. For these projects the city and state would each provide the same share and the developer…
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