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Committee forwards two tourism-development financing applications for hotel projects in Scott's Addition and near Arthur Ashe
Summary
The committee voted to forward two ordinances seeking participation in Virginia's Tourism Development Financing Program for sites at 1600 Roseneath Road (former Dairy Bar site) and 921 My Myers Street; staff said the projects must still obtain state approval and underwriting.
The Finance and Economic Development Committee voted unanimously to forward two ordinances — 2025-233 and 2025-234 — authorizing applications for the Commonwealth of Virginia’s Tourism Development Financing Program (TDFP) for proposed hotel projects in two Richmond tourism zones.
Matt Welch of the Department of Economic Development and other staff presented the state program and details for the two projects. The TDFP is a state-administered gap-financing program that requires projects to demonstrate a market deficiency and fall within a designated local tourism zone. Welch said the city…
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