UVA/Weldon Cooper proposes Innovate Petersburg community investment fund to channel new revenues into strategic projects

Brian David of the Weldon Cooper Center (University of Virginia) presented a proposed Innovate Petersburg community investment fund Sept. 2, a blueprint for directing new, project‑specific local revenues toward neighborhood investments, economic development and workforce initiatives.

David told council the fund would rely on three pillars—community participation, transparency and disciplined fiscal management—and be supported by an Innovate Petersburg advisory/fiduciary committee appointed by council and a technical advisory committee of subject‑matter experts. The proposal calls for a dedicated annual allocation drawn from new revenues (for example, a council‑determined portion of projected casino or data‑center receipts) rather than reassigning current city dollars.

The framework includes an application and ROI scoring process for projects; requirements that recipients supply business plans and sustainability plans; staffing (a fund manager and administrative support) paid from the fund; use of the fund as match for outside grants; and publishing an annual impact report. David emphasized projects should demonstrate quantitative and qualitative returns (jobs, tax‑base growth, community outcomes) and that the fund can be phased in over multiple years.

Councilmembers expressed interest in the concept and asked staff to work with the Cooper Center on next steps; David said he and city staff will refine governance, staffing and implementation details and return with a recommended sequencing and financial model.

Ending: The presentation concludes as a policy framework for council consideration; staff will coordinate follow‑up work and draft implementation steps for future council discussion.