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Council committee forwards performance grant for VPM headquarters on Broad Street
Summary
The Finance and Economic Development Standing Committee voted to forward an ordinance authorizing a performance agreement and grant for VPM’s new downtown headquarters, a $65 million redevelopment that will relocate existing VPM jobs to Richmond and provide community benefits tied to grant payments.
The Finance and Economic Development Standing Committee voted unanimously to forward an ordinance authorizing a performance agreement between the city, Virginia Public Media (VPM), and the Economic Development Authority that would provide a performance-based grant for VPM’s new headquarters at 13 East Broad Street.
The agreement covers a reported $65,000,000 capital investment and includes an annual performance grant equal to the business tangible personal property taxes VPM pays on broadcasting equipment. According to the paperwork presented to the committee, the project is expected to result in roughly 70 jobs moved into Richmond from Chesterfield; a separate line in the performance template references a target of 72 jobs. Under the terms described, the grant…
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