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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 would be adjusted downward if VPM fails to meet the performance targets in a given year.
City staff said the five-story development replaces a former surface parking lot with a production studio, community-oriented ground-floor space and 1,600 square feet of commercial storefront. The proposal includes public benefits the agreement calls for: 50 publicly available parking spaces in the on-site deck, LEED Silver construction, publicly accessible bike storage, new public art, safety and streetlight improvements, and commitments to community programming and outreach.
Deputy Director Katie McConnell of the Department of Economic Development briefed the committee on the project and said the first grant payment is anticipated in fiscal 2027. Jamie Swain, president and CEO of VPM and the Virginia Foundation for Public Media, told the committee VPM plans to open in June with additional space leased by July.
Committee members pressed for clarity about the job numbers after staff and VPM representatives said most of the positions being cited are existing VPM roles relocating from Chesterfield to Richmond rather than newly created hires. Council members asked that public statements about “new jobs” be clarified to reflect that these are jobs brought to the city rather than net new hires.
Committee members also discussed the mechanics of the performance report required to trigger the grant payments. Staff pointed to a template included in the performance agreement that requires VPM to document capital investment, jobs, and the community commitments listed in the agreement, and to provide backup documentation to verify that metrics were met.
The committee held a public hearing; one speaker, Nupa Agarwal, chair-elect of the Economic Development Authority and a member of the VPM board, spoke in support, saying the project will energize Broad Street and provide a place for community engagement.
The motion to forward the ordinance to full council with a recommendation to approve passed on a voice vote recorded as: Ms. Lynch, Aye; Vice Chair Jones, Aye; Chair Robertson, Aye.
If approved by council, the city’s grant payments will be limited to the amount of tangible personal property taxes VPM pays each year and will be adjusted if VPM fails to meet the performance metrics described in the agreement.
