Council committee forwards performance-grant agreement for VPM headquarters to full council

The Richmond Finance and Economic Development Standing Committee voted to forward Ordinance 2025-160 to the full council with a recommendation to approve, moving a performance-grant agreement for VPM Media Corporation’s new headquarters to the next stage.

The committee action follows a presentation from the Department of Economic Development and comments from VPM leadership and community supporters about the project’s economic and community benefits.

Katie McConnell, deputy director of the Department of Economic Development, told the committee the project represents a $65,000,000 capital investment and will locate a five-story headquarters for VPM on East Broad Street in the Arts District. The development includes a production studio for television, radio and digital content, a 1,600-square-foot ground-floor commercial space, a parking deck with 50 publicly available spaces and publicly accessible bike storage. McConnell said the project is designed to meet LEED Silver standards and includes commitments for minority and small-business construction spending, streetlight and safety improvements, public art and community-oriented programming.

Jamie Swain, president and CEO of VPM and the Virginia Foundation for Public Media, confirmed the organization expects to open in June (year specified by VPM) and noted the organization has been engaged in the project for multiple years.

Under the performance agreement, VPM will receive an annual grant equal to the business tangible personal property taxes it pays, the city said. The bulk of those taxes are tied to broadcasting and production equipment. The city’s agreement requires VPM to pay personal property taxes and submit annual performance reports documenting capital investment, jobs and community commitments. The grant amount will be adjusted if VPM fails to meet performance targets; the city said the first grant is anticipated in fiscal 2027.

McConnell said the city conservatively estimates the project will generate $2,500,000 in new tax revenue over 10 years. She also noted that VPM expects to bring about 70 jobs to Richmond from its Chesterfield location — jobs that McConnell described as “new jobs for Richmond” though VPM confirmed these positions are transfers rather than net new hires for the company.

Members of the public, including Nupa Agarwal, chair elect of the Economic Development Authority and a VPM board member, spoke in support of the project and its anticipated neighborhood benefits.

The committee voted to forward the ordinance with a recommendation to approve. The recorded vote was Miss Lynch: Aye; Vice Chair Jones: Aye; Chair Robertson: Aye.

The ordinance will next be considered by the full City Council.