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Redevelopment commission approves $120,000 contingent pledge to Star District land bank
Summary
The commission approved Resolution No. 1/20/26 to commit $60,000 in 2027 and $60,000 in 2028 to a Star District land bank; the pledge is described as a contingent commitment that the city expects to fund through budgeted local income tax distributions and requires an MOU approved by city and county councils.
The Richmond Redevelopment Commission on March 17 approved Resolution No. 1/20/26 to commit $60,000 in 2027 and $60,000 in 2028 (total $120,000) as a contingent, three-year commitment to establish a Star District land bank, Beth, a staff member, told commissioners.
Beth described the land bank as a partnership between Wayne County and Richmond City that will focus on residential property acquisition, rehabilitation and new-home construction for residential purposes. She said a memorandum of understanding will be required and must be approved by both city council and county council for operation of the organization.
Beth said the county is contributing more funding for the broader revitalization package and explained the commission's $120,000 pledge is likely to be budgeted in the city's local income tax fund when the 2027 and 2028 budgets are adopted, noting that "the likelihood that this will actually come from the redevelopment commission is very small." The commission moved, seconded and approved the resolution by voice vote.
The resolution commits the redevelopment commission to make the specified contributions in 2027 and 2028 but Beth emphasized that those appropriations depend on future budget processes.
The commission then discussed scheduling and agreed to move its April meeting to 3:00 p.m. on April 21 so members can attend the county's agency day; Beth said she would advertise the time change. With no further business, the chair adjourned the meeting.
