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Council approves $14.7 million contingency transfer to close Diamond District parcel purchase, 8-1
Summary
The council approved ordinance 20-26-041 to advance $14.7 million (plus $700,000 carrying charges) via a short-term promissory structure to the Economic Development Authority so it can complete purchase of the Sports Backer Stadium parcel; the vote passed 8-1 with Council member Gibson dissenting.
The City Council voted to approve ordinance 20-26-041, a fiscal action that transfers $14.7 million from the contingency reserve via a short-term promissory arrangement to the Economic Development Authority (EDA) so the EDA can acquire a 6.6-acre Sports Backer Stadium parcel from VCU and allow the Diamond District project to proceed.
Sharon Ebert, deputy chief administrative officer for planning and economic development, told council the parcel purchase price is $25 million; the EDA already holds approximately $11 million from prior land sales and needs the remainder to complete the…
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