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Richmond council approves $14.7M contingency transfer to EDA for Diamond District parcel; one member votes no
Summary
The council voted to amend the FY26 budget to advance a short‑term $14.7 million transfer (promissory note) from contingency reserves to the EDA to acquire a 6.6‑acre parcel from VCU for the Diamond District redevelopment; Council Member Gibson cast the lone No vote after raising concerns about contingency‑fund rules and liquidity.
The Richmond City Council on Feb. 23 approved an amendment to the fiscal‑year 2026 general fund budget that transfers $14.7 million from the city’s contingency reserve to the Economic Development Authority (EDA) to acquire a 6.6‑acre parcel (Sportsbacker Stadium site) from Virginia Commonwealth University for the Diamond District redevelopment.
The ordinance (20‑26‑041) authorizes a short‑term financing structure: a promissory note from the EDA with expected repayment from land‑sale proceeds from future phases of the project. Administration staff told council the EDA holds approximately $11 million from prior phase sales and that the city’s cash would be exchanged for a promissory note that remains an asset on the fund balance rather than a permanent depletion.
Why it matters: Project…
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