First I’d like to thank everyone on Twitter for the great baseball analogy suggestions. By far, my favorite was “more costly than peanuts and cracker jacks.” But I digress….
Richmond’s Mayor, Dwight C. Jones unveiled the findings of his $100,000 dollar study of the Shockoe Center proposal. As expected, we learned the city would have to back the bonds if this plan is to succeed. According to Davenport, city backed bonds would mean the city’s cost would drop about $20 million to a $60 million investment. We also learned the city’s sales tax revenues would have to increase by 2.1% or 67 million dollars to cover the cost of the bonds. The information does give the Mayor and City Council a clearer picture of what it would be getting into, but it still begs the question…. if the city says no to the plan was the $100,000 spent on the study worth it?