Richmond City Council approved a measure Monday evening in a split vote to appoint a commission to consider a plan to replace the Richmond Coliseum.
The $1.4 billion plan, pitched by Mayor Levar Stoney as a transformational project that would revitalize Downtown Richmond, would see 21 acres redeveloped and would include a new arena, hotel, apartments – including affordable housing – and more.
Councilmembers Agelasto, Gray, Hilbert, Larson, and Trammell voted for recommending the paper. Addison, Jones, Newbille, and Robertson voted against the measure.
The commission, whose would-be appointees have not been named, would study the feasibility of the project and how it would be funded. Mayor Stoney pitched the project as one that would pay for itself with a TIF (special tax district) program in and around the development, yet some members of Council and the public remain skeptical. Approximately $300 million of the project would supposedly be funded through the special tax area.
It is not expected the commission would take a vote on the project, but rather make recommendations and provide Council with information needed to take a final vote on the project.