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City EDA approves $1.5m more for Diamond District ballpark design
April 18, 2024
Four months after pitching in $1 million to keep the Diamond District ballpark project on track, Richmond’s Economic Development Authority is stepping back up to the plate with more funding for the stadium’s design.
In a special meeting Tuesday, the EDA board authorized staff to put another $1.5 million toward design and development of the new ballpark, via an amendment to its contract with the Richmond Flying Squirrels’ ownership group that provided the initial $1 million in December.
Leonard Sledge, the city’s economic development director, said those initial funds have technically been depleted and the additional money is needed to complete the design and development documents and value engineering for the $110 million stadium. The amendment would continue the contract through May.
“The EDA, because of the resources that it has available, is in position to keep the design moving forward on the ballpark,” Sledge said, describing the funds as critical to keeping the project on track so the stadium is completed by Opening Day 2026.
Sledge said the funds are available to the EDA due in part to a $1.2 million appropriation from the city. He said the $1.5 million would be reimbursed to the EDA through the bonds that the city plans to issue for the stadium and infrastructure improvements for the larger development’s first phase.
Read the full article here.
- Topics:
- City of Richmond
