cbl1
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Posts posted by cbl1
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Be nice to see the CAA basketball tournament return to Richmond.
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Did you check out Breeze airlines for flight to Tampa?
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The Krispy Kreme at Willow Lawn should count and on Pulse.
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Not building related - but Richmond related in keeping up with the big cities.
At Apple Event today Verizon announced nationwide launch of 5g with 55 cities launching today - Richmond is one of those cities and coverage map shows 5G for entire region.
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1 hour ago, RiverYuppy said:
I have a mortgage on my house and I purchased it for about $300k.
I don't tell people the cost of the house with financing prices (in dollars unadjusted for inflation) baked in, I tell them it cost $300k and everybody simply understands that interest is part of having a mortgage. When my mom asked me "How much is the house going to cost" it would have been ridiculous for me to tell her "Close to $600k."
Additionally, the city finances tons of things. When we build a new school, bridge, park, bus line, infrastructure improvement, etc. and get a loan, I have never heard the price quoted with financing costs baked in.
So I guess the question is, why is the arena the only project ever proposed by the city that gets financing costs baked into the cost we put in headlines?
Exactly …
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What your only supposed to put down your opinions in writing if your anti-navy Hill ... all those fake numbers thrown around add up. All arguments for them should just be dismissed off hand.
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If you want to get into real costs year to year above the $300mlion initial Infrastructure investment you can look at the rate over inflation as to cost.
assuming the 5% bond rate and 2.3% inflation. The city will be paying $439k above inflation each month. That equates to $5.27million per year it will be costing the city if it takes 30 years to pay off the Loan. So it could be legitimately said the cost to the city in today’s dollars is $458million.
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Make up whatever numbers you want. I said what is the net present value of the payments. A $100,000 payment on the bonds 25 years from now does not equal $100,000 in today’s dollars so you can’t go around quoting the dollars spent over 30 years time and act like that is the cost in today’s dollars - it is highly misleading
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What irritates me is headlines like "2 billion" "1.5 billion dollar project" - I mean you would read the headlines and you would think the city is paying over a billion dollars for the development.
Why don't all the private developers and the private money going into the project ever get talked about. And everyone likes to inflate the city portion of the project like they are spending $600+ million on the project. It's $300 million people plus interest - pay it off sooner the other figures are meaningless. $600 million 30 years from now does not equate to $600 million in todays taxpayers dollars ----- its not todays dollars. To me the misinformation is coming from the anti-Navy Hill crowd. I mean how many economists does it take to tell you $600million paid over the next 30 years has a net present value of $300million today. The cost is $300million …. period. Are car dealers supposed to be advertising now that $30,000 car you just got a loan for should really have a $37,000 price tag on the window (cost with interest over 5 years).
I would think with the VCU and CoStar additions along with everything else we have been hearing …. the city puts down $300million and they get in return $300 million in infrastructure improvements that bring about nearly $2 billion in private investment just to start. If this were the economic development department they would be all over this …
The other thing that irritates me is people act like all the money is going to Dominion Energy … its some grand scheme by the navy hill group to milk the city of money. It's all to line Dominion Energy's pockets ….. when Dominion Energy is getting a grand total $0 dollars from the deal and is going to actually pay $30million toward the coliseum itself (if naming rights stories are correct). So actually Dominion Energy is 1) going to end up building a second $50million+ tower at its expense that will raise taxes to help the city pay down the bond and 2) will pay $30million in cash (so yes Richmond over 10% of the cost of the coliseum itself is coming from Private Sector then) to the city to help offset the coliseum costs. How freakin' greedy! Actually if you hate Dominion Energy so much vote Pro-Navy Hill … because if it gets voted down your actually going to save Dominion $80million. So Richmond wants to partner with the private sector on a coliseum … just not Dominion Energy ???? None of the anti-Navy Hill big talking points make any sense.
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where do these updates come from?
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Could be they are trying to move the budget for a new transfer station into GRTC funding to save money in the Navy Hill Plan. I think when it comes to Navy Hill there is negotiating going on with the various council members to get their yes vote. First the new tax savings shrinking the TIF area. Now possible movement of the transfer station out of the Navy Hill scope - adding further savings to the plan.
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If you fill in from where current Manchester construction is to the casino your talking about a major area of Southside being revitalized.
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The rendering looks like 24-25 floors
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Love the naysayers as usual piling on the article complaining of the state giving taxpayer dollars.
Again its an investment - if they give a 25% break to sales tax in the TIF and sales double - taxpayers in Virginia make more in tax revenue.
What is the difference in the state doing this for the project vs. handing out money to developers directly via the Economic Development departments across the state.
Everyone just wants to be negative about everything.
What is good for Richmond is good for the state. The legislature has been trying for a good amount of time to spur something regarding the coliseum. This is not new as far as their desire to bring opportunity into the state capital.
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I think the Virginia Beach one had a developer that was having issues getting all the investors / financing lined up. One thing going for the Richmond version is that its not a for profit speculative developer but a non-profit trying to make this happen for the city.
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With a not so good commission report could this be the spark to get council approval.
Richmond delegate's bill would devote state sales tax to $1.5B Navy Hill plan (Richmond Times-Dispatch)
Del. Jeff Bourne, D-Richmond, introduced a measure to allow Richmond to keep a portion of the state sales tax collected in an area bounded by Leigh Street, Franklin Street, Third Street and 10th Street.
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The $600 million is what most reports show with interest over the 30 year life of the bonds. It is only $300m initial cost (if it gets paid back faster then projections then total cost is far less than $600million).
So #1 its not $600million ins 2019 dollars. Its $300million plus interest over life of bonds. Projected revenue to the city after costs is expected at $985million - so over life of project $385million revenue to city is expected from the project.
Private investment of $1.2billion is a major part driving revenue.
Seems the math works out as invest $300million (which worst case after interest means paying $600million over 30 years - $20million paid from TIF each year) … in return get $1.2billion in further private sector initial investment (not even counting others investing over 30 years into the area with Navy Hill as the spark) … and get $985million in additional revenue to the city over that same 30 year period (so that equates to average $32million in annual revenues with $20million used to pay off the bond = $12million surplus revenue - - yes you can use it for schools!
FYI - if both Dominion Towers are constructed by 2022 the annual tax revenue to city would be $5.4 million per projections. So that is where I think a lot of the controversy starts in that some want to bank the $5.4 million in revenue vs. going with the TIF and Navy Hill (which appears to have $12+ million in revenue potential but more of a gamble vs. a sure thing).
$5.4 million isn't going to solve school situations - your ability to fund schools is going to be dependent on growth!
And actually the budget for the Arena is $220million - the other $80million is for projects on the city list like restore blues armory and create a transfer station. Without Navy Hill how do they get any of that done.
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Great article - love the people that always bring up 6th street marketplace in comments. Totally different situation and objectives from the 1980s. 6th Street was an attempt to keep businesses from leaving …. Navy Hill is setup to give those businesses and people wanting to come back a place to come back to. 6th street marketplace with todays objectives would have been much more successful.
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another article from RTD https://www.richmond.com/news/local/proposed-coliseum-replacement-hasn-t-passed-richmond-city-council-yet/article_a9b37f50-47df-5084-b38f-b8af74bce4f2.html
Management company who has been selected to run the new coliseum will cover any operational loses (although they expect the arena to make money year 1). This is same company that manages the convention center. They have also agreed to spend $8 million furnishing the new arena.-
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Question then becomes are we too close …. like Atlanta now is with Gwinnett (and Gwinnett having no one show up for games). Actually they improved a little this year but still poor https://www.ajc.com/news/local/gwinnett-stripers-attendance-rate-increases-for-first-time-since-2011/aTYqomNXubVuqEtRxni9eO/
article does talk about challenges having teams close to each other.
Would we be better off with Baltimore or Philadelphia etc. where there is some space between clubs.I guess if done well it is possible to drive attendance to both venues.
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Sounds like we could get shuffled affiliation from a West Coast team to someone closer.
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I thought Navy Hill was just to support Beyoncé fans … you mean other people are going to come to the city?
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I wonder if Richmond would come out in support of a G League basketball team.
I don't think anyone anticipated VCU or UR moving games to the new coliseum (except for special tournaments) … I think that was just a headline attention grabber.
Richmond International Airport
in Richmond
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I took the Las Vegas Redeye last month - great flight and was completely full on a Thursday night / Friday am arrival.