Commission Report: Coliseum Redevelopment Proposal "Poses A Risk" To School Funding
The majority of commissioners overseeing Richmond’s proposed Coliseum redevelopment project did not think it is a “sound and reasonable public investment.”
That’s what they wrote in a report given to City Council on Dec. 23rd, which evaluates the proposal.
The plans include building a new Coliseum downtown and redeveloping the surrounding neighborhoods, which developers say would include mixed use and affordable housing options.
Additionally, the commission’s report found the project “poses a risk” to school funding and the city's general fund. But, the group also found the redevelopment could support minority-owned businesses.
For months, the commission has been holding public meetings to hear from residents about what they think about the project as well. The entire report will be presented to city council on Monday, January 6th.