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To authorize the Chief Administrative Officer, for and on behalf of the City of Richmond, to execute a First Amendment to Coliseum Parcel Redevelopment Cooperation Agreement between the City of Richmond, Virginia and the Economic Development Authority of the City of Richmond for the purpose of facilitating the development of a mixed-use City Center.
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THE CITY OF RICHMOND HEREBY ORDAINS:
§ 1. That the Chief Administrative Officer, for and on behalf of the City of Richmond, be and is hereby authorized to execute a First Amendment to Coliseum Parcel Redevelopment Cooperation Agreement between the City of Richmond, Virginia and the Economic Development Authority of the City of Richmond for the purpose of facilitating the development of a mixed-use City Center. The First Amendment to Coliseum Parcel Redevelopment Cooperation Agreement shall be approved as to form by the City Attorney and shall be substantially in the form of the document attached to this ordinance.
§ 2. This ordinance shall be in force and effect upon adoption.
City of Richmond
Intracity Correspondence
O&R Transmittal
DATE: November 19, 2025
TO: The Honorable Members of City Council
THROUGH: The Honorable Dr. Danny Avula, Mayor
THROUGH: Odie Donald II, Chief Administrative Officer
THROUGH: Sharon Ebert, Deputy Chief Administrative Officer
FROM: Angie Rodgers, Director, Department of Economic Development
RE: First Amendment to Coliseum Parcel Redevelopment Cooperation Agreement
ORD. OR RES. No.
PURPOSE: To authorize the Chief Administrative Officer, for and on behalf of the City of Richmond, to execute a First Amendment to Coliseum Parcel Redevelopment Cooperation Agreement by and between the City of Richmond, Virginia and the Economic Development Authority of the City of Richmond (“EDA”) for the purpose of facilitating the development of a thriving mixed-use City Center and downtown (the “First Amendment”).
BACKGROUND: The City Center Plan adopted by City Council in 2022 provides a framework for the redevelopment of the City Center area to catalyze the development of a thriving, mixed-use downtown. A key parcel of underutilized real estate within City Center is the approximately 7.36 acre “Coliseum Parcel” located at 601 E. Leigh Street. In 2022, the City and the EDA entered into the Coliseum Parcel Redevelopment Cooperation Agreement (“Cooperation Agreement”) pursuant to which the City conveyed the Coliseum Parcel to the Authority, and the Authority agreed to pursue redevelopment thereof in accordance with certain provisions set forth in the Agreement. The solicitation process conducted by the Authority pursuant to the Agreement has not yet resulted in a conveyance to a new owner, and Section 3.6 of the Agreement provides that in the event that the Authority did not convey the Coliseum Parcel within 24 months after the conveyance of the Coliseum Parcel from the City to the Authority (the “Outside Conveyance Date”), the City has the right to require that the Authority convey the Coliseum Parcel back to the City. Because the City and the Authority remain committed to utilizing the Coliseum Parcel to further development of a mixed-use City Center, the First Amendment will amend the terms of the Agreement to (1) extend the Outside Conveyance Date for three years from execution of the First Amendment and (ii) enable the Authority to pursue redevelopment of the parcel in component parts by one (1) or multiple developers through the conveyance or ground lease of a portion or portions of the Coliseum Parcel (rather than the Coliseum Parcel in its entirety) to one (1) or multiple third-parties.
STRATEGIC INITATIVES AND OTHER GOVERNMENTAL: City Center Plan; Coliseum Parcel Redevelopment Cooperation Agreement
FISCAL IMPACT: N/A
DESIRED EFFECTIVE DATE: Upon Adoption.
REQUESTED INTRODUCTION DATE: December 8, 2025
CITY COUNCIL PUBLIC HEARING DATE: January 12, 2026
REQUESTED AGENDA: Consent
RECOMMENDED COUNCIL COMMITTEE: Finance and Economic Development Standing Committee (Dec. 17)
AFFECTED AGENCIES: Department of Economic Development, Department of General Services; City Attorney’s Office
RELATIONSHIP TO EXISTING ORD. OR RES.: Ordinance No. 2022-144 (Approving the Coliseum Parcel Redevelopment Cooperation Agreement)
ATTACHMENTS: First Amendment to Coliseum Parcel Redevelopment Cooperation Agreement
STAFF: Matt Welch, Department of Economic Development
Katie McConnell, Department of Economic Development