Title
To authorize the issuance of general obligation public improvement bonds of the City of Richmond in the maximum principal amount of $170,000,000 to finance the costs of the design, acquisition, construction and equipping of a new baseball stadium to be developed in connection with the redevelopment of the area known as the "Diamond District" and to pay the issuance and financing costs incurred in connection with such bonds (including, but not limited to, certain capitalized interest on such bonds); to authorize the Director of Finance, with the approval of the Chief Administrative Officer, for and on behalf of the City, to sell such bonds for such capital improvement project, to provide for the form, details and payment of such bonds; and to authorize the issuance of notes of the City in anticipation of the issuance of such bonds.
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WHEREAS, the City of Richmond, Virginia (the "City"), acting in concert with the Economic Development Authority of the City of Richmond, Virginia (the "EDA"), is seeking to redevelop an approximately 67-acre site located in the Greater Scott's Addition area known as the "Diamond District," which is home to The Diamond baseball stadium; and
WHEREAS, in connection with the redevelopment of the Diamond District, the City is seeking to replace The Diamond baseball stadium, the operation of which is no longer economically viable as a result of age, limited seating capacity and operational deficiencies; and
WHEREAS, the EDA is expected to enter into development agreement providing for the design, acquisition, construction and equipping of the new baseball stadium; and
WHEREAS, the Public Finance Act of 1991, Sections 15.2-2600 et seq. of the Code of Virginia of 1950, as amended (the "Public Finance Act"), permits the issuance of bonds, when authorized by the Council of the City of Richmond, Virginia (the "Council"), at one time or from time to time in one or more series, to finance the costs of the capital improvement proje...
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