Media Advisory                                                                               
May 23, 2024
Contact: Petula Burks
Phone: 804.389.7157
petula.burks@rva.gov

For Immediate Release

The City of Richmond Receives AAA Bond Rating from Fitch Ratings

Resiliency |  Stability  |  Strong Reserves

Richmond, VA - Fitch Ratings, one of the three National Credit Rating Agencies, in a press release yesterday, assigned the City the highest possible rating of AAA based on the City’s strong finances, economic profile and well managed operations. This rating, a testament to Richmond's financial resilience and strong reserves, underscores the City's stability and strength. It's a reassurance to our stakeholders and the public that the City of Richmond is in a robust financial position.

The AAA rating, a mark of our financial strength, allows the City to borrow money at the lowest interest rates possible. This translates into significant savings of millions of dollars for our residents. These savings are then channeled towards projects that directly improve our daily lives, such as improvements to roadways, sidewalks and bikeways; improvements to neighborhood parks, libraries, and recreational facilities; construction and major renovations of schools and other City facilities. 

What does this mean for the Diamond District bonds? The rating agency's AAA bond rating underscores the positives of the Diamond District project approved by Council on May 8, 2024. 

"When I came into office, I made the promise of moving the City to a AAA Bond Rating. Today, that promise has been kept,” said Mayor Levar Stoney.  “With the Fitch rating, the City is among an elite class of organizations that have proven financial responsibility at the highest level. I am grateful for all the hard work from city staff, especially DCAO Sabrina Joy-Hogg and finance director Sheila White, and our public and private partnerships that helped make this possible. This is a massive step forward for our city.”

In addition to Fitch Ratings, S&P Global Ratings reaffirmed its 'AA+' long-term rating for Richmond based upon the City’s expanding economy; track record of strong financial results and very strong reserves; and well-established and strong financial management policies. In addition, S&P reaffirmed its Positive Outlook which reflects one-in-three chance that the City could receive an upgrade if it sustains economic growth and financial resilience.

Moody's Ratings has reaffirmed a ‘Aa1’ rating with a Stable Outlook.  The rating is based upon their expectation that the city's financial position will remain healthy given management's conservative budgeting practices and adherence to formal fiscal and debt policies.

Bond ratings for both corporations and government agencies are similar to a credit score. The three primary credit rating agencies are Moody’s Investor Services, Standard & Poor's Global, and Fitch Ratings. These agencies offer impartial evaluations of a bond issuer's financial strength and their ability to repay a bond's principal and interest.

Click here to download the press release.

*** NEW UPDATE ***

Lane Closures – 6800 - 7100 blocks of Forest Hill Avenue

WHO:  City of Richmond Department of Public Utilities (https://twitter.com/DPUStreetNews) 
 
WHAT:  Travel lanes in the 6800 – 7100 blocks of Forest Hill Avenue are impacted
 
WHEN:  Additional traffic impacts begin Friday, May 17 

WHERE: 6800 - 7100 blocks of Forest Hill Avenue (between Joe Brooks Boulevard and Hathaway Road)

BACKGROUND:  The City of Richmond became aware of a collapsed sewer main in this section of Forest Hill Avenue in April 2024. Temporary measures were taken which included stabilizing the ground to prevent additional collapse as well the installation of a bypass system to ensure no impact to sewer services.

City and contracted planners and engineers have developed a plan of action to replace the failed pipe and assess other areas of concern. Permanent replacement work will begin on Monday, May 20. The Maintenance of Traffic (MOT) barriers and notices will be installed beginning Friday, May 17 at 9:00 a.m.

Work will require that the eastbound traffic lanes of Forest Hill Avenue be closed between Joe Brooks Boulevard and Hathaway Road. Both eastbound and westbound lanes of Forest Hill Avenue traffic will share use of westbound lanes for the duration of the project. Access to businesses on Forest Hill Avenue will remain open during construction.

The detour will remain in place permanently until project completion, with the entire project anticipated to be complete by December 2024. Work hours are scheduled from 8:00 a.m. to 5:00 p.m. daily, Monday through Friday. During the work there will be large trucks and other construction equipment operating daily, which will result in an increased level of noise during working hours.

Motorists are reminded to pay attention to signage in the area, and to use caution while traveling through the work zone. Riders of GRTC buses are encouraged to check updated schedules (via ridegrtc.com or the GRTC mobile app) for changes to bus stops or schedules before travel.

Most sewers were installed in the early 1900’s and have deteriorated to the point that they have begun to leak, have failed (collapsed), or are at risk of failure. If not addressed, settling of road surfaces, back-ups, and other problems may occur.

We appreciate your patience and understanding while this critical infrastructure work continues. There is no impact to the water service in the area; your water supply remains safe for drinking and recreational activities.

Full project details can be found here: https://www.rva.gov/public-utilities/news/forest-hill-avenue-sanitary-sewer-replacement-project

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Media Advisory
May 8^th, 2024
Contact: Petula Burks
Phone: 804.646.6311
petula.burks@rva.gov
 

Richmond City Council Unanimously Passes Updated Diamond District Papers

“Baseball is here to stay in Richmond.” – Mayor Levar Stoney

Flying Squirrels New Stadium and Diamond District Phase One on Track for 2026 opening

Richmond, VA – Today, Richmond City Council unanimously passed several papers related to the Diamond District including an updated purchase, sale, and development agreement, authorization for bond issuance, cooperation agreement between the city and EDA, and the establishment of the Diamond District Community Development Authority (CDA).

In early April, the City Administration provided an update on the Diamond District project. Based on the advice from the city’s independent financial advisor, the administration recommended to City Council that a City Special Revenue Bond Approach be used instead of a Community Development Authority (CDA) revenue bond approach to finance the Flying Squirrels’ baseball stadium and Phase One infrastructure work of the Diamond District.

The new approach will reduce costs by an estimated $215 million over 30 years, due to a decreased interest rate from +8% to 4%. It will also secure an additional ~$24 million by utilizing the currently available state sales tax incentive program before its expiration on July 1^st.

This new approach also accomplishes the following:

• Does not impact the city’s debt affordability – in other words, it does not impact the city’s current capital improvement projects or our ability to afford other capital improvement projects, like new schools.
• Eliminates the need for an expanded Tax Increment Financing (TIF) district, and all revenues would flow to the city’s General Fund.

What’s New

• Special Revenue Bond approach to reduce overall project costs
• The Flying Squirrels are now managing the design and construction of the stadium through contracts with ODELL (a LaBella Company) and Machete
• The development team has changed from RVA Diamond Partners LLC composed of Thalhimer Realty Partner, LOOP Capital, and Republic, to Diamond District Partners LLC which consists of Thalhimer Realty Partner and LOOP Capital
• The Diamond District will be developed by an established local developer, Thalhimer Realty Partner, and the Black-owned, nationally-recognized investment banking firm, LOOP Capital

What Remains the Same:

• 67-acre site anchored by a new ballpark and mixed-use buildings
• A signature central park
• 40% Minority Business Enterprise requirements
• 40% union labor for the stadium and infrastructure
• 25% union labor for the privately financed portions of the project
• 20% of the residential units to be affordable to households with incomes averaging 60% AMI: Phase1 to include up to 100 units with project-based vouchers to assist households at or below 30% AMI
• Partnership with Virginia Union University (VUU) to establish the Diamond District Small Business Institute and an associated $250,000 Revolving Loan Program

What’s Next:

After City Council’s vote to approve the updated development agreement and financing structure, work will begin on the project in early Summer. Here are the following milestones in the Diamond District Project timeline:

• Groundbreaking in June
• Stadium Bonds issued in June
• Infrastructure Bonds issued in July
• Sitework begins in July
• Phase One land purchase to occur on or before August 31^st
• Stadium Construction to begin this fall
• Private development of hotel, retail, and residential to start in early 2025
• Stadium complete for 2026 baseball season

Mayor Levar Stoney:

“Baseball is here to stay in Richmond,” said Mayor Levar Stoney. “For years now, Richmonders have been clear that they want a state-of-the-art stadium for the Flying Squirrels and a vibrant new neighborhood for all Richmonders to enjoy. Now we are on track to deliver a game-changing development for our city. I am grateful and proud of the City Administration, City Council, and the development team that devoted so much time to this important project. I cannot wait to break ground this summer.”

Kristen Nye, Richmond City Council President:

“Richmonders have been clear about two aspects of the Diamond District project – they want us to ensure the Flying Squirrels, one of the best assets and ambassadors for our city, remain in Richmond and to support the new housing development in the District, including numerous affordable units, said Council President and Fourth District Councilwoman, Kristen Nye. “While the latest funding model is different than we originally envisioned, I believe this project, including with the new funding structure, is in the city’s best interest and is consistent with the feedback we have heard from Richmonders throughout this process.”

Councilwoman Katherine Jordan:

“I appreciate everyone’s dedication to keeping this project moving forward, especially in the face of very challenging financial headwinds,” said Councilwoman Katherine Jordan, who represents Richmond’s Second Council District. “Just as I have throughout the process to date, I will be focused on ensuring the community benefits remain at the forefront of this project, and that we deliver fully on a dynamic, mixed-use neighborhood, a first-class public park, and the long-promised new stadium for the Squirrels. I can’t wait to see shovels in the ground as we move from master plan to construction.”

Posted May 8, 2024

~The survey deadline is Friday, May 17 ~

RICHMOND, VA - The Department of Public Works needs feedback for several proposed traffic engineering projects aimed at supporting the city’s Vision Zero goals to eliminate all traffic fatalities and severe injuries, while increasing safe, healthy, equitable mobility or all. These roadway projects are primarily focused on streets identified in the city’s high injury network (HIN). The HIN streets make up only nine percent of Richmond streets, however, 77% of severe injuries and fatalities happen on these streets. To ensure the city’s transportation initiatives align with the needs and preferences of the community, the department is seeing input on the following traffic engineering projects that promote safer streets, enhance pedestrian and cyclist experiences, and reduce traffic-related risks.

• Reconfiguration and bike lanes on Franklin Street
• Reconfiguration and bike lanes on Hopkins Road
• Curb extensions on Main Street
• Curb extensions on Cary Street
• Bicycle and pedestrian improvements on Forest Hill Avenue
• Pedestrian Hybrid Beacon installation on Hull Street at 29th Street

Please visit https://arcg.is/01GC1n to review the project plans and submit feedback using the online survey by the May 17 deadline.

For assistance with alternative means to review and comment, please email Afshin.Familia@rva.gov

For more information on the Department of Public Works, please visit us online at www.rva.gov/public-works or send an email to AskPublicWorks@rva.gov

We’re Social! For updates on DPW-related projects, activities and events visit us on X @DPW_RichmondVA

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The City of Richmond Department of Public Works (DPW) is one of only 195 currently accredited public works agencies in the United States. DPW’s portfolio comprises a wide array of services to include leaf collection; street, sidewalk and alley maintenance; trash collection; recycling; grass cutting;  graffiti removal; parking enforcement; urban forestry; street signs; traffic signals and pavement markings and civil engineering. In addition, DPW maintains upkeep on most city buildings; issues permits for working in the city’s right-of-way; manages the RVA Bike Share program and maintains the fleet of city vehicles. DPW’s operating budget comes from the general fund of the City of Richmond.  For more information about DPW services, click here or call 3-1-1

Posted May 8, 2024

RICHMOND, Va. –   As part of the city’s ongoing efforts to evaluate and improve city streets, the Department of Public Works will begin the installation of a new traffic signal at the intersection of Chamberlayne Avenue and Bacon Street next month. The new traffic signal will help improve roadway safety for people who walk, roll and drive through the area.

The project will include:

• The installation of new traffic signal mast arm poles with traffic signal heads
  
  • The signal heads will be equipped with retroreflective backplates which are more visible in both daytime and nighttime conditions, helping to reduce crashes
• Vehicle detection, countdown pedestrian signal heads, and push buttons
• The installation of high visibility crosswalks and accessibility ramps

Weather permitting, this project is expected to be completed by Spring 2025.

During construction, there will be intermittent lane and sidewalk closures. Please give our construction workers extra space and slow down when you see orange cones in the work zones.

The city operates and maintains 486 traffic signal control devices.

For more information on the Department of Public Works, please visit us online at www.rva.gov/public-works or send an email to AskPublicWorks@rva.gov

We’re Social! For updates on DPW-related projects, activities and events visit us on X @DPW_RichmondVA

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The City of Richmond Department of Public Works (DPW) is one of only 195 currently accredited public works agencies in the United States. DPW’s portfolio comprises a wide array of services to include leaf collection; street, sidewalk and alley maintenance; trash collection; recycling; grass cutting;  graffiti removal; parking enforcement; urban forestry; street signs; traffic signals and pavement markings and civil engineering. In addition, DPW maintains upkeep on most city buildings; issues permits for working in the city’s right-of-way; manages the RVA Bike Share program and maintains the fleet of city vehicles. DPW’s operating budget comes from the general fund of the City of Richmond.  For more information about DPW services, click here or call 3-1-1