This map shows the 80 block section of Downtown to be included in a proposed Tax Increment Financing, or TIF, District. Increased earnings from real estate taxes within the district would be used to pay off $350 million in borrowing for a new Coliseum and other public projects, including elevating the portion of Leigh Street around the Coliseum and reopening 6th Street to traffic. The proposed boundaries for the TIF district are the Downtown Expressway, 1st Street, 10th Street and Interstate 64/95. Projections are for the area to generate $1.1 billion in additional real estate taxes, as well as $600 million in increased sales, lodging and other city taxes, over 30 years. The TIF district is eight times larger than originally proposed. The blue-color blocks represent sites where the new Coliseum, a new convention hotel, restaurants, office buildings and about 3,000 apartments would be erected.
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Mayor Stoney pushes $1.4B plan to revitalize Downtown
The grand plan to overhaul a big chunk of Downtown — including replacing the Richmond Coliseum with a new, larger arena — with a combination of taxpayer dollars and private investment funds is now headed to Richmond City Council for review.
