On Monday, the city announced it now plans to issue $170 million in general obligation bonds to pay for a new stadium to replace the outdated, dilapidated Diamond.
Administrators’ pitch to change the city’s approach to financing its massive Diamond District development appeared to land receptively with Richmond City Council on Monday, despite increased risk.
In a proposal that will be presented to City Council today, administrators are recommending that the city issue its own revenue bonds to fund the stadium and infrastructure for the development’s first phase.