Government

The EDA board authorized an additional $1.5 million for design and development of the new ballpark, four months after providing an initial $1 million that staff said has been depleted.

Administrators are recommending the demolition with the goal of removing public safety risks, cutting security costs and rejuvenating the seemingly stagnant redevelopment project.

The City of Hampton announced Sledge’s rehire Wednesday, the same day BizSense reported his planned departure after five years as Richmond’s economic development director.

The city would issue $170 million in bonds to finance the development’s initial phase, and establish a community development authority as a financing option for future phases.

Multiple sources with knowledge of his plans confirmed that Leonard Sledge, the department’s director for five years, had said he will be stepping down in June.

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.

The project’s first 68 units are slated for completion next March, while a second phase of 72 units is scheduled to start by this fall and finish late next year.

New land-use categories and the removal of the CUPD process are among the proposals being considered for the ordinance update, which the county is aiming to adopt next year.