Government

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.

City Council will review the document in depth over the next several weeks in a series of workshops, leading up to an initial public hearing April 8.

In addition to a permanent home for GRTC’s bus route nexus, the chosen project site would also be home to a mixed-use development with ground-floor retail and hundreds of apartments.

“VCU Health System should not be looking for ways to get around paying their fair share and the state should not be in the business of negating legally-binding contracts,” Mayor Stoney said in a statement Wednesday.