With more than $12 million in additional cuts now accounted for, Henrico administrators have finalized the budget they will use as a subject-to-change starting-off point into what’s slated to be the county’s toughest fiscal year in recent memory.
“It’s still a 1956 Oldsmobile. Sometimes you have to just buy a new car.”
Capital City Partners has submitted an offer to the City of Richmond to buy the Public Safety Building property at 500 N. 10th St. The project would not involve city funds or a TIF.
The state agency is eyeing some development of its own at its downtown headquarters. However, the pandemic has thrown a wrench into the plans.
Armed in part with an initial $6 million in government funding, Phlow Corp. is led by Kaleo co-founder Eric Edwards and Frank Gupton, chair of the Department of Chemical and Life Sciences at VCU’s College of Engineering.
A local ice cream shop, an outdoor recreation company and a coffee roaster are among the initial recipients of the city’s Richmond Small Business Disaster Loan Program, which still has about $500,000 of funds remaining to be awarded.
Supervisors in Chesterfield and Goochland counties signed off on fiscal year 2021 budgets this week that were scaled back from previous proposals due to coronavirus disruptions.
At the heart of its multifaceted response to the coronavirus downturn, Henrico County is reducing its proposed fiscal plan for the coming budget year by 7 percent, in anticipation of nearly $100 million in lost revenue.
Social distancing soon may change the development plan approval process in Henrico, at least as long as mandated social distancing is in place.
Following suit with neighboring county governments, the City of Richmond is tweaking its previously proposed budget for next fiscal year in response to the coronavirus, reducing revenue projections and expenditures by about 5 percent based on anticipated economic impacts from the pandemic.