Richmond administration officials picked a company to build a casino. Now it’s up to the City Council to decide whether the deal is good enough to let residents vote on
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The redevelopment of the long-vacant, 18-story United Artists Theater building in downtown Detroit into nearly 150 apartments is moving forward again after delays and cost increases resulting from the COVID-19 pandemic.
The pandemic and recent price spikes for construction materials have pushed up the project s costs by about $12 million to likely over $80 million. It also pushed back the anticipated start of construction by more than a year to this July or soon after.
On Tuesday, the Michigan Strategic Fund in Lansing approved a $2 million increase to the project s community revitalization loan to help cover the rising costs. The rest of the gap will be filled through various other funding sources, including a $7.6 million increase in the project s Housing and Urban Development loan and an additional $1 million from the city.
Richmond panel picks Urban One for casino project
May 21, 2021
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RICHMOND, Va. (AP) After a monthslong evaluation of casino development projects, officials in Richmond announced Thursday that a panel is recommending the Urban One project.
News outlets report that Mayor Levar Stoney will introduce plans to the City Council on Monday to partner with Urban One to build a casino in south Richmond. Voters will decide whether to permit the project in a referendum on Nov. 2, pending City Council approval. City officials don’t plan to provide public funding or incentives for the project.
The project will create more than 1,000 jobs, Stoney said in a news release. Urban One predicts the casino project will generate $525 million in new tax revenue and other benefits for the city over the next decade.
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