Council Approves Mayor's Budget Amendments/ Richmond Transit Riders Union Urge Implementing Previous GRTC Study Recommendations

Above, is a new feature I call "My 2¢." I will now present my comments to Richmond City Council in digest form, hoping to highlight what I consider to be the most important issues covered at each meeting. This is a first effort. My goal is to eventually figure out a way to edit the videos into encapsulated summaries of the meeting.

I spoke to Richmond, Virginia City Council in support of Ordinance 2010-179 and Ord. 2010-180 which effectively abolished the Broad Street Community Development Authority [CDA] and authorizes the Directors of Finance to sell bonds to repay the initially bond investors.

In 2003 the CDA sold bonds valued at $66.7 million in order to finance tearing down the 6th Street Marketplace, demolishing the parking deck at 6th and Grace and a block of old buildings on Broad Street between 4th and 5th Streets which were replaced by surface parking lots and a restoring the street where the Marketplace once stood between Marshall and Grace Streets.

The ordinances authorized the Director of Finance to make a new issue of bonds for $67.1 million in order to pay off the bond original bondholders. This is $400,000 more than the initial bond issuance in 2003.

Optimistic projections and outright incorrect information were used to support the financing of these projects

Part 1

Part 1/2 - City Council Formal Meeting - Sept. 27, 2010 - Richmond, Virginia from Silver Persinger.

Part 2

Part 2/2 - City Council Formal Meeting - Sept. 27, 2010 - Richmond, Virginia from Silver Persinger.

Broad Street CDA Expects Budget Shortfalls Will Continue

Monthly meeting of the Broad Street Community Development Authority [CDA occurred on May 21, 2009 at 9 AM in the offices of Troutman Sanders Attorneys, located at the Troutman Sanders Building, 1001 Haxall Point, near the old Hydro-electric plant on the James River.

To learn more about the Broad Street CDA, check out a website I put up in 2003, www.save6.org

Lynn Ivey gave an overview of the budget from 6:00 - 18:00 minutes, shortfalls were expected to continue in the next year, new contracts for insurance [entered into without legal consultation] and a new contract for expanded elevator service, saving money on legal expenses is something the board is trying to reign in. Yvette Neville, an upper level manager with Standard Parking will be leaving the company soon and Johnnie Hougue, also with Standard Parking would pick-up duties formerly performed by Ms. Neville, in an effort to save the Authority money. A new contract for parking with the Commonwealth of Virginia.

I made a comment at the end of the meeting about having materials for citizens to review since it is a public meeting and a public board.

Watch the entire meeting below, an hour and a half long.