Richmond, Va. Mayor Dwight C. Jones announced the findings of a study Monday to explore the feasibility of a development that includes an 8,500-seat baseball stadium to house the Connecticut Defenders should the sale and relocation of the team be completed.
In the study performed by Davenport and Co., it was determined that project financing is “highly unlikely” unless the city provides credit support. Because of the city’s credit rating, the amount financed would decrease by an estimated $20 million to $60 million. But that is something Jones is unwilling to give a thumbs up to at the present.
Without the financial backing of the city, the project which was to rely heavily upon a sales tax increase is in serious doubt. With the city’s backing, the hike would be 2.1 percent.
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