Vote on competing proposals on spending potential casino tax revenue in Richmond delayed

Richmond’s Mayor and city council are betting on how spend an estimated $30 million the ONE...
Richmond’s Mayor and city council are betting on how spend an estimated $30 million the ONE Casino and Resort would generate in tax revenue each year, if built.(ONE Casino + Resort)
Published: Apr. 25, 2022 at 12:39 PM EDT|Updated: Apr. 25, 2022 at 6:50 PM EDT
Email This Link
Share on Pinterest
Share on LinkedIn

RICHMOND, Va. (WWBT) - Richmond’s Mayor and city council are betting on how to spend an estimated $30 million the ONE Casino and Resort would generate in tax revenue each year if built.

“We’ll address both papers this evening. The mayor’s paper has merit. It just simply does if you look at the nuts and bolts of it,” said Mike Jones, Richmond City Council.

The mayor is promising a two-cent cut reduction on the city’s real estate tax rate. Currently, the rate stands at $1.20 per 100 dollars of assessed value.

“We’ve seen everything is going up. The price of gas, the price of your Oreos, all are going up across the country, and so, we think right now, people are deserving of that two-cent tax cut on the real estate taxes,” said Mayor Levar Stoney, City of Richmond.

Voters narrowly shot the casino project down last year. But, the city’s mayor and council revived the idea, and it’s back on the ballot this Fall.

Another proposal would promise one-third of that casino tax revenue to the school division. But the mayor says his budget will fund public schools and infrastructure needs.

“When you talk about school funding, that’s obviously going to be there. That’s already in our plan. And so I don’t think both are necessary,” said Mayor Stoney.

The city’s public school division is poised to lose at least $7 million in state funding next year due to waning student enrollment and surging property values. Those are two metrics that state officials use to determine to fund school divisions.

“The concern is, is it out in front of the vote? I don’t think it is. It’s just letting us know where we’re going in the event it happens,” said Councilor Jones.

A budget amendment still pending in the Virginia General Assembly could complicate matters.

It would prevent Richmond from holding another local referendum on casino gaming until November 2023.

A vote on the scheduled papers is scheduled to be continued until the June 13 city council meeting.

Copyright 2022 WWBT. All rights reserved.

Send it to 12 here.

Want NBC12’s top stories in your inbox each morning? Subscribe here.