Here’s a recap of the top stories for the week of February 27, 2026
Council OK’s $14.7 million loan to EDA for Sports Backers Stadium Purchase
Reported by BizSense’s Jonathan Spiers
Richmond City Council agreed to loan a portion of its reserves funds to the Economic Development Authority, in order to complete the long-awaited purchase of the stadium property owned by Virginia Commonwealth University.
The money leveraged from the city’s contingency reserve, which would cover the remaining portion of the $25 million stadium purchase that was agreed to years ago, is supporting the ongoing development of the larger Diamond District project. EDA is contributing $10.3 million to the purchase.
Councilmembers raised concerns about the funding approach and criticized the timing of the request, but city administrators assured council that this action was the best option available.
The EDA is to repay the city’s loan using proceeds from future sales of Diamond District land.
Chesterfield County begins work on Proctors Creek Plant improvement project
Reported by BizSense’s Jack Jacobs
Chesterfield County is planning to build a 12 million gallon flow-equalization basin. The $168.3 million project is one of the largest public utility and infrastructure investments made in the county.
The funds will be used to construct a 50-foot-deep concrete structure — roughly the size of a football field — that will store, temporarily hold and release wastewater during periods of high water flow.
Improvements to the plant will help the county accommodate its future residential and commercial growth, expanding the plant’s treatment capacity from 27 million gallons of water per day to 54 million gallons per day.
Work on the project started in January and is expected to be complete in 2031.
Virginia lawmakers advance liquor-to-food ratio bills to governor’s desk
Reported by BizSense’s Mike Platania
Virginia bars and restaurants have operated under a long-standing state law that requires restaurants with a mixed beverage license to prove that at least 45% of their sales come from food and non-alcoholic beverages, rather than liquor.
HB975, would create a tiered system where the more food sales at establishments that lower its food-to-liquor ratio would have to be, depending on sales.
If signed into law, a restaurant that has between $25,000 and $48,000 in monthly food sales would only have to have a food-to-liquor ratio of 30%, and restaurants that have more than $48,000 in monthly food sales would not have to meet a food-to-beverage ratio of any kind.
On Tuesday the Senate voted to pass a bill that would loosen the requirements. Gov. Abigail Spanberger could potentially change the state’s long-standing “45-percent rule” as the bill reaches her desk.
Also making their way through the General Assembly this session are a pair of bills that would allow Virginia distilleries to serve more spirits in their tasting rooms
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