BizSense Beat is a weekly collaboration between VPM News and Richmond BizSense that brings you the top business stories during NPR's Morning Edition on Fridays.
Here’s a recap of the top stories for the week of October 4, 2024:
VCU Health, City of Richmond butt heads over tax payments on failed downtown project
Reported by Richmond Bizsense’s Jonathan Spiers
A potential legal battle appears to be brewing between VCU Health and the City of Richmond over real estate tax payments stemming from a failed downtown development that’s already cost the health system more than $80 million.
The two entities have seemingly drawn lines in the sand over whether VCU Health remains obligated to pay the annual real estate taxes that it agreed to pay the city when it partnered with developer Capital City Partners on the since-aborted redevelopment of Richmond’s old Public Safety Building site.
The health system pulled out of the ill-fated project in late 2022 but has remained on the hook for the annual payments, which were worked into an agreement with the city and CCP to keep the property tax-generating for the city. Three of those payments have been made so far, totaling about $2 million.
But VCU Health has not made the latest roughly $2 million payment for this year that was due to the city June 5, following a directive from Virginia legislators that was included in the state budget ordering the health system to find a way to stop the payments and report back to the House and Senate money committees by Oct. 1.
Virginia Rep hits emergency fundraising goal, expects to remain open
Reported by Richmond Bizsense’s Jack Jacobs
It looks like the show will go on after all for Virginia Repertory Theatre.
The performing arts nonprofit announced Monday evening that its emergency fundraising campaign had garnered enough money to allow the group to stay open and implement a restructuring plan.
The milestone follows a public appeal nearly two weeks ago, when the long-running theater group said that if it didn’t raise $600,000 it would close down permanently at the conclusion of its production of Stephen King’s “Misery,” which wrapped up Sunday.
Virginia Rep exceeded its goal thanks to more than 1,300 donations, 70% of them people who had never given to the organization before, over the course of 11 days, according to posts on Virginia Rep’s social media pages.
Wong’s Tacos adding another location, this time in Hanover
Reported by Richmond Bizsense’s Mike Platania
One of the region’s biggest restaurant groups is going back for seconds in Hanover.
EAT Restaurant Partners is preparing to open a location of its Wong’s Tacos concept at 9206 Rutlandshire Drive.
The group will build the 4,000-square-foot restaurant in a stand-alone building on a plot it just bought for $525,000.
It will be adjacent to an existing location of EAT’s Pizza & Beer of Richmond, which it opened in 2021. EAT president Chris Tsui said the company had spent the last few years looking for more space in the Atlee area.
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