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 11, 2024:
4-cent real estate tax rebate proposed for Richmond amid rate reduction debate
Reported by Richmond Bizsense’s Jonathan Spiers
Amid what’s become a more-heated debate than usual over whether to reduce Richmond’s real estate tax rate, City Council is mulling proposals that now include a 4-cent tax rebate for all property owners and more targeted tax relief for low-income and older residents.
In a press conference Monday, Mayor Levar Stoney and Council President Kristen Nye announced the proposed rebate and two new relief programs that city administrators recommend over Councilmember Reva Trammell’s calls to reduce the rate, which stands at $1.20 per $100 of assessed value.
Weeks earlier, in a committee meeting that at times turned testy, Trammell pushed for a 4-cent reduction to the rate, which she noted has remained unchanged since 2009. Trammell argues that a rate cut is needed to help offset real estate assessments that have risen in that time and outpaced many residents’ abilities to afford their rents and mortgages.
Byrd Theatre to continue seat-replacement project next year
Reported by Richmond Bizsense’s Jack Jacobs
The next leg of the Byrd Theatre’s yearslong effort to give moviegoers a more comfortable place to sit is set to ramp up in the coming months.
The nonprofit that runs the historic Carytown movie theater is planning to replace the seats in the building’s balcony beginning in early 2025.
The organization recently announced it secured a $315,000 donation that’s been earmarked for the project. The funds were provided by Martin Davenport, who is the chairman of the Byrd Theatre Foundation’s board of directors.
The balcony project is expected to start in January and be completed in March, said Ben Cronly, the foundation’s executive director.
Sugar & Twine brings back indoor seating with storefront expansion
Reported by Richmond Bizsense’s Jack Jacobs
After closing its indoor seating area more than four years ago in response to the pandemic, Sugar & Twine has brought back a sit-down cafe experience in a newly expanded space.
The Carytown bakery started to welcome customers into a new cafe housed in an adjacent storefront last month.
The cafe has seating for 23 people and represents a return to form for the nearly decade-old business after an extended period operating just a walk-up window, owner Beth Orcutt said.
New to BizSense Pro: The gift-an-article button
Reported by Richmond Bizsense’s Michael Schwartz
There’s a new way to share the news and intel you value from Richmond BizSense.
BizSense recently installed a “Share this article” button, which allows members of the BizSense Pro subscription service to gift up to 10 articles per month.
That means your colleague, friend or family member can read that story regardless of whether it’s subscriber-only content.
The share button will appear only for BizSense Pro readers who are logged in. For the thousands of you who are already subscribers, you’re no doubt aware that the system is intuitive at keeping you logged in, which makes sharing stories a seamless part of interaction with our site.
To gift an article, simply click the share button, enter your name and the recipient’s email, add a personalized message if you’d like, and hit send.
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