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 February 28, 2025:
A new $40 million lawsuit was filed against the developers connected with the Diamond District Development
Reported by BizSense’s Jonathan Spiers
VPM News Reporter Dean Mirshahi also broke news on the recent legal squabble.
Republic Properties, a D.C.-based development firm, filed an amended lawsuit against the initial development team for Richmond’s Diamond District project.
The former project affiliate argues that developers Thalhimer Realty Partners and Loop Capital, breached a business “venture” when they continued with the project without Republic.
The original development group had vied for the Diamond District project under a separate LLC called RVA Diamond Partners, beating out 14 other teams that competed for the $2.4 billion public-private project.
However, the city pivoted its financing approach for the ballpark-anchored development as Thalhimer signed on to develop a 30-acre first phase of the 67-acre mixed-use development.
The ballpark is being managed separately by the Richmond Flying Squirrels and paid for by city bonds.
Last month, Richmond Circuit Judge Bradley Cavedo tossed out a lawsuit against the ballpark developers, but Republic was allowed to amend and refile it.
Republic is seeking the cost it stands to lose from the project and alleges additional criminal charges including fraud and conspiracy.
Construction on the ballpark is underway and targeted for completion by spring 2026, while construction on the rest of the development is expected to begin later this year.
Henrico County officials received an initial overview of its budget for the upcoming fiscal year beginning July 1
Reported by BizSense’s Jonathan Spiers
Henrico is proposing a fiscal year budget that looks to relieve tax payers and looks to address the immediate issues related to the regional water outage.
Administrators set aside $50 million for water service improvements in Henrico, as the county weighs its options on a regional solution.
With a general fund totaling $1.35 billion, the proposed budget would reduce the local real estate tax rate to 83 cents per $100 of assessed value – a 2-cent reduction of the current 85-cent rate.
The proposal also would decrease the personal property tax rate for both vehicles and business personal property.
The adjustments are projected to provide $18.3 million in new tax relief, including additional relief for older or disabled residents participating in the county’s Real Estate Advantage Program and Real Estate Cap program.
The county’s board of supervisors received its budget presentation two weeks earlier than usual, to allow county representatives more time to workshop potential changes.
The official proposed budget will be presented at a March 11 meeting.
Richmond officials launch a new web portal business owners must use to file taxes and register licenses
Reported by BizSense’s Jonathan Spiers
Business owners can check out the new portal here.
The RVA Business Portal launched in January and is now the only way to register businesses and renew licenses in Richmond.
Business owners can also use the web portal to make online payments to business personal property taxes and BPOL (business, professional and occupational license) taxes, though payments are still accepted by mail.
The system is intended to improve inefficiencies that’ve been highly disputed by the city’s business community.
Spiers had a one-on-one conversation with Finance Director Sheila White who described the new system as, “more efficient and effective.”
The city also announced this week that it’s extending the typical March 1 deadline for renewing licenses and paying BPOL taxes to March 31.
The additional time is being provided in light of the newness of the system, as well as the unexpected events surrounding January's water outage that affected businesses throughout the city.
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