ECHO HARBOUR Benefits to Richmond
- No investment by the City is requested or required
- Over $150 million to be invested in Richmond's future
- $3.1 to 3.4 million in annual gross tax revenues to the City – after services provided – $2.7 to 3.0 million net fiscal benefit annually supporting schools and other services for all Richmond residents
- Not a Henrico County riverfront development – Allowing the Henrico tax base to benefit while Richmond pays for access roads, utilities & services
- 500 construction jobs over 2 years – focused on local minority participation
- 850 full & part-time long-term jobs to be created in the building
- 2,000 more Richmond area supporting jobs created with an average equivalent full-time wage impact of $54,300
- $64 million in "spin-off" personal income earned in Richmond area
- Richmond Convention Center Authority funding through lodging tax
- Up to $4.9 million commitment to the City for area improvements
- Replacement of the bridge over the Norfolk Southern railway
- A 50 ft wide public Riverfront Walk along the property
- Landscaping & lighting the Great Ship Lock Park
- Fund improvement of Libby Hill Park or Chapel Island as a park
- Rebuild a major sewer main past the property
- Build a boat dock along the property for short-term day use
- Widen Dock Street with turn lanes
- Contributing $25,000 annually for area future Park maintenance
- Benefits to Shockoe Bottom, Shockoe Slip & the Canal Walk Area – increasing area retail & restaurant traffic, and general Richmond business activities
- The developer of Echo Harbour has offered to fund the cleanup and renovation of the underutilized Chapel Island, which is already owned by the city, in order to create a new public riverfront park. This would not only meet some of the goals of the City, but would avoid any costly purchase effort or legal battle to the Echo Harbour property, as well as the cost of then converting Chapel Island into a park for all to enjoy along the James River.