Jason Hester

In my last post I gave a couple of simple examples of folks who are taking action rather than waiting for relief from Washington. I think it's good for us to also engage with state and local governments to carve value out of them. I am going to talk specifically about Richmond, Va. since that is where I live and with what I am familiar. After all, all politics is local. The principle can certainly be applied to any region of the country.

And while I am going to list off specific ideas and examples, I want to impress upon you that these are based on well thought out ideas, not well thought out research...

Unlock Value - As I look over a map of the Richmond region, I notice a couple of pieces of land that are very intriguing to me. Land occupied by some state agency or another. The thing about land owned by the state is it generates no tax revenue. That's certainly appropriate, as the state paying taxes to a locality is a bit like robbing Peter to pay Paul, so I am not writing to criticize that. What does strike me as unusual is the location of some of these tracts. For instance (you should be able to google map these):

Bon Air Juvenile Detention & Intake Facility: This facility, operated by the Department of Juvenile Justice, sits on 385 acres of largely undeveloped land in an older part of Chesterfield very close to city limits. What a waste. There may have been a time when this location brought some value to the area, but that time has past. This is certainly not the best current use for this tract and could generate huge revenues for the cash strapped Commonwealth of Virginia. They could relocate the facility to another area, consolidate existing corrections facilities, whatever they think is best. Just clear the way for a sensible mixed use development that could generate multiple sources of state and local tax revenues. Additionally, I think this would also be consistent with controlling suburban sprawl, as this conforms to the principle some folks call "back-filling."

GRTC Headquarters: On my way to an appointment this morning, I passed by the headquarters of the Greater Richmond Transit Company. They are doing a fine job and I hope they continue to find ways to innovate: natural gas powered buses, express bus routes in Chesterfield, more ad revenue from bus ads. Did you know that it was named the best metro transit company for 2008? Good for them. They should sell their headquarters and help anchor the redevelopment of more vulnerable area of the city. As it is, they sit at the intersection of Carytown and the Fan on a full block and a half (about 6 acres I think) of prime city real estate. Again, that may have been a valuable asset at one time, but its best use will come only when a private enterprise takes ownership and develops that tract and pays taxes on the real value of it. And considering its location, it would be considerable.

City Stadium: University of Richmond will be occupying its own, on campus stadium soon. A great reward to a team that is in the hunt for the Division II championship. So what's to become of City Stadium? Will is sit there? It's also common knowledge the Pres. Trani is retiring from his post at VCU. The man who swore VCU would not have a football team as long as he was president is no longer going to be president. What are the chances? It's like the universe is looking at us and saying: "start a football team already." The appetite is there, an initial place to play will be available, and the city and VCU could certainly negotiate a better deal than the $1/year UofR paid for the term of its use (that may have changed at some point, but was true for most of its tenure).

A successful Div I college football team, and VCU has the elements in place to grow such a program, can become a marquis event for a city. I know we're all still bitter about losing the R Braves, but college football is the most likely major sporting event to have a positive economic impact on a region (according to a study I read a few years ago and am unable to re-locate at this time)

None of these would bring swift help now. But they lay the ground work for sustainable future growth and if you think about what stimulus should really be, the idea behind it is not to solve immediate financial needs but to intiate and sustain long lasting growth.