Richmond Business & Commercial News

Don't mail that letter!

 Or at least don't mail it until you make sure you have the right postage.  On Monday, May 12, the postage rate for a first-class letter is going up by one cent, from $0.41 to $0.42. 

If you remember, the most recent change was last May when the rate went up two cents.  It's no coincidence that the rates are bumping up each May.  Legislation was passed in 2006, to implement regular and predictable price changes in postal rates, as well as revamping some of the management of the USPS. (Docket No. MC2007-1, Order No.43 -- Order Establishing Ratemaking Regulations For Market Dominant And Competitive Products: Download FinalRulesWeb.pdf)

I linked to the full document for the legislation above, but for an easier-to-digest version see the comments from the Postmaster General: Download GuidingPrinciplesFinal.pdf

As far as the rate changes go, there are more changes than just the first-class postage, so be sure to review the rate schedule if you mail anything more involved than your typical letter.

Another chance to give your 2 cents about the future of Richmond

Just received via email:

>>>

DOWNTOWN MASTER PLAN PUBLIC HEARING

1:30 pm MONDAY, MAY 19, 2008
5^th FLOOR CONFERENCE ROOM
CITY HALL
900 E. BROAD STREET

The City of Richmond Planning Commission will hold a public hearing on the Revised Draft Downtown Master Plan. The Commission will consider adoption of the plan and recommendation for approval to City Council.  The public is encouraged to attend the public hearing to share thoughts on the plan with the City Planning Commission.

 
A copy of the revised draft plan is available for review at the following locations:

Online:
 (http://www.richmondgov.com/departments/communityDev/DownTownMasterPlan.aspx)

 

City Hall (900 E. Broad Street)
5^th floor, Room 510

Libraries
Main Branch (101 E. Franklin Street)
Hull Street Branch (1400 Hull Street)
Belmont Branch (3100 Ellwood Avenue)
East End Branch (2414 R Street)
North Avenue Branch (2901 North Avenue)
Ginter Park Branch (1200 Westbrook Avenue)
Broad Rock Branch (4820 Warwick Road)
Westover Hills Branch (1408 Westover Hills Boulevard)
West End Branch (5420 Patterson Avenue)

For more information contact
Brooke Hardin, City of Richmond

Telephone: (804) 646-6310
E-mail: Brooke.Hardin@richmondgov.com

The final countdown for Sixth Street Marketplace

As reported by Style Weekly in "Street Talk" this week, the final deadline has been set for closing the remaining vendors at Sixth Street Marketplace.  The original deadline was August 9, 2007, but that has been extended three times due to lengthy relocation agreement negotiations and the search for two city agencies currently housed in the Blues Armory.

The deadline,  as it stands now, is May 12.  Deals have been struck with approval from all sides regarding the relocation packages (forgiving 50% of back rent owed and $25k for relocation expenses).  There are seven remaining food vendors that were part of the negotiations.

It's good to see that things are moving forward, and the city can finally put the space to good use.  Now if only I could remember what the new use was supposed to be......  Does anyone else remember?

Henrico is giving away money!

Henrico County is giving away money for new businesses, and for redevelopment projects!

...and so is Richmond City, and Chesterfield County, and Hanover County. 

Per Henrico County's website regarding the Enterprise Zone program in Virginia:

What is an Enterprise Zone?

The governing body of any county, city or town may make written application to the Virginia Department of Housing and Community Development to have an area or areas declared to be an Enterprise Zone. The purpose of the Virginia Enterprise Zone Program is to stimulate business and industrial growth in such areas, which would result in neighborhood, commercial and economic revitalization. Upon the recommendation of the Director of the Virginia Department of Housing and Community Development the Governor may designate the proposed areas as Enterprise Zones. Upon designation of an area as an Enterprise Zone state and local incentives become available to qualified business firms that participate in the Program.

The trick is learning the details of the different programs that are available.  Given that we are talking about free money (grants) and cheap money (loans), and that these are government programs, there is quite a bit of red tape and a complex set of regulations regarding how to qualify for the programs.

I'm no expert on the intricate regulations involved, which is why I am attending the Henrico County Enterprise Zone Spring Workshop at Belmont Recreation Center on May 7th.  It is FREE to attend, but you have to register beforehand (and space may be limited).

If you're interested in the program, you may have to pull some strings since the registration deadline was April 3rd (SORRY -- it's been very busy here, despite all the dark clouds cast by the media).  You could still call 804-501-7615 or email to arz@co.henrico.va.us and see if they have any open spots.

Otherwise, if I can find a good way to summarize what will be an enormous amount of useful information, I will post a follow up on here after the workshop!

Video from AngryRenter.com

I forgot to add this to my post this morning about the government "bailout" of the mortgage industry, but it summarizes the points made by the opposition to the bailout very well (and especially well if you prefer video over text):



Enjoy!

Bailing out irresponsible investors?

I've been on the fence for a while about whether the proposed mortgage "bailout" is the right thing to do. 

I believe very much in the free market economy and that what we do with our money is each individual's responsibility.  The thought of using taxpayers' money to subsidize bad investments is horrifying to me, and only encourages unscrupulous behavior.

There is a large contingent of the general public that believes the same as my initial reaction, and some of them have gone public on a site called Angry Renter.  There is a petition that you can sign that will be presented to Congress in opposition to what they are describing as, " Congress is getting ready to pass a multi-billion dollar bailout of homeowners and their banks. That's right, Congress is going to use your tax dollars to bail out big banks and keep housing prices too high!"

A post on the Inman Blog echoed my doubts pretty much exactly:

No doubt, on the surface it does appear as if irresponsible investing will be subsidized by taxpayers. But what angry renters may not realize is that they will pay for these mistakes whether there is a government bailout or not -- in the form of depreciating home values, loss of city revenues, and a dragging economy.

While I'm still on the fence, a little too able to see both sides, I'm curious to hear what you all think of the situation.  Is this a tax on the responsible, to bail out the irresponsible?  Or is it a necessary part of stabilizing our economy?

So you think you know Richmond? (Round 2)

There are a few things going on over at the Valentine Richmond History Center that deserve your attention for a variety of reasons.  It's an exciting time at the museum, with a new exhibit, a new online quiz, and nominations for an annual award starting soon!

IKnowRichmond.com

The original impetus for this post was a follow up on a post from last year about the first "I Know Richmond" online quiz.  I did a little better on this new quiz than I did last year, which is not saying much.  It's interesting to see what I can answer correctly, and get a quick insight into some parts of Richmond history that I do not know as well.

The new quiz can be found at www.iknowrichmond.com, and this year it is about Richmond during the 1950s, 1960s, and 1970s.

Battle for the City: the Politics of Race 1950s-1970s

This is a new exhibit that opened during the latest First Fridays Artwalk, and ties directly into the "I Know Richmond" quiz.  The focus of the exhibit is on the volatile times of the 1950s-1970s with "citywide conflicts over integration, civil rights, urban planning, transportation, and political representation."

All of us are familiar with images from the era of the civil rights movement, with sit-ins and the integration of the school systems, but it was very interesting to see the same general themes with Richmond City as the backdrop.  It's one thing to see photos from other areas, but the local connection of familiar monuments in the background really brings it home.

2008 Richmond History Makers

Nominations will be accepted from May 1 through June 29 for this year's Richmond History Makers awards, which will be presented at a big event scheduled for October 21, 2008.  The site describes the qualifications as:

... those who are benefiting our community by mentoring best practices, leading successful initiatives and contributing positively through innovative methods [...] for five categories of distinction:

Creating Quality Educational Opportunities

Demonstrating Innovative Solutions

Fostering Regional Cooperation

Improving Racial Equality and Social Justice

Promoting Stronger Communities

So, whether you're looking to get involved and make some nominations, or looking to become a bit more educated about Richmond's history during a volatile period, or just looking for a bit of fun with a quick test of knowledge, it's all going on right now!

Who would want to live in the city?

According to the US Census Bureau, over 200,000 people would...that's who!  The estimated population within the Richmond city limits for 2007 is 200,123.  (source:  Michael Paul Williams' column in this morning's RTD)

That's big news considering that the numbers had been on a downward trend for quite some time, and the last time it was above 200,000 was more than a decade ago.

There is certainly a movement of urban living, and we are seeing that not only in the movement back to Richmond City but also in the mixed-use developments popping up in the surrounding counties (i.e., West Broad Village).  The rise in gas prices and environmental concerns are only helping to fuel the movement back to more urban-style lifestyles.

There is a website, Walk Score, that I came across some time ago that jumped to mind when I was thinking about how people are trending towards more walkable lifestyles.  I ran a few addresses through their system to get the Walk Score.  The first one is our office in the Museum District, the others are houses or apartments that we manage (and that are currently available for rent).

• Bandazian & Holden office, 604 North Sheppard Street -- Walk Score 78 out of 100
• 1809 Lakeview Avenue (near Byrd Park/Hollywood Cemetary/VCU) -- Walk Score 65
• 16 N 18th Street #3 (Shockoe Bottom) -- Walk Score 86
• 2002 Cedar Street (Church Hill) -- Walk Score 78

For years people have loved to live in the city for all the conveniences of walking to their favorite bars and restaurants, and the ability to stroll over to festivals in the warmer months.  Now, it seems as though the numbers are supporting the anecdotes.  What are your favorite reasons for living in the city?  What is the Walk Score for your neighborhood?

UPDATE: The Shops at White Oak Village

Since there have been so many inquiries to my blog regarding The Shops at White Oak Village (see previous entries on the subject from 5/15/07 and 6/15/06), I thought it was time for an update.  Considering the time between each posting on the shopping center development, maybe I should consider labeling this as an annual update...

Now there is an official website for the project, and there are confirmed tenants listed:

• Circuit City (I suppose it will be one of the new "The City" stores)
• Hyatt Place
• JCPenney
• Lowe's
• PetSmart
• Red Lobster
• Sam's Club
• Target
• Ukrop's

Here's a factoid that I knew but had forgotten -- the developer for The Shops at White Oak Village is the same developer that put together Short Pump Town Center and River Lofts at Tobacco Row, Forest City Enterprises.  Of course, given the confirmed tenant mix so far, White Oak will be a very different shopping center than Short Pump is.  That doesn't mean it won't be a good mix, just that it will be different -- hopefully different in the way that reflects the needs and wants of the surrounding demographics.

It looks as though the project is still on target for a grand opening in Fall 2008, but we'll keep an eye out for any updates to that -- and maybe another update before a full year passes...

When are you getting your money?

Whether you agree with the tax incentive program or not, I doubt anyone is going to turn down money from the government.  Of course, you have to file your tax return this year in order to get a tax rebate check.

We have all seen the general info repeated in the news (and pretty much everywhere else) that the tax rebate checks will be anywhere from $300-600 per person.   Here is what the IRS website has to say about the rebate checks:

Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment.

But when will you get your money?

The IRS has put out a schedule (see below, or click here) showing how the last two digits of your social security number will determine when your money is sent out.  Also, the method of payment will be determined by whether or not you provide your direct deposit info on your tax return.

Also, see this USAToday.com article that gives more details on how your actions may delay or facilitate the process.

DIRECT DEPOSIT

Last two SSN digits:	Payment will be transmitted:
00 through 20	May 2
21 through 75	May 9
76 through 99	May 16

 

 

 

PAPER CHECK

Last two SSN digits:	Payments will be mailed by:
00 through 09	May 16
10 through 18	May 23
19 through 25	May 30
26 through 38	June 6
39 through 51	June 13
52 through 63	June 20
64 through 75	June 27
76 through 87	July 4
88 through 99	July 11