Award of $2,000,000.00 with the objective to facilitate and evaluate public-private partnerships in which the private sector partner could assume a greater role in project planning, development,…

The Department of Transportation's Immediate Office of the Secretary awarded a $2,000,000 Cooperative Agreement under the Asset Concessions and Innovative Finance Assistance program (CFDA 20.945) to the City of Richmond, Virginia. The purpose of the award is to facilitate and evaluate public-private partnerships where the private sector could assume a greater role in project planning, development, financing, construction, maintenance, and operation, including by assisting the city in entering into asset concessions. Key activities to be performed include advancing the city's Richmond 300 Downtown Core Transformation Plan. Deliverables include an asset concession report, quarterly reports, and other project-related outcomes that are intended to benefit the residents of Richmond, especially those in historically disadvantaged communities and areas of persistent poverty, as well as commuters, the local transit agency, and the broader Richmond metropolitan area. The award has a performance period from January 2025 to January 2028.

Activities

City of richmond, VA: advance richmond 300 downtown core transformation plan. Deliverables/expected outcomes: asset concession report, quarterly reports, and deliverables.

Intended beneficiaries

Residents of richmond, especially those in historically disadvantaged communities and areas of persistent poverty, commuters, grtc and the city of richmond and surrounding areas.