A rendering of VPM’s new headquarters in the Arts District (Image courtesy SMBW)
Despite financial pressure from the loss of federal funding, Richmond’s local NPR and PBS affiliate remains on track to open a five-story headquarters in the Arts District next spring.
In return for investing $65 million in the project and maintaining 70 full-time employees at the new Broad Street studio, VPM Media Corporation will receive a yearly rebate on its business property taxes under a deal approved by Richmond City Council this summer.
“This agreement allows VPM to offset significant taxes on the technology and equipment used to serve the community with local news and information, educational programming for children, and arts and culture storytelling on a variety of platforms, as well as support VPM’s role as part of the emergency alert system,” says Danny Nokes, communications manager for VPM.
The new building features a glass-front studio and a community space, which could be used as a hub for cultural programs and public events such as First Fridays, according to VPM and city officials.
The deal includes several other commitments, such as a 1,500-square-foot retail storefront facing Grace Street, 50 public parking spaces and public art displays.
A memo to City Council from Deputy Economic Development Director Katie McConnell says the project will earn the city new tax revenue and meet goals for revitalizing the city’s urban center.
“It redevelops an underutilized property to create a high-quality commercial space along a key commercial corridor/planning node … that will contribute education, art and culture benefits for Richmonders,” the memo says.
Economic development officials estimate that the annual tax rebate will amount to about $270,000 to $300,000. After taking the tax incentive into account, VPM will pay about $2.5 million in real estate taxes to the city over the next decade.
According to Nokes, the deal will support the public media company after Congress took back $1.5 million from VPM’s annual budget after passing a bill to defund the Corporation for Public Broadcasting. The amount equals about 6.5% of VPM’s current budget.
Nokes says any other pending budget challenges will not affect the project, which has been planned since 2021 and financed by the Virginia Foundation for Public Media and a capital fundraising campaign.
