Although the City of Richmond and the state of Virginia have pledged close to $7 million to assist in paying for the road cycling world championships in 2015, there’s a slight catch.
VA and Richmond officials say that they anticipate corporate sponsors and donors to provide the appropriate funding for the championship.
The Richmond Times-Dispatch noted that if the money does not come from external sources, the city of Richmond would fork over $5 million and VA would add an additional $2 million.
The cost of the cycling championship is expected to cost almost $12 million.
According to the good shepherd of responsible fiscal management, Gov. McDonnell, the tax revenues earned during the cycling championship would far outweigh the costs of the event.
Earlier in September, the UCI, cycling’s governing body, chose Richmond to host the 2015 championships for cycling. Over 1,000 athletes representing over 70 nations will compete.
If you’re already having anxiety attacks about the consequences for traffic in Richmond during the event, you’re not alone.
When it’s all said and done, however, Richmond needs events like these to keep it from turning into a second-rate city (is it already?) whose main accomplishment is turning away attractive economic opportunities.
Richmond needs a pick-me-up, and maybe the world cycling championships are one step along the path to a more vibrant Richmond.