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City's Stone Brewing deal draws national attention

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The City of Richmond's $31 million incentive package for Stone Brewing Co.'s East Coast headquarters is drawing national attention.

The Wall Street Journal has a story out today on the deal. Last fall the city agreed to spend $23 million in public money building Stone a brewery that the city will loan. Stone has agreed to lease the building for 25 years and will repay the cost over time. Richmond is also committed to spending $8 million in public money to build a restaurant and beer garden for the company, which is the 10th-largest craft brewer in the United States. 

The Journal noted that cities and states are using increasingly aggressive tactics to attract jobs. Some localities have leased their fiber-optic or cable networks to Google. If the projects are successful, job numbers and tax revenue can grow. If the projects flop, taxpayers can be left holding the bag.

You can read the Journal's full story here.


Stone Brewing Co. will pay a maximum base rent of $148,545 per month for its Richmond brewing facility, according to the terms of a lease authorized Thursday by the Richmond Economic Development Authority.

 

For more business news visit the Times-Dispatch business section

Jacob Geiger is online business editor of the Richmond Times-Dispatch. He can be reached by e-mail at jgeiger@timesdispatch.com, by phone at 804-649-6874 or on Twitter at @TDBusinessDaily.

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As an editorial pointed out Thursday, Richmond boasts a disproportionate share of central Virginia’s restaurants. The quality of its fare has attracted national attention. The city ranks among the foodie destinations.

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