From Times Dispatch article:
The organization that oversees Richmond CenterStage and the Altria Theater is asking the city of Richmond for $1.75 million to a pay a tax bill it never expected.
Richmond Performing Arts Center, the public-private partnership behind both renovation projects, created a for-profit company called RPAC Inc. in order to take advantage of historic tax credits for the renovation work.
But the organization and the city apparently overlooked or misinterpreted a law that requires for-profit companies to pay real estate taxes on leasehold interests in publicly owned properties that would otherwise be exempt from taxation.
…
“What I can’t understand is how one might think that they wouldn’t be required to pay real estate taxes from a private, for-profit entity,” said Agelasto, 5th District. “It seems to me that somebody got advice that didn’t quite mirror to what the federal law was.”







