RICHMOND, Va. -- Richmond City Council members will soon being reviewing details of Mayor Levar Stoney's $1.5 billion arena proposal that would transform the city's downtown area.

In a news conference in City Hall Thursday, Stoney promised the project would bring nearly 22,000 jobs -- including construction jobs -- to the city. He estimated it would take about five years for completion.

The Navy Hill plan centers on 10 blocks from 5th to 10th streets and from Marshall to Leigh streets, according to a media release.

The mayor's proposal would bring a new hotel, a GRTC bus transit center, apartments with affordable housing and a state-of-the-art arena.

"It’s time to give our city and its residents a venue they deserve and the economic opportunities that come with it," Stoney said.

A 525-room Hyatt Regency hotel was also included in the plans that would help target tourists that Stoney stated often stay in neighboring counties. Richmond has lost 31,000 lodging nights to other cities because of lack of hotel rooms, according to the mayor.

He also touted approximately $300 million that will be allocated for women and minority business owners to develop in the new neighborhood. Stoney said approximately 60 percent of the current land in the Navy Hill boundaries do not generate tax revenues for the city.

The proposal is expected to generate $1 billion in incremental tax revenue over the course of 30 years, which Stoney stated 50 percent of will go to support Richmond Public Schools.

Over the past 17 months, the city administration has worked with The NH District Corporation to negotiate the plans and the developer Capital City Partners.

Stoney promised taxes will not be raised to fund the project and construction costs will be paid for by private investors.

"It is always been my commitment to the city that the taxpayers of Richmond will not be on the hook under any circumstances," Stoney explained.

A media release read that "there is no 'moral obligation' or 'general obligation' bonding by the city, meaning Richmond taxpayers will never be responsible for Navy Hill's development costs -- only private investors."

Private investment will fund the project, including housing, the hotel, transit center, restoration of the Blues Armory, office space, and retail space, according to officials.

In order to pay for the project, Stoney said tax revenues generated from the project will be used to pay for the new arena and bond investors will bear the financial risk.

However, immediately opposing the plan was Paul Goldman, a community activist and often considered Stoney's political adversary.

"This is a continuation of him taking more of your money and spending it on projects that the public doesn’t want," Goldman said. "I had to sue to get see the basic documents."

In May, a Richmond judge ordered the city to hand Goldman a portion of the arena proposal after he sued Stoney's administration.

Goldman was skeptical of Stoney's promise that Richmond taxpayers would not be responsible for the project if it failed.

Councilman Mike Jones attended the news conference and said he was eager to read the fine details of the plan.

"Now is our time as a council to really sit down and go through this with a fine-tooth comb," Jones stated.

"The Richmond City Council looks forward to the receipt, review, and execution of the full vetting and due diligence that such a proposed transformative project necessitates and Richmonders deserve”, says Council President Cynthia I. Newbille.

A special meeting was scheduled on Monday for Stoney to present necessary ordinances to City Council and move his project forward. Council members will vote on the proposal after a public hearing is scheduled.

Here's the complete media release from Mayor Stoney's office: