RICHMOND, Va. -- Facing a costlier debt market and the loss of an anticipated source of state funding, the City of Richmond and its Diamond District developer are looking to make a significant change in their approach to financing the $2.4 billion ballpark-anchored development.

In a proposal that will be presented to City Council today, administrators are recommending that the city issue its own revenue bonds to fund the stadium and infrastructure for the development’s first phase, rather than having bonds issued through a community development authority (CDA) as had been planned up to this point.

Doing so would lock in a lower interest rate that’s expected to save the city $225 million in debt costs over the 30-year length of the loans.