The developer of Rocketts Landing is proposing to buy or lease the Richmond Intermediate Terminal for a marina that it would develop and operate for public use.

WVS Companies pitched the idea last week to Mayor L. Douglas Wilder and Richmond City Council as a way to break a stalemate over using public money to develop a marina and buy adjacent property for public parkland along the tidal James River.

"What we're trying to do is basically accommodate what we think is a shared vision for the Intermediate Terminal and Rocketts Landing area, and the tremendous economic development benefits for everybody," Rocketts Landing attorney Ralph L. "Bill" Axselle Jr. said today in response to questions by the Richmond Times-Dispatch.

The developer is proposing to buy or lease the terminal property, along with the purchase of adjacent lots owned by the city and Richmond Redevelopment Housing Authority that would be used to expand the Village of Rocketts Landing development.

With either option, the proposed deal would generate enough money to substantially offset the $2.2 million cost of purchasing the adjacent Lehigh Cement Co. property to turn into parkland and extend the Virginia Capital Trail along the north bank of the James.

The Village of Rocketts Landing already is seeking federal and state permission to build a private marina next to Intermediate Terminal.

In a May 7 letter obtained by The Times-Dispatch, Axselle said the developer supports Wilder's proposal for a public marina, but he added, "We are . . . also not unmindful of the fiscal restraints facing the city and also reservations about the city spending funds for a public marina when there are many other priorities in the city."

Members of City Council have expressed concern about the estimated $6 million cost of building the marina, as well as the price tag for buying the Lehigh property. Those costs do not include the expense of realigning state Route 5 along the Rocketts Landing property.

Late Monday night, council gave preliminary approval to the proposed Lehigh purchase but also required that the price and terms of purchase be approved by council. The amended proposal is due before council on May 27.

Initially, WVS outlined a series of six options for the mayor and council to consider. Four of those options involved the purchase of other properties owned by the city and RRHA, including the Fulton Gas Works. Those options would have generated more money for the city, but they no longer are on the table because of procurement requirements, Axselle said today.

Under the two remaining options, Rocketts would either: