Mayor Krasnoff delivers Chesapeake State of the City address

CHESAPEAKE, Va. (WAVY) — Chesapeake Mayor Alan Krasnoff delivered his State of the City address Thursday afternoon.

Mayor Krasnoff says the future is bright for the City of Chesapeake. He projects the number of residents to rise to 300,000 by the year 2040. He highlighted the importance of education and the city’s dedication to growing the future of Chesapeake students. Mayor Krasnoff said the on-time graduation rate is 93 percent, which he calls an all time high and the highest in all of South Hampton Roads.

“Do these numbers matter? Absolutely. Because as one ODU professor said, ‘Graduation and drop-out rates foreshadow the communities future.’ So I am appreciative of our school system. So do we dedicate half our operating budget to public schools? The answer is yes. Because they are worth it.”

Economic development and growth in the city are another sticking point as Krasnoff highlighted the expansion of national retailer Dollar Tree’s headquarters.

The state will provide more than $9 million in two incentive grants, and the company will invest $110 million.

The expansion will happen at the company’s headquarters on Volvo Parkway. Dollar Tree owns 70 acres there, bounded by Volvo, Eden Way and Crossways and Executive parkways.The plan includes construction of a 12-story office complex. Longer term concepts include attracting a hotel and various retail to the site.

The mayor says that helped break a record with almost 1,300 new jobs in the city just last year.

The mayor also thanked first responders who saved lives during Hurricane Matthew and the most recent tornado that hit about a month ago, destroying Real Life Christian Church. He calls safety a top priority.

“Along the way, we’ve built police and fire stations to improve coverage and response times. In the process, we work to keep Chesapeake one of America’s safest cities in every respect,” said Mayor Krasnoff.

10 On Your Side confirmed last month that Krasnoff has decided to run for clerk of Chesapeake Circuit Court. The court’s current clerk, Faye Mitchell, is resigning on June 1.

WATCH: Alan Krasnoff delivers his 2017 State of the City address.