Some choice excerpts from the Times Dispatch article:

Monroe Park will not host a designated fan zone during the UCI 2015 Road World Championships despite plans to the contrary and tens of thousands of dollars in city expense to improve the space.
A sponsor that loosely agreed to underwrite the celebration space in the Fan District switched gears in recent weeks, according to officials with Richmond 2015, the organization putting on the event.

The group declined to name the sponsor but said it had shifted to another space along the course. Officials would not detail costs associated with sponsoring a zone at the park. The move did not affect fundraising, they said.
…
Todd Woodson, who lives in neighboring Oregon Hill, said the city had squandered taxpayers’ money.
“We’re in a crisis of leadership in this city and we’re hemorrhaging money,” Woodson said.
About 300 feet of a water line along Franklin Street was damaged during work done this spring, officials said at the time. How much the damage cost was unclear Monday. City officials were not able to provide an estimate.