The finance committee voted to forward an ordinance reauthorizing the cooperation agreement that lets the Economic Development Authority administer Richmond’s local enterprise zone program and to increase the maximum machinery-and-equipment rebate from $5,000 to $10,000.

Jacqueline Teamer of the Department of Economic Development described the administrative changes and said the FY26 agreement is funded in the adopted budget. Teamer told the committee the enterprise zone program operates two zones (19 and 28A) and enables the EDA to administer six local rebate programs that support eligible small businesses. She reported that the city has awarded approximately $225,000 in local enterprise rebates to roughly 47 applicants and that statewide Richmond projects received approximately $719,000 in enterprise zone grants during the most recent funding cycle.

The committee held a public hearing with no speakers. A motion to forward ordinance 2025-237 with a recommendation to approve passed on recorded votes: Miss Lynch, Aye; Vice Chair Jones, Aye; Chair Robertson, Aye.

Ending: The ordinance will proceed to full council. Staff said they are finalizing a review of zone boundaries and incentive structure for a future committee presentation.