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Midlothian Economic Development presents annual report, $5M primary‑job fund and airport, downtown focuses
Summary
Midlothian Economic Development presented its FY24‑25 report and FY25‑26 work plan, highlighting ROI analyses of incentive projects, a $5 million fund for primary‑job projects, airport planning and destination development priorities, and a renewed small‑business pitch competition.
Midlothian Economic Development (MED) presented its FY24‑25 annual report and the FY25‑26 work plan to the City Council on Oct. 28, emphasizing analysis of the city’s incentives and a new funding framework for primary‑job recruitment.
MED staff said new report graphics (pages 16–17) show benefit‑to‑cost ratios for recent incentive agreements. Using Sunrider as an example, staff reported that for every dollar the city gave in incentives the city realized an additional $2.78 in direct benefit during the incentivized period. MED also noted similar returns for projects such as Synopta, Google and Gerdau. Staff described a change in the five‑year funding model allocating $5 million for primary‑job projects (using sales tax as the primary tool rather than property‑tax abatements) and redistributing funds among buckets including downtown catalyst projects, airport initiatives and destination development.
Key work‑plan priorities include updating the five‑year strategic plan, proactive property‑owner engagement for commercial/industrial sites, airport planning and targeted implementation, destination development to retain local consumer spending, and continuing small‑business supports including a planned pitch competition in September. Council members praised staff for developing clearer ROI metrics and for reporting on the economic impact of prior incentives.
