Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development Enterprise Zone topic
No spam. Unsubscribe anytime.
Committee forwards enterprise-zone boundary and incentive updates to council
Summary
Staff proposed boundary adjustments and incentive-package changes for Richmond enterprise zones to align with development priorities; the committee voted to forward the resolution to council with a recommendation to approve.
City Economic Development staff presented a set of amendments to Richmond’s enterprise-zone boundaries and local incentive packages intended to modernize the program and better target redevelopment.
Jacqueline Teamer (Speaker 19) explained staff recommended removing large institutional parcels and adding growth nodes that align with the Richmond 300 plan. Proposed changes also include discontinuing three underused small rebates and expanding a machinery-and-equipment rebate with a second tier up to $50,000. The proposed employee-assistance rebate would increase from $400 to $1,000 per new job for businesses not eligible for the state job-creation grant.
Teamer said the city awarded about $3.1 million in state enterprise-zone awards over recent funding cycles and that local incentives have leveraged roughly $40 million in private investment. Staff noted required public-notice steps and a need for Henrico approval for a joint zone before submitting a completed application to the state agency.
The committee voted to forward resolution 2026 R020 to full council with a recommendation to approve.
What happens next: Staff will complete required public-notice steps, seek Henrico concurrence for the joint zone where needed, and prepare a formal application to the Virginia Department of Housing and Community Development.
