The Standing Finance and Economic Development Committee voted to forward Ordinance 2025-237, reauthorizing the Enterprise Zone cooperation agreement between the City of Richmond and the Economic Development Authority to administer local enterprise zone incentives.

Jacqueline Teamer of the Department of Economic Development told the committee the agreement provides the administrative framework for locally administered enterprise-zone rebates that help stimulate private investment and job creation in designated corridors. Richmond administers two enterprise zones (Zone 19 and Zone 28A); the local program offers rebates that range from $1,000 to $10,000. Teamer said the latest agreement clarifies the definition of "specialized equipment" for the machinery-and-equipment rebate and raises the maximum machinery-and-equipment rebate from $5,000 to $10,000 to better support companies making capital investments.

Teamer said Richmond had awarded more than $225,000 in local enterprise-zone funds to 47 applicants and that the city received $719,000 in state enterprise-zone grants during the most recent state cycle. After a public hearing with no speakers, the committee voted to forward the agreement to full council with a recommendation to approve; Miss Lynch, Vice Chair Jones and Chair Robertson recorded “aye.”

Teamer said staff are finalizing a review of zone boundaries and incentives and plan to return to the committee with recommended updates by the end of the calendar year or early next year.