Is the Richmond EDA part of the “City”?
The EDA is an independent organization created under the Code of Virginia. It includes seven members appointed by City Council. The EDA works very closely with the city’s Department of Economic and Community Development to expand the city’s economic base.
Who runs the EDA?
The EDA is led by a seven member board of directors, all appointees of City Council.
What is the mission of the EDA?
To create new jobs, and to attract new business investment to the city.
Why is business investment important in the City?
New commercial investment in Richmond leads to resulting increases in tax revenue. That revenue will create more funds for city schools and infrastructure.
How does the EDA determine which projects to support?
The EDA must carefully weigh each project on it’s own merit – considering the given project’s ability to attract new investment, the commercial viability of the project, the EDA’s financial capacity to undertake the development, and the extent to which the project will yield local employment, community improvements, and future tax revenues.