The Economic Development Authority enters commercial arrangements on behalf of the City of Richmond, and undertakes a range of projects to spur investment, job creation, returns to the tax base, and community improvements.
The EDA leverages deal-making authority to initiate and develop business opportunities on behalf of the city, through a range of financial tools and incentives.Priority projects are evaluated on a case-by-case basis. The EDA considers a 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.
Real Estate Development
In close partnership with the Department of Economic & Community Development, the EDA undertakes the development of selected assets across the city. Certain development projects necessitate a higher degree of coordination between various counter-parties and the City. As such, the EDA may take a lead position in planning, negotiations, financing, project management of required construction,and facilities management.
The Department of Economic and Community Development has $23 million in assets under management, with a 99% repayment rate. The EDA plays a vital role as the loan review committee. ECD provides loan products independently, and as co-lender alongside commercial institutions, to catalyze new real estate improvements, and to finance vital commercial activity. Programs include:
· Enterprise Zone Loan Program
· Economic Development Revolving Loan Fund
· Citywide Revolving Loan Program
· Contractor Assistance Loan Program
· Arts and Cultural Micro-Enterprise Revolving Loan Program
For More Information
For more information, please visit the websites of our City and regional partners:
· City of Richmond, Economic & Community Develoment – www.yesrichmondva.com
· Greater Richmond Regional Business Attraction – www.grpva.com/
· Richmond Regional Economic Planning – www.richmondregional.org
· Regional Collaboration – www.capitalregioncollaborative.com/
· Virginia Business Incentives – http://www.yesvirginia.org/ProBusiness/BusinessIncentives