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Finance and Economic Development Standing Committee

November 19, 2025 ·2:00 PM Final

Council Chamber, 2nd Floor – City Hall

Agenda PDF Minutes PDF 📹 Watch video Official record ↗

Agenda — 110 items

  1. 1 Persons requesting to provide comments virtually during the public hearings or public comment period held at this meeting, must call the Office of the City Clerk at (804) 646-7955, option 3, by no later than 10:00 a.m., on Wednesday, November 19, 2025.
  2. 1 Committee Members and Other Council Members in Attendance
  3. 2 Call to Order
  4. 2 The Honorable Ellen Robertson – Chair (early departure) The Honorable Nicole Jones – Vice Chair The Honorable Stephanie Lynch – Member
  5. 3 Chamber Emergency Evacuation Plan Announcement and Public Speaker Guidelines
  6. 3 Staff in Attendance
  7. 4 Public Comment Period
  8. 4 Tori Cotman, Assistant City Attorney Maria Garnett, Council Policy Analyst Kiley Kesecker, Deputy City Clerk Kimberly Morris, Assistant City Clerk Candice Reid, City Clerk
  9. 5 Approval of Minutes
  10. 6 There were no minutes for approval.
  11. 6 Chair Ellen Robertson called the meeting to order at 2:08 p.m., and presided.
  12. 7 Paper(s) for Consideration
  13. 1. To authorize the Chief Administrative Officer, for and on behalf of the City of Richmond, to accept funds in the amount of $3,817.00 from the National Recreation and Park Association and to appropriate the increase to the Fiscal Year 2025-2026 Special Fund Budget by increasing estimated revenues and the amount appropriated to the Department of Parks, Recreation, and Community Facilities’ Grant - Mentoring Opportunities for Youth Initiative Special Fund by $3,817.00 for the purpose of providing services to youth impacted by and at risk for substance misuse. ORD. 2025-246 recommended for approval
  14. 8 Upon the Chair’s request, Assistant City Clerk Kimberly Morris provided information on the appropriate way to evacuate the Council Chamber in an emergency along with public speaker guidelines.
  15. 2. To authorize the Chief Administrative Officer, for and on behalf of the City of Richmond, to accept funds in the amount of $15,000,000.00 from the Commonwealth of Virginia, and to amend the Fiscal Year 2025-2026 Special Fund Budget by creating a new special fund for the Department of Economic Development called “CoStar Special Fund,” and appropriating the increase to the Department of Economic Development’s CoStar Special Fund by $15,000,000.00, for the purpose of funding the development of infrastructure at CoStar Realty Information, Inc.’s existing and planned facilities located at 501 South 5th Street and 600 Tredegar Street in the city of Richmond. ORD. 2025-247 recommended for approval
  16. 3. To authorize the Chief Administrative Officer to accept funds in the amount of $25,000.00 from AARP, to amend the Fiscal Year 2025-2026 Special Fund Budget by creating a new special fund for the Department of Public Works called the “AARP Community Challenge Special Fund,” and to appropriate the increase to the Fiscal Year 2025-2026 Special Fund Budget by increasing estimated revenues and the amount appropriated to the Department of Public Works’ “AARP Community Challenge Special Fund” by $25,000.00, for the purpose of funding the planning, design, construction, and implementation of a bus boarding platform. ORD. 2025-248 recommended for approval
  17. 10 There were no public comment speakers.
  18. 4. To authorize the Chief Administrative Officer, for and on behalf of the City of Richmond, to enter into the Twenty-Eighth Commercial Area Revitalization Effort Program Cooperation Agreement between the City of Richmond, Virginia, and the Economic Development Authority of the City of Richmond for the purpose of providing for the operation of the Commercial Area Revitalization Effort (“CARE”) Program. ORD. 2025-249 recommended for approval
  19. 5. To authorize the Chief Administrative Officer, for and on behalf of the City of Richmond, to accept funds in the amount of $18,319.00 from the Virginia Department of Fire Programs, and to appropriate the increase to the Fiscal Year 2025-2026 Special Fund Budget by increasing estimated revenues and the amount appropriated to the Department of Fire and Emergency Services’ State Fire Programs Special Fund by $18,319.00 for the purpose of providing funding for training, training centers, equipment, and protective clothing for firefighters. ORD. 2025-250 recommended for approval
  20. 6. To amend Ord. No. 2025-057, adopted May 12, 2025, which adopted the Fiscal Year 2025-2026 General Fund Budget and made appropriations thereto, by transferring $284,175.00 from the Council Chief of Staff, and appropriating such transferred funds to the Chief Administrative Offices for the purpose of supporting the participatory budgeting process. ORD. 2025-251 recommended for approval
  21. 13 page break
  22. 7. To request that the Chief Administrative Officer cause the Department of Finance and Department of Housing and Community Development, in coordination with other relevant City departments, to conduct an inventory of existing City programs and initiatives that mitigate displacement, to assess their effectiveness, and to report findings and recommendations to the Council [within 120 days]. (As Amended) RES. 2025-R043 recommended for approval
  23. 8. To request that the Mayor (i) propose an annual budget for Fiscal Year [2026-2027] 2027-2028 that recommends a real estate tax levy of $1.16 per $100 of assessed value as a means of tax relief for residents who pay real estate taxes and as affirmation of the City’s commitment to live within its fiscal means, and (ii) provide estimates of additional revenue and planned expenditures if the real estate tax levy for Fiscal Year 2027-2028 were $1.20 per $100 of assessed value. (As Amended) RES. 2025-R050 forwarded with no recommendation
  24. 15 The following ordinance was considered:
  25. 16 Presentation(s)
  26. 17 There were no presentations.
  27. 17 Deborah Morton, Deputy Director of Parks, Recreation and Community Facilities, provided an introduction and additional background information regarding the proposed ordinance. Ms. Morton stated that the proposed ordinance would increase the amount of money received from the National Recreation and Parks Association for the youth mentoring program.
  28. 18 Board Vacancies
  29. 18 Public Hearing
  30. 19 There were no board vacancies.
  31. 19 There were no public hearing speakers.
  32. 20 Discussion Item(s)
  33. 20 There were no further comments or discussions and Vice Chair Nicole Jones moved to forward ORD. 2025-246 to Council with the recommendation to approve, which was seconded and approved: Ayes 3, Lynch, Jones, Roberson. Noes None.
  34. 21 ARPA Quarterly Update
  35. 21 The following ordinance was considered:
  36. 22 ARPA Quarterly Update CD.2025.358
  37. 23 Fiscal Year Surplus
  38. 23 Katie McConnell, Deputy Director of the Department of Economic Development, provided an introduction and additional background information regarding the proposed ordinance. Ms. McConnell stated that the proposed ordinance would authorize the creation of a new special fund for the Department of Economic Development for the purpose of appropriating $15,000,000 to fund the development of facilities located at 501 South 5th Street and 600 Tredegar Street.
  39. 24 Staff Report
  40. 24 Public Hearing
  41. 25 Finance & Economic Development Standing Committee Staff Report November 19, 2025 CD.2025.365
  42. 25 There were no public hearing speakers.
  43. 26 There were no further comments or discussions and Vice Chair Nicole Jones moved to forward ORD. 2025-247 to Council with the recommendation to approve, which was seconded and approved: Ayes 3, Lynch, Jones, Roberson. Noes None.
  44. 27 The following ordinance was considered:
  45. 29 Dironna Moore Clark, Deputy Director, Department of Public Works, provided an introduction and additional background information regarding the proposed ordinance, stating that it would authorize the creation of a new special fund for the Department of Public Works called the AARP Community Challenge Special Fund. She also stated that proposed ordinance would enhance pedestrian safety with a focus on individuals that are 50 years of age or older.
  46. 30 Public Hearing
  47. 31 There were no public hearing speakers.
  48. 32 Vice Chair Nicole Jones asked if the project was temporary, and how it would benefit seniors.
  49. 33 Ms. Clark stated it was temporary, and that a bus boarding platform would be created in a parking spot to help prevent accidents and serve those waiting to board.
  50. 34 Chair Ellen Robertson asked where the platform would be located and why it was chosen. She also asked if there was a timeline for the temporary project, a budget for permanent placement, and requested more information about the project in general.
  51. 35 Kathleen Murphy, Management Analyst with the Department of Public Works, stated the platform would be located on 2nd Street, north of Broad Street and south of Marshall Street, and that the location was chosen because the area had a high percentage of citizens age 50 and over within a five minute walking radius to the platform.
  52. 36 Ms.Clark stated the $25,000 would fund the whole project.
  53. 37 There were no further comments or discussions and Vice Chair Nicole Jones moved to forward ORD. 2025-248 to Council with the recommendation to approve, which was seconded and approved: Ayes 3, Lynch, Jones, Roberson. Noes None.
  54. 38 The following ordinance was considered:
  55. 40 Jacquelyn Teemer, Programs Administrator with the Department of Economic Development, provided an introduction and additional background information regarding the proposed ordinance. Ms.Teemer stated that the ordinance was an agreement between the city and the Economic Development Authority for the administration of the Commercial Area Revitalization Program (CARE).
  56. 41 Vice Chair Nicole Jones asked if there was any specific area of focus for the corridor project, and how citizens obtain information about the program.
  57. 42 Ms. Teemer stated anyone in the 14 corridors they have selected can apply. She also stated a marketing effort from the department would be implemented to make businesses aware of the program.
  58. 43 Member Stephanie Lynch asked if Enterprise Zone and CARE programs could be used together.
  59. 44 Ms.Teemer stated that there was an overlap between the Enterprise Zone and the CARE programs, and where there was a CARE program, there was an Enterprise Zone. She also stated both programs could be used together, however, the CARE program provided a rebate for improvements to the structure, while the Enterprise Zone focused on the operational needs of a business.
  60. 45 Public Hearing
  61. 46 There were no public hearing speakers.
  62. 47 There were no further comments or discussions and Vice Chair Nicole Jones moved to forward ORD. 2025-249 to Council with the recommendation to approve, which was seconded and approved: Ayes 3, Lynch, Jones, Roberson. Noes None.
  63. 48 The following ordinance was considered:
  64. 50 Greg Irving, Management Analyst with the Department of Fire and Emergency Services, provided an introduction and additional background information regarding the proposed ordinance, which supports basic fire suppression, equipment, operations, training, and personnel expenditures.
  65. 51 Public Hearing
  66. 52 There were no public hearing speakers.
  67. 53 There were no comments or discussions and Vice Chair Nicole Jones moved to forward ORD. 2025-250 to Council with the recommendation to approve, which was seconded and approved: Ayes 3, Lynch, Jones, Roberson. Noes None.
  68. 54 page break
  69. 55 The following ordinance was considered:
  70. 57 Meghan Brown, Director of Budget and Strategic Planning, provided an introduction and additional background information regarding the proposed ordinance. Director Brown stated the ordinance would transfer 3.5 full time employees and a portion of remaining operating funds from the Council Chief of Staff to the Chief Administrative Offices for the purpose of supporting the participatory budgeting process.
  71. 58 Public Hearing
  72. 59 There were no public hearing speakers.
  73. 60 There were no comments or discussions and Vice Chair Nicole Jones moved to forward ORD. 2025-251 to Council with the recommendation to approve, which was seconded and approved: Ayes 3, Lynch, Jones, Roberson. Noes None.
  74. 61 The following resolution was considered:
  75. 63 Merrick Malone, Director of Housing and Community Development, provided an introduction and additional background information regarding the proposed resolution. Mr. Malone stated that administration requested a deadline extension to respond, to incorporate comprehensive studies, market value data, and the affordable housing plan.
  76. 64 Vice Chair Nicole Jones asked what the timeline was for the extension.
  77. 65 Director Malone stated they were originally given 120 days, and they were requesting an additional 60 days, to be delivered by June 2026.
  78. 66 Chair Robertson requested a brief summary on a bi-monthly basis to ensure progress was being made in order to grant the extension.
  79. 67 Director Malone stated he could honor the request.
  80. 68 Public Hearing
  81. 69 There were no public hearing speakers.
  82. 70 There were no further comments or discussions and Member Stephanie Lynch moved to forward Res. 2025-R043 to Council with the recommendation to approve, which was seconded and approved: Ayes 3, Lynch, Jones, Robertson. Noes None.
  83. 71 The following resolution was considered:
  84. 73 Public Hearing
  85. 74 There were no public hearing speakers.
  86. 75 Member Stephanie Lynch provided an introduction and additional background information regarding the proposed resolution stating it was intended to start a dialogue to sufficiently build the city's operating budget.
  87. 76 Chair Ellen Robertson stated she was unsure of the potential liability and impact of the proposed resolution without input from administration.
  88. 77 Odie Donald II, Chief Administrative Officer, stated if the tax rate were $1.16 versus $1.20, the level of city services and the number of employees would decrease. He also stated that if a recession comes, the city could be unprepared without the $1.20 tax base.
  89. 78 Chair Robertson asked if administration would honor the request in the resolution if passed by Council.
  90. 79 CAO Donald stated that city administration could not present a budget at $1.16 if the resolution was adopted.
  91. 80 There were no further comments or discussions and Member Stephanie Lynch moved to forward Res. 2025-R050 to Council with no recommendation , which was seconded and approved: Ayes 3, Lynch, Jones, Roberson. Noes None.
  92. 88 A copy of the material provided has been filed.
  93. 89 Meghan Brown, Director of Budget and Strategic Planning, provided the committee with an overview and update regarding American Rescue Plan Act (ARPA) funds, which included funding allocated to projects, obligated funds, expenditure deadlines, and appropriations.
  94. 90 Vice Chair Nicole Jones asked if 100% fund expenditures indicated completed projects or 100% of funds spent. She also asked if there was a process for analysis.
  95. 91 Director Brown stated that 100% of expenditures mean the funds were spent, not the project was completed, however, more investment may be needed. She also stated the Capital Improvement Plan (CIP) budget would be analyzed for the coming year.
  96. 92 Chair Ellen Robertson asked how many homeowners were assisted with the ARPA-funded First Time Home Buyers program, and if the program could be better.
  97. 93 Director Brown stated two applicants completed the whole process, and the program dwindled because of strict application requirements.
  98. 94 Member Stephanie Lynch asked if the program could expand to citizens outside of the scope of city of Richmond employees.
  99. 95 Director Brown stated they would be open to expand the program as long as it was within ARPA guidelines.
  100. 96 Chair Robertson requested a report analyzing how funds were being used for programs.
  101. 98 Odie Donald II, Chief Administrative Officer, provided the committee with an overview and update regarding the fiscal year surplus, which included a surplus estimate, delay of year end close out, accounting standards, compliance, fund balance, tax rates, surplus and benchmarking, and strong financial management.
  102. 99 Chair Ellen Robertson asked if a recommendation for use of expenditures was for one time funding.
  103. 100 CAO Donald stated if the surplus increases, other expenditures could be reviewed.
  104. 101 Vice Chair Jones stated she would like total transparency in reference to financial goals, and would like Council and administration to work together throughout the budget process.
  105. 102 Member Lynch stated it would be beneficial to educate citizens on the budgeting process, and Council and administration should work together to build trust among the public. She also suggested diligence in making corrections to the Department of Finance.
  106. 104 Council staff provided the committee with the November Finance and Economic Development staff report.
  107. 106 A copy of the material provided has been filed.
  108. 107 Chair Robertson left the meeting at 3:54 p.m.
  109. 108 Adjournment
  110. 109 There being no further business, the meeting adjourned at 4:01 p.m.