Finance and Economic Development Standing Committee
Council Chamber, 2nd Floor – City Hall
Agenda — 26 items
- 1 DRAFT
- 1 Call to Order
- 1 DRAFT
- 2 Chamber Emergency Evacuation Plan Announcement and Public Speaker Guidelines
- 3 Public Comment Period
- 4 Approval of Minutes
- 5 September 16, 2026 - Finance and Economic Development Standing Committee Meeting Minutes
- 6 Paper(s) for Consideration
- 1. To amend City Code § 22-8, concerning cost-of-living adjustments, for the purpose of establishing an annual cost-of-living adjustment or supplement policy for the Richmond Retirement System, subject to appropriation by City Council.
- 2. To amend Ord. No. 2026-063, adopted May 11, 2026, which adopted the Fiscal Year 2026-2027 General Fund Budget and made appropriations pursuant thereto, by (i) increasing anticipated revenues from certain funds due to the City from the Greater Richmond Convention Center Authority, in accordance with an Interlocal Agreement dated Feb. 1, 2000, by $4,780,737.08, (ii) appropriating such increased revenues to the Fiscal Year 2026-2027 General Fund Budget, and (iii) transferring $4,780,737.08 from the Fiscal Year 2026-2027 General Fund Budget to the Fiscal Year 2026-2027 school budget, and to amend Ord. No. 2026-064, adopted May 11, 2026, which adopted the Fiscal Year 2026-2027 school budget and made appropriations pursuant thereto, by appropriating $4,780,737.08 of such transferred funds to the Fiscal Year 2026-2027 school budget, all for the purpose of providing funding to the City of Richmond public schools.
- 3. To amend City Code § 2-1526, concerning the employee first-time homebuyer’s assistance program, for the purpose of expanding eligibility to certain owners of deed-restricted or limited-equity homes purchasing their first unrestricted market-rate residence and renaming the program the employee homebuyer’s assistance program.
- 4. To amend City Code §§ 26-364, concerning tax relief for elderly persons and evaluation of the exemption or freeze program, and 26-365, concerning real estate tax relief for qualified permanently and totally disabled persons and evaluation of the exemption or freeze program, for the purpose of increasing certain income and financial worth eligibility thresholds and corresponding tax relief benefits and changing the deadline for filing an application for tax relief under the Elderly Persons and Persons with Disabilities Real Estate Tax Relief Program from December 31 to June 30 of the taxable year.
- 5. To express the City Council’s support for the General Assembly’s removal of the statutory maximum applicable to local employee homeownership grants; to encourage the Administration to reevaluate the City’s Employee First-Time Homebuyer’s Assistance Program, including the maximum amount of assistance available; and to express the Council’s interest in establishing a sustainable, long-term employee homeownership assistance program.
- 12 Economic Development Portfolio Overview
- 6. To request that the Chief Administrative Officer cause the Director of Finance to (i) develop an implementation plan and timeline for the administration of a one-time tax amnesty program for the tax year beginning January 1, 2027, pursuant to City Code §§ 26-21-26.29, (ii) provide to Council the report required by § 26-25, and (iii) submit such plan, timeline, and report to the Council by no later than Feb. 1, 2027.
- 13 Presentation(s)
- 1. Disparity Study Updates ~ Patricia Foster, Director of the Office of Minority Business Development
- 15 Disparity Study Updates
- 2. Real Estate Reports ~ Angie Rodgers, Director of the Department of Economic Development
- 17 Economic Development Portfolio Overview
- 18 Board Vacancies
- 19 October 21, 2026 - Finance and Economic Development Board Vacancy Report
- 20 page break
- 21 Discussion Item(s)
- 22 None
- 23 Staff Report
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