Economic Development Action Plan

The City of Richmond solicited professional services to complete the City of Richmond's Economic Development Action Plan (EDAP), which consists of two elements:

1) Short-Term Local Business Recovery Action Plan (STLBRAP); and

2) Richmond Business and Investment Attraction Strategy (RBIAS).

The STLBRAP shall summarize the effects of the COVID-19 pandemic on local businesses and describe short-term actionable strategies for the City to support local businesses. It shall cover a term of approximately twelve (12) to eighteen (18) months.

The RBIAS shall include actionable, time-bound strategies to attract business investment to the City of Richmond and ensure the City’s resilience in the face of the COVID-19 pandemic. It shall also identify strengths and gaps of current strategies to increase the effectiveness of implementation strategies by the City Council, City staff, and Business Resource Organizations.

City Council Approval

During the October 6, 2020, Richmond City Council Meeting, City Council approved a contract with HR&A Advisors to complete both elements of Richmond's Economic Development Action Plan.

Short-Term Local Business Recovery Action Plan - Community Forum

The Short-Term Local Business Recovery Action Plan outlines actions the City will take to address the acute needs of Richmond businesses to recover from the impacts of COVID-19. The STLRABP focuses on near-term actions the City can take to address the recovery needs of local businesses while planning for longer-term economic development strategies. HR&A Advisors Identified three business recovery Strategies:

Strategy 1: Collaborate and consolidate information about available resources and technical assistance
Strategy 2: Provide near-term support to businesses to help reduce closures
Strategy 3: Capitalize on emerging or likely state and federal recovery programs

Recording:

Richmond Business Investment and Attraction Strategy - Community Forum

The Richmond Business Development Strategy outlines actions the City will take to promote equitable economic growth and support business investment and attraction. The City and its partners provide a range of services to support new and existing businesses and help residents access employment, but the City recognizes the need to do more to improve the impacts and equitable outcomes of its economic development activities, address long-standing challenges to Richmond’s businesses and commercial districts, and promote economic growth and economic mobility. The Business Development Strategy identifies strategies and actions to attract private investment, support local employment, increase the accessibility of services to businesses and property owners, and enhance the business environment, with a focus on promoting inclusive and equitable growth.

Recording: