Showing posts from September 25, 2011

City Pursues Full Repayment from RMA

~Approximately $62.3 million to be voted on by RMA Board~ In a new development related to the City's pursuit of monies owed from the Richmond Metropolitan Authority (RMA), the City Administration says it will pursue the full amount owed, rather than the initial arrangement which included an interest rate discount. In June of this year, Mayor Jones announced a proposal in which the RMA would return funds to the city before the year's end. The amount owed is more than $60 million. The RMA had originally asked for some interest rate forgiveness and the city introduced a paper for City Council consideration that would have foregone about $2 million in debt. Today the Administration acknowledged that current financial market conditions make it likely that the RMA could repay the entire amount with no discount attached. "Anticipating favorable action by the RMA Board, I am withdrawing Ordinance No. 2011-160," stated Mayor Jones. "I am hopeful that City Counci

City Receives Excellence in Economic Development Award From International Economic Development Council

The City’s Department of Economic and Community Development received an Excellence in Economic Development Award for their marketing kit in the category of General Purpose Promotion for communities with populations of 200,000 – 500,000 from the International Economic Development Council (IEDC). The award was presented during the IEDC Annual Conference in Charlotte, NC on September 20. “I thank the International Economic Development Council for recognizing Richmond with this award as it underscores our efforts to attract and retain both large and small employers, create jobs and preserve our City’s neighborhoods,” said Mayor Dwight C. Jones. “Effective marketing is a catalyst to leveraging the numerous attributes of the city and thereby enhancing our economic development activities.” "We recognize the City of Richmond’s Department of Economic & Community Development for providing successful strategies to promote new standards in economic development in this period of glo