Subject
title
Work session - Mid-Year Report Presentation - Rockville Economic Development, Inc.
end
Department
City Manager's Office (CMO)
Recommendation
Staff recommends that the Mayor and Council receive the Mid-Year Report Presentation from Rockville Economic Development, Inc. (REDI)
Discussion
REDI was established in 1997 as a 501 (c) (3) by the Mayor and Council to proactively support existing businesses and attract new businesses to the city among other purposes. REDI receives funding from the city pursuant to a Funding Agreement dated July 1, 2024.
The Agreement requires both parties to fulfill certain obligations. One of those requirements is for REDI to present a mid-year report in February.
Mayor and Council History
The current agreement between REDI and the Mayor and Council was effective July 1, 2024, with a termination date of June 30, 2027.