Subject
title
Mid-Year Report Presentation and Update on Impact of Government Restructuring and Effects on Rockville - 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 as well as the Report on the Impact of Government Restructuring & Effects on Rockville 2025- Year-End Round Overview 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.
In addition, REDI provided the Mayor and Council with a report in April 2025 entitled Overview of Economy & Impact of Recent Government Restructuring for Rockville. The attached Report on the Impact of Government Restructuring & Effects on Rockville, 2025 - Year-End Round Overview updates the April information (attachment 1).
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.