Subject
title
Joint Meeting of the Mayor and Council and Rockville Economic Development, Inc. (REDI) Board of Directors
end
Department
City Manager's Office (CMO)
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 that the Mayor and Council and the REDI Board of Directors hold an annual joint meeting. At the meeting, it is anticipated that the Mayor and Council and the REDI Board will discuss and share their respective strategic goals regarding economic development.
REDI staff will also provide a short PowerPoint on FY26 activities. Additionally, George Mason University will present: 1) an economic Assessment of REDI incentive programs; 2) the economic impact of the Bio/Life Science Industry; and 3) a benchmark of REDI investment relative to peers, after which there will be a discussion.
REDI staff transmitted Attachment 1, the FY26 Annual Report, and Attachment 2, the FY26 Annual Report PowerPoint presentation.
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. The Mayor and Council have received reports and updates from REDI for many years.