EDC Director - Troy S. Jeschke

The Economic Development Division is a division of the Office of the City Manager and is administered by the Planning and Economic Development Director.   The Planning and Economic Development Director is appointed by, and serves at the pleasure of, the City Manager.  The Economic Development Division is responsible for serving as a liaison between the city government and the business community and for promoting industrial and commercial recruitment and retention, downtown development and redevelopment, diversification and stabilization of the city's tax base, and formulation and implementation of the city's economic enhancement plans, such as the Business District Master Plan and the Economic Development Strategic Plan.  The Richmond Tax Increment Finance Authority (TIFA) and the Richmond Economic Development Corporation (EDC) are two essential tools being utilized to achieve the economic development goals of the city.

Economic Development Corporation

The purpose of the EDC shall be to further the economic development of the City of Richmond through the promotion of the growth and economic development of Industrial and Commercial enterprises.

The primary objectives of the EDC are to:

• Alleviate and prevent conditions of unemployment.
• Provide the means and methods to encourage and assist Industrial and Commercial enterprises in locating in the City of Richmond.
• Encourage the relocation or expansion of Industrial and Commercial enterprises in the City of Richmond.
• Provide the services and facilities needed in the City of Richmond to encourage Industrial and Commercial enterprises to locate or expand in the City of Richmond.

Tax Increment Finance Authority

As a means to enhance economic growth in local communities, the Michigan State Legislature enacted the Tax Increment Financing Act, Public 450 of 1980, as amended. This Act enables a municipality to establish a Tax Increment Finance Authority (TIFA) consisting of seven local residents appointed by the City Council to undertake public projects aimed at promoting economic development within the TIFA district.  The TIFA is responsible for preparing a development and financing plan and implementing the objectives of the plan, which may include but are not limited to sidewalk repair or replacement, street lighting, street improvements, land and building acquisition, property leasing, parking and landscape improvements, and building signage.

The funds appropriated to the Tax Increment Finance Authority are generated through tax increment financing, a public funding method in which the growth in taxable value on property located within the TIFA district is captured and tax revenues from the captured value are used to make improvements within the district. The TIFA Act allows the City of Richmond to capture the annual growth in taxable value measured from the baseline taxable value in 1984, the year the city's TIFA was established.

TIFA funds may be used to assist business owners within its district with improvements and development projects. For instance, TIFA may support a proprietor through assistance with utilities such as water mains and sewer line installation. In some instances, TIFA may purchase land and in turn negotiate with a prospective business owner for the resale of the property.

2006 Meeting Dates
(all meetings held at 7:00 PM at City Hall unless noted otherwise)