§ 2-295 — Definitions

Sec. 2-295. - Definitions.

For purposes of this section through Section 2-298, the following words, terms and phrases shall have the meanings ascribed to them in this section, except where the context clearly indicates that a different meaning is intended: Economic development project means an undertaking involving a City expenditure or grant of at least $5,000,000.00 or with a value of at least ten percent of the initial estimate of the total project cost, the pledge of a moral obligation or other financial guarantee by the City, or the conveyance of City-owned real estate with an assessed value of $200,000.00 or greater, any one or more expenditures or contributions from funds not provided by the City in connection with the undertaking made or to be made by any one or more private entities, political subdivisions of the Commonwealth other than the City, or other legal entities owned or controlled by one or more political subdivisions, or any combination thereof, the total value of which is at least $3,000,000.00, and a requirement for the Council's approval to authorize the execution of a cooperation agreement, development agreement, or other contract between the City and one or more separate political subdivisions of the Commonwealth, any other legal entity owned or controlled by one or more political subdivisions, or one or more private entities in order to facilitate the construction of improvements to real property in the City of Richmond. The term "economic development project" shall not be construed to include ancillary undertakings that are associated with, but are not contained in or addressed by, cooperation agreements, development agreements, or other contracts between the City and one or more separate political subdivisions of the Commonwealth or one or more private entities, or to include projects where the only City funds involved are grants or loans of the Enterprise Zone program, Commercial Area Revitalization Effort (i.e., CARE and Extra-Care) programs, Community Development Block Grant funds, Housing Opportunities Made Equal Investment Partnership funds, Emergency Solutions Grant funds, or Housing Opportunities for Persons with AIDS funds to eligible recipients. Economic impact statement means a written report containing analysis and estimates of the effect of a proposed economic development project in the City of Richmond on the creation or loss of employment and business opportunities within the City of Richmond. Fiscal impact statement means a written report containing analysis of the estimated public service costs and the increase or decrease of revenues to the City associated with a proposed economic development project.

(Code 2015, § 2-301; Code 2020, § 2-301; Ord. No. 2015-144-154, § 1, 7-27-2015; Ord. No. 2016-091, § 1, 9-26-2016)