To authorize the Chief Administrative Officer, for and on behalf of the City of Richmond, to accept funds in the amount of $15,000,000.00 from the Commonwealth of Virginia, and to amend the Fiscal Year 2025-2026 Special Fund Budget by creating a new special fund for the Department of Economic Development called “CoStar Special Fund,” and appropriating the increase to the Department of Economic Development’s CoStar Special Fund by $15,000,000.00, for the purpose of funding the development of infrastructure at CoStar Realty Information, Inc.’s existing and planned facilities located at 501 South 5th Street and 600 Tredegar Street in the city of Richmond.

The City Council is authorizing the Chief Administrative Officer to accept $15,000,000.00 from the Commonwealth of Virginia. These funds will be used to create a new special fund within the Department of Economic Development, named the “CoStar Special Fund.” This appropriation is specifically for funding infrastructure development at CoStar Realty Information, Inc.’s existing and planned facilities located at 501 South 5th Street and 600 Tredegar Street in Richmond. The funds are part of a larger agreement where CoStar committed to a significant capital investment and job creation in exchange for incentives. The Commonwealth's grant is intended to reimburse CoStar for infrastructure improvements such as site grading and utilities. The funds will be transferred from the Commonwealth to the City, then to the Economic Development Authority (EDA), and finally disbursed to CoStar. Repayment provisions are in place should CoStar fail to meet its job and capital investment targets.

This action facilitates a significant economic development project that is expected to create jobs and investment in Richmond. Residents may see improved infrastructure in the areas of CoStar's facilities, and the project aligns with the city's economic development goals.

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