To authorize the Chief Administrative Officer, for and on behalf of the City of Richmond, to accept funds in the amount of $127,032.00 from the Commonwealth’s Development Opportunity Fund, to amend the Fiscal Year 2025-2026 Special Fund Budget by creating a new special fund for the Department of Economic Development entitled “PPD Special Fund,” and to appropriate the increase to the Fiscal Year 2025-2026 Special Fund Budget by increasing estimated revenues and the amount appropriated to the Department of Economic Development’s PPD Special Fund by $127,032.00, for the purpose of providing PPD Development L.P. with incentives to establish a bioanalytics laboratory facility at 737 North 5th Street in the city of Richmond. (6th District)

This ordinance authorizes the City of Richmond's Chief Administrative Officer to accept $127,032.00 from the Commonwealth's Development Opportunity Fund. These funds will be used to establish a new special fund for the Department of Economic Development, named the "PPD Special Fund." The appropriation will increase estimated revenues and the amount available to the Department of Economic Development by the same amount. The purpose of these funds is to provide incentives to PPD Development L.P. to establish a bioanalytics laboratory facility at 737 North 5th Street in Richmond. This initiative aligns with the City's Strategic Plan for Equitable Economic Development (SPEED) and is part of a larger performance agreement where PPD Development L.P. committed to creating new jobs and making a capital investment in the region.

This action supports the creation of a new bioanalytics laboratory facility, which is expected to create new jobs and contribute to economic development within the city. Residents may benefit from increased employment opportunities and further development in the life sciences sector.

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