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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.
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THE CITY OF RICHMOND HEREBY ORDAINS:
§ 1. That the Chief Administrative Officer, for and on behalf of the City of Richmond, is hereby authorized to accept funds in the amount of $127,032.00 from the Commonwealth’s Development Opportunity Fund, 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.
§ 2. That Ordinance No. 2025-057, adopted May 12, 2025, which adopted a Special
Fund Budget for the fiscal year commencing July 1, 2025, and ending June 30, 2026, and made
appropriations pursuant thereto, be and is hereby amended by creating a new special fund for the Department of Economic Development entitled “PPD Special Fund,” 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.
-§ 3. That the funds received from the Commonwealth’s Development Opportunity Fund are hereby appropriated to the Special Fund Budget for the fiscal year commencing July 1, 2025, and ending June 30, 2026, by increasing estimated revenues by $127,032.00, increasing the amount appropriated for expenditures by $127,032.00, and allotting to the Department of Economic Development’s PPD Special Fund the sum of $127,032.00, for the 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.
§ 3. This ordinance shall be in force and effect upon adoption.
City of Richmond
Intracity Correspondence
O&R Transmittal
DATE: August 21, 2025
TO: The Honorable Members of City Council
THROUGH: The Honorable Dr. Danny Avula, Mayor
THROUGH: Odie Donald II, Chief Administrative Officer
THROUGH: Tanikia Jackson, DCAO, Finance and Administration
THROUGH: Letitia Shelton, Director of Finance
THROUGH: Meghan Brown, Director of Budget
THROUGH: Sharon Ebert, Deputy Chief Administrative Officer
FROM: Angie Rodgers, Director, Department of Economic Development
RE: Acceptance of Commonwealth Opportunity Fund Grant for PPD Development L.P.
ORD. OR RES. No.
PURPOSE: To authorize the Chief Administrative Officer to accept funds in the amount of $127,032 from the Commonwealth’s Development Opportunity Fund (COF), to (i) amend the Fiscal Year 2026 Special Fund Budget by creating a new special fund for the Department of Economic Development called PPD Special Fund, and (ii) appropriate the increase to the Fiscal Year 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, for the purpose of providing PPD Development L.P. with incentives to establish a bioanalytics laboratory facility at 737 N 5th Street in the city of Richmond.
BACKGROUND: In March 2022, Thermo Fisher Scientific, through its subsidiary PPD Development L.P., announced its decision to build its newest bioanalytical lab at 737 N 5th Street in the VA Bio+Tech Park. The State, in partnership with the City, offered a COF grant to attract the biotech innovation company, which is managed by a performance agreement between the City, the State, the company, and the Economic Development Authority (EDA).
As of the performance date (December 31, 2024), the company created 44 new jobs at the facility (92% of target) and made a capital investment of approximately $5,065,000 (108% of target). The company’s performance entitled it to a $127,032 COF grant from the Virginia Economic Development Partnership (VEDP). In accordance with the performance agreement, the funds will be transferred from VEDP to the City, which in turn will transfer the funds to the EDA. The EDA will then disburse the funds to the company. Additionally, pursuant to the performance agreement, the City is required to match the COF funds through a combination of a post-performance grant of $75,200 and the City’s BPOL tax exemption for new businesses.
STRATEGIC INITATIVES AND OTHER GOVERNMENTAL: The attraction of new life science companies aligns with the initiatives laid out in the City’s adopted Strategic Plan for Equitable Economic Development (SPEED).
FISCAL IMPACT: The acceptance and appropriation of the COF grant will not impact the budget beyond the increasing estimated revenues and the amount appropriated to the Department of Economic Development’s PPD Special Fund.
DESIRED EFFECTIVE DATE: Upon Adoption.
REQUESTED INTRODUCTION DATE: December 8, 2025
CITY COUNCIL PUBLIC HEARING DATE: January 12, 2026
REQUESTED AGENDA: Consent
RECOMMENDED COUNCIL COMMITTEE: Finance and Economic Development Standing Committee
AFFECTED AGENCIES: Department of Economic Development, the Department of Budget and Strategic Planning, and the Department of Finance
RELATIONSHIP TO EXISTING ORD. OR RES.: ORD. 2024-064 and ORD. 2024-065
ATTACHMENTS: Performance Agreement
STAFF: Katie McConnell, Senior Deputy Director, Department of Economic Development
Amanda Blatnik, Policy Analyst, Senior, Department of Economic Development