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OPENPUBLICA · PUBLIC MEETING RECORD

Record of Proceedings

Finance and Economic Development Committee Meeting - April 16, 2026

City Council — Thursday, April 16, 2026

BodyRichmond, Virginia

SessionCity Council

DateThursday, April 16, 2026

StatusFILED

Video Record

0:00 / 1:47:52

Transcript — VerbatimClick a timed line to jump · ⧉ to share it

0:00

I'm gonna call this meeting to order.

0:02

Finance and economic development standing committee meeting to order.

0:07

Um, if you would chamber emergency evacuation.

0:23

Upon activation of the emergency alarm signal, all persons should immediately exit the building.

0:28

Please use the exits to the left, right or front of the council chamber or the east or west stairwell outside of the rear doors of the chamber.

0:34

Do not use elevators or escalators.

0:36

At the exit in the building, security would direct everyone down 9th Street to the Assembly area located inside the former public safety building parking lot.

0:44

Able person, citizens visually and hearing a pair of visitors with exiting the building.

0:48

Persons wishing to speak during the public comment period and or public hearings are generally allowed three minutes to speak.

0:53

Persons apparent before the committee are now allowed to campaign for public office, promote private business ventures, use language or personal nature, which is also demeans any person, including comments directed at public officials or staff members that are not related to their official duties or just to question staff members directly.

1:08

All questions to be directed to the committee chair.

1:11

Fair tea hit to the guidelines, may resort in speakers for any meaning time and further display action as necessary.

1:24

Thank you, madam chair.

1:25

I mean, madam clerk.

1:28

Um at this time we will move to the public comment period.

1:36

Is there anyone here that would like to provide comment for items not on today's agenda?

1:43

Seeing none, the public comment period is now closed.

1:46

And we had no virtual speakers that signed up prior to the 10 a.m.

1:49

deadline.

1:50

Thank you very much.

1:52

Approval of the minutes.

1:53

The municipality approved from the February 18th, 2026 finance and economic development standing committee meeting.

1:59

If there are no amendments or corrections, no meetings, minutes stand approved as presented.

2:03

Those minutes have been approved.

2:07

Thank you, Madam Clerk.

2:09

All right.

2:10

Um we'll move to the amendment that we'd like to make to the agenda.

2:26

Um motion to continue agenda item number five.

2:35

Second.

2:38

The committee is going on the motion to continue item five, ordinance 2026 081 to the May 20th, 2026 finance and economic development standing committee meeting.

2:51

Chair Robinson.

2:52

Aye.

2:52

That motion has been approved.

2:54

All right.

2:54

Are there any other changes to the agenda?

2:58

No, ma'am.

2:59

All right.

2:59

Well, you just say you wanted to do the board packets ahead of the I'm sorry, the board vacancy ahead of the papers.

3:11

At this time, we will um have the presentation as it relates to the board vacancies.

3:29

Good afternoon, Chair Robertson, Vice Chair Jones.

3:32

Pamela Nichols, Council Management Analyst.

3:34

The vacancy report before you captures current and projected vacancies through August.

3:41

And starting with the economic development authority, um, we have several vacancies along with reappointments.

3:49

Um, I will um report that the city clerk and I, along with Ms.

3:54

Jones met with members of the economic development department, and they have provided um their recommendations and they would like for this body to to consider them.

4:04

And that would be for the resident of the city who's a CPA.

4:09

They would like for you all to consider the reappointment of Jerome Crooks.

4:14

For the resident of the city who is a member of the banking, lending or financial services community.

4:22

We receive applications from Cynthia Cobb, Robert Hines, Alexis Hoolihan, and Kenneth Smith, but they would like for this body to consider um appointing Cynthia Cobbs.

4:37

Excuse me, and then moving down to the resident of the city who is a member of the residential commercial mixed use development.

4:44

We have a reappointment application from Nathan Hughes, an initial application from Lamar Johnson and Ashley Williams.

4:51

They are asking that you all will support the reappointment of Nathan Hughes.

4:57

And then moving down to the resident of the city who is a member of the Virginia State Bar.

5:02

Um it has been requested that you all will continue that to your next quarterly application review cycle, which would then become before this body July the 15th.

5:12

But we do have an application from Thomas Fitzpatrick.

5:27

We can do it as a block.

5:29

So okay.

5:30

So I move to accept the um appointments for economic development.

5:39

We're going to continue the vacancy for the resident of the city who is a member of the Virginia State Bar.

5:46

Okay.

Discussion Breakdown — Share of Meeting

Affordable Housing█████████████████████████████████████████████48%

Procedural██████████████████19%

Fiscal Sustainability███████████12%

Public Safety█████5%

Housing████4%

Economic Development███3%

Community Engagement██2%

Youth Programs██2%

Parks and Recreation██2%

Summary of Proceedings

Finance and Economic Development Standing Committee Meeting Summary

Date: April 16, 2026
Time: Approximately 10:15 AM – 12:30 PM
Location: City Council Chamber, Richmond, VA

The Finance and Economic Development Standing Committee met to consider eight agenda items, including a controversial tax deferral ordinance, multiple grant acceptances, board appointments, and a comprehensive presentation on anti-displacement programs. Several items were approved and forwarded to full Council, while one ordinance was continued to the May 20, 2026 meeting for further amendment.

Public Comments & Testimony

No public comments were offered for items not on the agenda or for any public hearing items.

Consent Calendar & Unanimous Actions

Minutes Approved: The minutes from the February 18, 2026 meeting were approved as presented without amendment.
Agenda Amendment: Agenda item five (Ordinance 2026-081) was continued to the May 20, 2026 meeting by unanimous vote.

Board & Commission Appointments

Economic Development Authority: The committee voted unanimously to forward the following appointments to full Council: Jerome Crooks (reappointment, CPA resident), Cynthia Cobbs (resident, banking/lending/financial services), and Nathan Hughes (reappointment, residential/commercial/mixed-use development). The vacancy for a Virginia State Bar member was continued to the July 15, 2026 quarterly review cycle.
Participatory Budgeting Steering Commission: The committee voted unanimously to forward appointments of Samuel Davies (reappointment) and Maya Rogers (new, 4th district resident) to full Council.
Minority Business Commission: Staff reported no current vacancies following recent mayoral appointments.

Discussion Items

Item 1 – Ordinance 2025-282: Real Estate Tax Deferral Program

Purpose: To amend the city code to create a tax deferral program for owner-occupied residences valued at less than two times the median home value in Richmond. If annual assessment increases exceed 5%, homeowners could defer the excess at a 2% interest rate, up to a $50,000 cap (principal plus interest). The program is slated to take effect in 2028 to address anticipated large assessment increases.
Lead Patron (Councilmember, name not stated): Argued the program is a necessary tool to prevent displacement, designed with simple eligibility criteria (assessed value, owner occupancy, no delinquency) that are already housed in the Department of Finance. Noted amendments proposed: implementation date moved to January 1, 2028, and creation of an implementation committee to report back by December 2026 (interim plan) and February 2027 (final plan), including FTE/staffing breakdown, third-party contract costs, and performance metrics.
Opposition (Ken Martinez, Director of Revenue Administration): Outlined four main objections:
- The program is a deferral, not tax relief, and attaches interest and a lien, which is complicated to administer.
- It is not a core function of the finance department; staff are already burdened with existing exemption programs (e.g., OAPD).
- Administrative costs are substantial: estimate of 20 additional FTEs (management analysts) at ~$67,000/year each, total at least $1.7 million annually, plus software costs. This estimate was based on 4–6 hours per application and a potential 12,000 participants.
- Payment application rules (code section 26-3.1) create additional complexity when deferrals are not delinquent.
Committee Questions/Discussion:
- Councilmember Lynch questioned the 20 FTE estimate, noting the entire finance department has only 19 management analysts. Martinez defended the estimate as based on comparable programs in Virginia Beach and Alexandria.
- Councilmember Vice Chair Jones expressed concern that the program is a loan, not relief, and may confuse residents. She emphasized the need for clear disclosure.
- Chair Robertson requested the amendments be strengthened with specific committee membership and approval requirements. The lead patron agreed to work on tighter language.
Outcome: The item was continued to the May 20, 2026 finance committee meeting by unanimous vote to allow further refinement of amendments.

Item 2 – Ordinance 2026-078: Violence Prevention Grant for Newcomer/Immigrant/Refugee Youth

Action: Accepted $249,917 from the Virginia Department of Criminal Justice Services. The general fund budget is amended by increasing estimated revenues and appropriating $117,257 to the YWCA Richmond and $132,660 to the Office of the DCAO for human services for violence prevention and intervention services.
Staff Explanation (Dominic Barrett, Senior Policy Advisor): No general fund dollars involved; it is a continuation of a state-funded initiative.
Outcome: Forwarded to full Council unanimously.

Item 3 – Ordinance 2026-079: Operation Ceasefire Program Grant

Action: Accepted $344,100 from the Virginia Department of Criminal Justice Services to create a new special fund for the Office of Gun Violence Prevention. Funds support CPTED (crime prevention through environmental design) and violent interrupter programs.
Staff Explanation (Greg Hopkins, Director of Office of Gun Violence Prevention): The funding is a three-year, one-time grant; it is state general funds.
Outcome: Forwarded to full Council unanimously.

Item 4 – Ordinance 2026-080: Pump House Roof Replacement Grant

Action: Accepted $500,000 from the U.S. Department of Interior National Park Service (earmarked by Senator Tim Kaine) to create a special fund for the Pump House roof replacement project.
Staff Explanation (Chris Frelke, Director of Parks, Recreation and Community Facilities): The total project cost is approximately $1 million; the city has the matching $500,000 in the capital budget from the James River Master Park Improvement Plan. The roof replacement is critical to protecting the historic building.
Outcome: Forwarded to full Council unanimously.

Item 6 – Ordinance 2026-082: Affordable Housing Trust Fund Loan Reporting

Purpose: To require additional annual reporting on any loans awarded from the Affordable Housing Trust Fund, including repayment performance and defaults, to ensure self-replenishment.
Staff Explanation (Maria Garnett, Council Policy Analyst; Merrick Malone, Director of Housing and Community Development): The amendment strengthens transparency if loans become a tool; it aligns with existing annual reporting requirements.
Outcome: Forwarded to full Council unanimously, with the full committee added as co-patrons.

Item 7 – Resolution 2026-R013: Leave Policy Carry-Forward for Unclassified Employees

Purpose: Requests the CAO to amend the city’s leave policy to modify maximum carry-forward rules and allow a one-time payout of vacation leave balances during the transition to a new procedure. A written report on fiscal and operational impacts is due by June 30, 2026.
Outcome: Forwarded to full Council unanimously, with Councilmembers Tramble Jones and Lynch added as co-patrons.

Item 8 – Resolution 2026-R017: Public Utility Revenue Refunding Bonds

Purpose: Authorizes the issuance of up to $225 million in public utility revenue refunding bonds to refinance portions of previously issued bonds. Allows the director of finance to sell the bonds as tax-exempt or taxable.
Outcome: Forwarded to full Council unanimously.

Key Outcomes

Approved and Forwarded to Full Council (unanimous): Items 2, 3, 4, 6, 7, 8, and the board appointment packages.
Continued to May 20, 2026 (unanimous): Item 1 (tax deferral ordinance) and Item 5 (separate agenda item).
Directives:
- The lead patron of Item 1 will refine amendments (committee membership, approval process) before the next meeting.
- Staff will include the original ordinance language in future reports to strengthen legislative-executive partnership.
- The administration will consider Chair Robertson’s suggestion to incorporate findings from the independent fair housing displacement study into the anti-displacement strategic plan.
Next Steps: The anti-displacement inventory presentation will inform the update to the city’s equitable affordable housing plan, with a target completion by end of calendar year 2026 (with flexibility for quality).

Meeting Transcript

I'm gonna call this meeting to order. Finance and economic development standing committee meeting to order. Um, if you would chamber emergency evacuation. Upon activation of the emergency alarm signal, all persons should immediately exit the building. Please use the exits to the left, right or front of the council chamber or the east or west stairwell outside of the rear doors of the chamber. Do not use elevators or escalators. At the exit in the building, security would direct everyone down 9th Street to the Assembly area located inside the former public safety building parking lot. Able person, citizens visually and hearing a pair of visitors with exiting the building. Persons wishing to speak during the public comment period and or public hearings are generally allowed three minutes to speak. Persons apparent before the committee are now allowed to campaign for public office, promote private business ventures, use language or personal nature, which is also demeans any person, including comments directed at public officials or staff members that are not related to their official duties or just to question staff members directly. All questions to be directed to the committee chair. Fair tea hit to the guidelines, may resort in speakers for any meaning time and further display action as necessary. Thank you, madam chair. I mean, madam clerk. Um at this time we will move to the public comment period. Is there anyone here that would like to provide comment for items not on today's agenda? Seeing none, the public comment period is now closed. And we had no virtual speakers that signed up prior to the 10 a.m. deadline. Thank you very much. Approval of the minutes. The municipality approved from the February 18th, 2026 finance and economic development standing committee meeting. If there are no amendments or corrections, no meetings, minutes stand approved as presented. Those minutes have been approved. Thank you, Madam Clerk. All right. Um we'll move to the amendment that we'd like to make to the agenda. Um motion to continue agenda item number five. Second. The committee is going on the motion to continue item five, ordinance 2026 081 to the May 20th, 2026 finance and economic development standing committee meeting. Chair Robinson. Aye. That motion has been approved. All right. Are there any other changes to the agenda? No, ma'am. All right. Well, you just say you wanted to do the board packets ahead of the I'm sorry, the board vacancy ahead of the papers. At this time, we will um have the presentation as it relates to the board vacancies. Good afternoon, Chair Robertson, Vice Chair Jones. Pamela Nichols, Council Management Analyst. The vacancy report before you captures current and projected vacancies through August. And starting with the economic development authority, um, we have several vacancies along with reappointments. Um, I will um report that the city clerk and I, along with Ms. Jones met with members of the economic development department, and they have provided um their recommendations and they would like for this body to to consider them. And that would be for the resident of the city who's a CPA. They would like for you all to consider the reappointment of Jerome Crooks. For the resident of the city who is a member of the banking, lending or financial services community. We receive applications from Cynthia Cobb, Robert Hines, Alexis Hoolihan, and Kenneth Smith, but they would like for this body to consider um appointing Cynthia Cobbs. Excuse me, and then moving down to the resident of the city who is a member of the residential commercial mixed use development.

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