Title
Proposed Updates to the Economic Development Authority Grant Programs
Purpose
PURPOSE/BACKGROUND:
The Economic Development Authority of the City of Hampton, Virginia ("EDA") administers grant programs that are intended to help stimulate business growth and economic vibrancy in commercial corridors. The Grant Program Task Force ("Task Force") was created to review the grant programs and make recommendations to improve the accessibility of EDA grant funding to Hampton businesses; enhance the outcomes of the grant programs and improve efficiencies in the application process and administration of the grant programs. The purpose of this presentation is to update City Council on the Task Force's recommended changes to the EDA grant programs and the associated implementation plan.
Discussion:
Since FY2020, the EDA has awarded 29 grants totaling $509,026 through the Economic Development Grant Program, Facade Improvement Grant Program, Hampton Manufacturing & Innovation Assistance Grant Program, NASA Technology Commercialization Grant Program and Retail Assistance Grant Program. Current funding available for future grant awards is $1,670,391.41 (as of January 2026). Of the five grant programs, only the NASA Technology Commercialization Grant Program has received an annual budget appropriation in recent years. Efficient and effective use of the funds for all of the EDA Grant Programs support the growth of SWaM businesses, commercialization of technology from NASA, expansion of manufacturing companies and renovation of older commercial buildings throughout the City. The result is increased economic activity, improved visual aesthetics and increased General Fund revenue in the City.
The primary objectives of the Task Force were to:
1) Increase education and awareness of the EDA Grant Programs with an emphasis on improving communication with prospective applicants and minimizing ambiguity in the EDA grant process;
2) Support more small businesses with an emph...
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