MEDIA ANNOUNCEMENT

Date: April 21, 2004
Contact: Jim Dunn, Greater Richmond Chamber of Commerce, 804-788-9333
Contact: Greg Wingfield, Greater Richmond Partnership, Inc., 804-643-3227

For Immediate Release

$7.3 Million Pledged by Private Sector for Economic Development in Greater Richmond

RICHMOND, VA -- Nearly 120 businesses and individuals have pledged almost $7.3 million to fund the Greater Richmond Partnership, Inc. and related regional economic development programs for the next five years.
The tally was announced at a campaign victory celebration at the Jefferson Hotel.

The private-sector pledges will be matched by similar public-sector commitments from the City of Richmond and the counties of Chesterfield, Hanover and Henrico to provide a regional 2004-2009 economic development budget in excess of $14 million.

"Thanks to strong business support, private-sector pledges exceeded the campaign goal of $7 million," said Campaign General Chair Robert S. Ukrop, chairman of the Greater Richmond Partnership, Inc. and president and CEO of Ukrop’s Super Markets.

The theme of the private-sector campaign was "Imagine . . . A Greater Richmond! New Thinking for a New Century." Wrap-up contacts with businesses that have expressed an interest in the campaign, but have not yet pledged, as well as with additional businesses, will continue for the next 30 days.

"The action plan for the next five years involves a great deal of new thinking due to shifts in business conditions, new technology and global events that have altered the fundamentals of economic development," Ukrop said.
He said the 2004 - 2009 action plan puts strong emphasis on retaining and growing existing businesses, as well as on targeted-industry recruitment and on using a broad range of communication channels, including new media, to market the region.

New programs will seek to identify and resolve circumstances that may inhibit business growth, will focus on education and other building blocks of a high-performance economy, will encourage creativity, and will assist a greater number of start-up firms.

Specific goals for the next five years include:

1. Creating 10,000 new primary jobs
2. Company recruiting and expansion that provides an average wage rate at five percent above the MSA prevailing wage rate
3. Increasing business capital investment by $1.5 billion
4. Locating 25 international and 125 domestic companies to the region
5. Assisting in the expansion of 500 existing companies
6. Providing assistance to small businesses, with the goal of retaining 1,500 jobs and creating 1,250 jobs

The Greater Richmond Partnership was launched in 1994 as a pioneering regional public-private initiative to serve the City of Richmond and the counties of Chesterfield, Hanover and Henrico. Since that time, the Partnership has played a key role in creating more than 80,000 new jobs and in the attraction of more than $5 billion in investment by new and expanding companies. This is a return on investment of $206 for every $1 in funding provided by public and private partners since 1994.

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