News
July 16, 2008
Council Approves Budget For Raleigh Area Development Authority
The Raleigh City Council on Tuesday approved the release of $50,000 from the City’s budget to the Raleigh Area Development Authority (RADA), a non-profit corporation organized to provide and stimulate economic development in Raleigh’s most underdeveloped communities. The organization focuses on the development of mortgages, small businesses, community development, and economic development in southeast Raleigh. The $50,000 will be used to continue its commercial pre-development feasibility analysis in underdeveloped parts of the City.
RADA provides a variety of loan products and financing for desirable real estate and business projects that will contribute to economic growth. The authority works to connect a variety of public and private sources with commercial and residential investment opportunities that will contribute to the economic development in targeted Raleigh communities.
Also in this budget, the council authorized $170,590 for the creation of an economic development division within the City’s Planning Department. Presently, the economic development efforts and dollars are shared throughout the City through a variety of departments and programs.
“This new approach positions the City to seek opportunities for redevelopment and public/private investment in targeted areas,” said City of Raleigh Planning Director Mitchell Silver. “The City can now combine its economic development efforts and capital improvement investment and leverage private investment to revitalize key areas throughout the city.”
The economic development funds are dedicated for three staff positions. The Raleigh City Council requested a plan be developed outlining the specific role and function of the division before positions can be filled.
Prepared by:
David Blount
Public Affairs Specialist
Public Affairs Department
For More Information Contact:
Mitchell Silver
Director
Planning Department
One Exchange Plaza, Suite 304
Raleigh, NC 27602
919-516-2626
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