Two decades on from its founding as a public-private partnership by the Rockville Mayor and Council, Rockville Economic Development, Inc. (REDI) will hold a yearlong celebration in 2017 for its 20th anniversary.
REDI was founded in June 1997, and its 20th anniversary year will celebrate the organizations accomplishments during that time with events, an anniversary luncheon in June, a new Rockville Key Visits (RKV) business retention program that will include monthly visits to key employers in the city, and the introduction of the Rockville Legacy Club, which will highlight longstanding Rockville companies. A committee of REDI board members are focusing on ways to celebrate the milestone, Executive Director Laurie Boyer said.
One REDI success story is the six-month-old Rockville Incentive program, Boyer said.
The Business Expansion Fund, which targets existing companies that are expanding by a minimum of 1,000 square feet, has had two companies approved for the incentive grant so far, for a total of just over $19,000 in assistance. The combined square footage absorbed by the two firms is over 3,800 square feet and will support 19 full-time jobs in Rockville that pay an average annual salary of over $103,000.
The two grantees expect to hire an additional 26 new full-time employees within the next three years.
Rockville MOVE, a second incentive program, is targeted toward new companies that have never had a presence in Montgomery County or Rockville. Two applications are under review by the city-appointed committee. Combined, the two companies would account for a total of 17,400 square feet of space and would support 55 new jobs in Rockville, paying a combined average annual salary of about $75,000, Boyer said.