REDI Reports Progress Despite Pandemic Challenges for Rockville Businesses

Resilience and ingenuity marked Fiscal Year 2021 for Rockville businesses as the pandemic continued into a second year, Rockville Economic Development, Inc. reports in its annual report for FY 2021, which ended June 30.

“With a growing team and added enthusiasm, REDI is more than capable of facing new challenges and entering into the next phase of our mission in growing and promoting the City of Rockville as a prominent place to do business and live,” states the report by the nonprofit charged with helping businesses launch, locate and expand in Rockville.

REDI’s Strategic Initiatives and Work Plan for FY 2021 provided a roadmap through the year’s challenges. It focused on business retention, expansion and attraction; city projects; small business assistance; and workforce alignment. FY21 highlights in those areas included:

The creation of the Rock East District to encourage local tourism and raise awareness of things to do in Rockville. The district includes parks, trails and more than 60 maker-and-trader businesses along East Gude Drive.

Assisting with permit services and consulting for the second phase of Duball LLC’s project that will add 400 apartments to Rockville Town Center.

Working with developers and city staff to reposition the 31-acre property on Choke Cherry Road as a new biotech campus that will attract life science businesses.

Securing the relocation of Autonomous Therapeutics, Inc.’s corporate headquarters from New York to Rockville, bringing 65 biotech jobs to the city by 2023.

Providing input on the city’s master plan update, particularly related to a new Economic Development Element, through adoption of the Rockville 2040 Comprehensive Plan on Aug. 2. As part of the update process, REDI also commissioned a study of the impact of changing land use categories on Research Boulevard.

With assistance from the Maryland Women’s Business Center, REDI’s signature program, Maryland entrepreneurs raised $6.5 million in capital infusion (an increase of 182% over FY 2020), $494 million in equity capital and $5.1 million in business loans.

Organizing and hosting, with support from Montgomery College, workforce development roundtable discussions on cybersecurity, workplace re-entry, mental health, creating community, and workforce education and other employer needs.

REDI’s board is scheduled to present the report to the Mayor and Council on Monday, Oct. 18. Find more information when the agenda is posted at www.rockvillemd.gov/AgendaCenter.

Learn more about REDI at rockvilleredi.org.

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