HomeMy Public PortalAbout004-2022 - MEMODate: January 12, 2022
To: Richmond Common Council
CC: David M. Snow, Mayor
From: Beth Fields, Director of Strategic Initiatives
Re: Ordinance 4-2022 Grant Ordinance – Indiana Economic Development Corporation
Ordinance 4-2022 is an Appropriation Ordinance Authorizing the Submittal, Acceptance and
Appropriation of a grant from the Indiana Economic Development Corporation (IEDC).
The Indiana Economic Development Corporation, in partnership with TMap, LLC, is providing
funding to assist communities with Remote Worker Recruitment. The funding is available on a
first come first serve basis and may fund 50% of the eligible program expenses.
Recent events have dramatically accelerated a trend in remote work. A recent survey of remote
workers by Make My Move showed that 29% of newly remote workers plan to move in the next
18 months, and that they are looking for more livable destinations. These circumstances
represent a unique opportunity for communities like Richmond to recruit move ready talent and
benefit from the financial impact they bring.
The City of Richmond, in partnership with Wayne County government and the Economic
Development Corporation is planning to invest $120,000 in local funds, which will be matched by
the IEDC for a total investment of $240,000. This investment is expected to yield 20 new remote
workers with an estimated economic impact of $1.81M in year one.
The estimated Return on Investment (ROI) per recruit with an annual income of $100K is
$90,500 ($2600 Local Tax Revenue, $4900 State Tax Revenue and $83,000 in Consumer output).
The Net Present Value of a remote worker who lives in Richmond and makes $100K per year is
$471K.
This program has launched successfully in other Indiana communities. Below is a link to a story
about the success of the program in Greensburg.
https://www.wrtv.com/news/working-for-you/love-grows-here-greensburg-offering-an-incentive-to-
get-new-neighbors-to-move-there
If you have questions or need any additional information, please let me know. I can be reached
via email bfields@richmondindiana.gov or phone 765.983.7211(office) or 765.580.8050 (mobile).
MEMO
CITY OF RICHMOND
50 NORTH 5TH STREET
RICHMOND, INDIANA 47374
David M. Snow, Mayor
Beth Fields, Director of Strategic Initiatives