Title
Receive a presentation from the National Development Council (NDC) and CVL Economics on the Comprehensive Economic Development Strategy (CEDS) annual update.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors receive a presentation from the National Development Council (NDC) and CVL Economics on the Comprehensive Economic Development Strategy (CEDS) annual update.
SUMMARY:
On June 2, 2021, the Board of Supervisors (Board) approved American Rescue Plan Act (ARPA) funding allocation for Economic Recovery. In total the County has allocated $9.6 million ARPA funds towards economic endeavors which are required to be utilized within the next three years or be subject to return. One of the projects identified by the Board to be conducted with ARPA funds is the Comprehensive Economic Development Strategy (CEDS) annual update.
In June 2021, the County of Monterey (County) released the CEDS for the period of 2021-2026. The County must prepare a new CEDS at least every five years for local communities and organizations to qualify for U.S. Economic Development Administration (EDA) funding. More broadly, the CEDS development process provides a vehicle for regional stakeholders including but not limited to community-based organizations, nonprofits, organized labor, local governments, academic institutions, and private industry to chart a path towards greater economic wellbeing. This document serves as the first official update to the economic analysis conducted in the most recent CEDS. The Year 1 update presents new data analysis to provide a snapshot of the current economic landscape across the County and to inform near-term economic development planning.
On October 25, 2022, the Board approved an agreement with the National Development Council (NDC) to perform all tasks necessary to conduct an annual CEDS update for the County.
On May 15, 2023, the Economic Development Committee received a presentation and reviewed the draft CEDS update. The ...
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