Title
Adopt Resolution to:
a. Accept the Comprehensive Economic Development Strategy (CEDS) Annual Update for the County of Monterey;
b. Authorize the County Administrative Officer or designee to submit the CEDS Annual Update to the U.S. Department of Commerce, Economic Development Administration (EDA).
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors adopt Resolution to:
a. Accept the Comprehensive Economic Development Strategy (CEDS) Annual Update for the
County of Monterey.
b. Authorize the County Administrative Officer or designee to submit the CEDS Annual Update
to the U.S. Department of Commerce, Economic Development Administration (EDA).
SUMMARY/DISCUSSION:
The Comprehensive Economic Development Strategy (CEDS) contributes to effective economic development in America's communities and regions through a place-based, regionally driven economic development planning process. Economic development planning as implemented through the CEDS is not only a cornerstone of the U.S. Economic Development Administration's (EDA) programs, but successfully serves to engage community leaders, leverage the involvement of the private sector, and establish a strategic blueprint for regional collaboration. The CEDS provides the capacity-building foundation by which the public sector, working in conjunction with other economic actors (individuals, firms, industries), creates the environment for regional economic prosperity.
Simply put, a CEDS is a strategy-driven plan for regional economic development. A CEDS is the result of a regionally owned planning process designed to build capacity and guide the economic prosperity and resiliency of an area or region. It is a key component in establishing and maintaining a robust economic ecosystem by helping to build regional capacity (through hard and soft infrastructure) that contributes to individual, firm, and community success. The CEDS provides a vehicle for individuals, organizations, local gover...
Click here for full text