Title
a. Receive and support the Comprehensive Economic Development Strategy 2021-2026 for Monterey County; and
b. Support direction for the Assistant County Administrative Officer to submit the Comprehensive Economic Development Strategy to the U.S. Department of Commerce, Economic Development Administration.
Report
RECOMMENDATION:
It is recommended that the Budget Committee:
a. Receive and support the Comprehensive Economic Development Strategy 2021-2026 for Monterey County; and
b. Support direction for the Assistant County Administrative Officer to submit the Comprehensive Economic Development Strategy to the U.S. Department of Commerce, Economic Development Administration.
SUMMARY:
A Comprehensive Economic Development Strategy (CEDS) is a document developed by jurisdictions for the United States Economic Development Administration (EDA) to apply for vital funding for community economic development initiatives. The County of Monterey conducted its CEDS process following 13 CFR ?303.6. This CEDS was developed with broad-based participation that included the agricultural community and vintners, tourism and hospitality professionals, educators, small business owners, non-profit representatives, and community partners. One of the main goals of the document is to determine needs in the community and for the regional economy and to take actions to improve the economy. The CEDS takes into account and, where appropriate, incorporates or leverages other regional planning efforts, including the use of available federal funds, private sector resources, and state support which can advance a region's CEDS goals and objectives. The CEDS should be a useful tool for regional economic development decision-making.
The CEDS process analyzes existing regional conditions, opportunities, and global economic conditions, leading to a region-specific strategy-driven plan for economic prosperity. The CEDS must be updated every five years to stay relevant with changing economic condi...
Click here for full text