Title
Adopt Resolution to:
a. Accept the Comprehensive Economic Development Strategy (CEDS) for Monterey County;
b. Authorize the Assistant County Administrative Officer to submit the CEDS to the U.S. Department of Commerce, Economic Development Administration.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
Adopt Resolution to:
a. Accept the Comprehensive Economic Development Strategy (CEDS) for Monterey County;
b. Authorize the Assistant County Administrative Officer to submit the CEDS to the U.S. Department of Commerce, Economic Development Administration.
SUMMARY:
The Economic Development Administration (EDA) requires jurisdictions to complete a CEDS in order to be eligible to apply for vital funding for economic and community development initiatives. Funding is provided through the United States Economic Development Administration (EDA). The County of Monterey conducted its CEDS process following requirements found in 13 C.F.R. ? 303.6. The CEDS document (Attachment A) is submitted to the Board of Supervisors for adoption. The County CEDS was developed with broad-based participation that included the agricultural community, vintners, tourism and hospitality professionals, educators, small business owners, non-profit representatives, and community partners. The EDA requires the document both to determine community and regional economic needs and suggest responsive actions to improve the economy. The CEDS considers and, where appropriate, incorporates or leverages, other regional planning efforts, including available federal funds, private sector resources, and state support toward a region's CEDS goals and objectives. The CEDS is useful for regional economic development decision-making.
DISCUSSION:
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 relev...
Click here for full text