Bill > S207

This bill authorizes local governmental entities, such as county and municipal governments, as well as public or private economic development organizations, to establish regional economic development partnerships. These partnerships can engage in joint regional economic planning, formulate economic development or redevelopment strategies, and potentially include businesses, educational institutions, nonprofit organizations, and other entities within the region. The regional economic development partnerships may be eligible for loans or grants to support their activities, and local units can also enter into other agreements for economic development projects without forming a formal partnership. The bill provides a framework for these regional economic development collaborations to promote business growth and assist existing businesses within the region.

Business and Industry