Bill > A1633

This bill authorizes local governmental entities, such as county and municipal governments, to enter into regional economic development partnerships. These partnerships can include businesses, business organizations, educational institutions, nonprofit organizations, and other entities within the region. The purpose of these partnerships is to engage in joint regional economic planning and formulate an economic development or redevelopment strategy, which may include assisting existing businesses, attracting new businesses, providing incentives to retain existing businesses, and redeveloping existing areas or facilities. The partnerships can be eligible for loans or matching grants to support their marketing, advertising, and promotional programs. The bill also allows local units to enter into other agreements for joint economic planning, implementation of economic development strategies, or other economic development or redevelopment projects, subject to approval by the Local Finance Board.

Business and Industry