HB15-1177 Summary

• Creates the Rural Economic Development Initiative (REDI) grant program administered by the Department of Local Affairs in collaboration with the Colorado Office of Economic Development to support economic growth in highly distressed rural counties.

• Defines "distressed rural counties" as counties with population under 175,000 meeting two of three criteria: below-statewide employment growth, below-statewide property value growth, or above-statewide free lunch program participation.

• Limits REDI grants to up to 30 "highly distressed rural counties" ranked by combined annual percentage changes in population, employment, weekly wage, and business establishments.

• Authorizes grants on a reimbursement basis to local governments and private employers for projects that retain jobs, attract new jobs, or encourage private capital investment, with applicants required to provide matching funds and meet specified performance criteria.

• Allocates up to $2.25 million from the Local Government Mineral Impact Fund for grant funding over three fiscal years starting 2015-16, with the program repealing effective July 1, 2018; requires Energy Impact Advisory Committee to adopt implementing policies and procedures by September 1, 2015.