CO SB002

Creates the Rural Economic Development Initiative (REDI) grant program administered by the Department of Local Affairs in consultation with the Colorado Office of Economic Development to provide grants to eligible recipients for projects in rural communities.

Defines rural communities as counties with fewer than 50,000 residents or municipalities with fewer than 25,000 residents that are not contiguous to larger municipalities, and eligible recipients include local governments, nonprofits, beginning farmers, both Ute tribes, and private employers.

Directs grants toward projects that create new jobs through new or expanded employers or create economic diversity and resilience, with evaluation based on regional industry benefits, multi-community collaboration, local support, and workforce development compatibility.

Requires the Executive Director to adopt REDI program policies and procedures by September 1, 2020, including application procedures, grant amount criteria, match requirements, performance metrics, and reporting requirements.

Mandates annual reporting by November 1 detailing grant distributions and uses, with appropriations remaining available across fiscal years; allows flexibility to redirect funds to the REACT program if rural communities face significant announced economic disruption.