CO HB1160

Creates the Economic Development Organization (EDO) Action Grant Program within the Colorado Office of Economic Development to provide grants to eligible Colorado-based EDOs for community-specific economic development initiatives.

Establishes a $2 million Economic Development Organization Action Grant Cash Fund in the state treasury, with the state treasurer transferring $2 million from the general fund to the fund on July 1, 2024.

Eligible organizations must have primary focus on economic development, dedicated staff, operating budgets exceeding the grant amount, and good standing with Colorado Secretary of State; excludes for-profit businesses, religious organizations, small business development centers, and organizations spending over 15% of budget on political advocacy.

Requires a selection committee including representatives from the Office of Economic Development, Economic Development Council of Colorado, Colorado Economic Development Commission, and Colorado Department of Local Affairs to evaluate applications based on community need, alignment with state goals, and geographic equity.

Grant recipients must submit proposals with specific goals and metrics, provide mid-year reviews and final reports, and may be required to return unused or ineligibly-spent funds; eligible costs include program development and personnel support for expansion, but exclude operational expenses and office equipment.