HB 5383 Summary

• Establishes up to eight regional economic development districts in Connecticut, which may be formed by regional commissions, nonprofits, planning organizations, or other entities after approval by the Commissioner of Economic and Community Development, Secretary of the Office of Policy and Management, and U.S. Department of Commerce Assistant Secretary (effective July 1, 2010)

• Requires each regional economic development district to develop a comprehensive economic development strategy addressing identified problems, including economic analysis, goals, action plans, and performance measures, with review and approval by state officials within 60 days

• Mandates annual progress reports on strategy implementation and requires new or revised strategies at least every five years

• Allows the Commissioner of Economic and Community Development to make priority regional grants to districts for municipal development and economic development projects within available appropriations

• Makes projects identified in approved comprehensive economic development strategies eligible for funding from bond funds available to the Commissioner of Economic and Community Development