CT SB01020

Establishes a regional economic development matching grant pilot program within the Department of Economic and Community Development, effective July 1, 2021, to provide matching funds to regional economic development corporations for programs in distressed municipalities.

Requires applicants to represent at least four municipalities, including one distressed municipality, though the Commissioner may waive this requirement; applications must include business location, program description, funding sources, and other information deemed necessary by the department.

Department must stop accepting new applications after June 30, 2026, and will evaluate applicants based on program description, applicant's track record, and potential workforce impact.

Limits total matching grants to no more than $10 million in the aggregate, with individual grants capped at $5 million per regional economic development corporation.

Requires participating corporations to submit progress reports two years after receiving funds and annually thereafter; Commissioner must submit annual evaluations of the pilot program to the joint standing committee on commerce, starting January 15, 2022.