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Planning and Building Department, Economic Development Division, recommending the Board approve and authorize the Chair to sign a letter of support to Valley Vision that endorses the Prosperity Strategy as the Capital Region’s next five-year Comprehensive Economic Development Strategy from 2020-2025, and for submittal to the U.S. Economic Development Administration.
FUNDING: N/A
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DISCUSSION / BACKGROUND
The Board of Supervisors has worked in collaboration with the managing organization of the Comprehensive Economic Development Strategy (CEDS), Valley Vision, and all of the four leadership organizations - Valley Vision, Sacramento Area Council of Governments, Sacramento Metropolitan Chamber of Commerce, and Greater Sacramento Economic Council - to determine that the Prosperity Strategy CEDS shall serve as the next collective strategy for an inclusive, prosperous Capital Region.
A CEDS contributes to effective economic development in America’s communities and regions through a locally-based, regionally-driven economic development planning process. Economic development planning - as implemented through a CEDS - is not only a cornerstone of the U.S. Economic Development Administration’s (EDA) programs, but successfully serves as a means to engage community leaders, leverage the involvement of the private sector, and establish a strategic blueprint for regional collaboration.
The CEDS provides the capacity-building foundation by which the public sector, working in conjunction with other economic actors (individuals, firms, industries), creates the environment for regional economic prosperity. In summary, a CEDS is a strategy-driven plan for regional economic development that is successful when ownership is taken by all jurisdictions to guide the economic prosperity of the region. The CEDS also qualifies the region and its communities for U.S. EDA funding assistance through various programs. The EDA invests in planning, technical assistance, infrastruct...
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