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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5897 Reported in House (RH)]

                                                 Union Calendar No. 390
111th CONGRESS
  2d Session
                                H. R. 5897

                      [Report No. 111-652, Part I]

 To reauthorize and improve programs and activities carried out under 
 the Public Works and Economic Development Act of 1965, and for other 
                               purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             July 28, 2010

  Mr. Oberstar (for himself, Ms. Norton, Mr. Rahall, Mr. Filner, Ms. 
 Eddie Bernice Johnson of Texas, Mr. Cummings, Mr. Bishop of New York, 
 Mr. Carnahan, Ms. Hirono, Mr. Arcuri, Mr. Kagen, Ms. Richardson, Mr. 
Hare, and Mr. Johnson of Georgia) introduced the following bill; which 
was referred to the Committee on Transportation and Infrastructure, and 
in addition to the Committee on Financial Services, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
  of such provisions as fall within the jurisdiction of the committee 
                               concerned

                           September 29, 2010

                    Additional sponsor: Mr. Michaud

                           September 29, 2010

 Reported from the Committee on Transportation and Infrastructure with 
                              an amendment
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

                           September 29, 2010

 Committee on Financial Services discharged; committed to the Committee 
 of the Whole House on the State of the Union and ordered to be printed
 [For text of introduced bill, see copy of bill as introduced on July 
                               28, 2010]

_______________________________________________________________________

                                 A BILL

 
 To reauthorize and improve programs and activities carried out under 
 the Public Works and Economic Development Act of 1965, and for other 
                               purposes.

 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Economic 
Revitalization and Innovation Act of 2010''.
    (b) Table of Contents.--

Sec. 1. Short title; table of contents.
Sec. 2. Amendments to Public Works and Economic Development Act of 
                            1965.
Sec. 3. Findings and declarations.
Sec. 4. Definitions.

TITLE I--ECONOMIC DEVELOPMENT PARTNERSHIPS COOPERATION AND COORDINATION

Sec. 101. Establishment of economic development partnerships.
Sec. 102. Encouragement of certain coordination.
Sec. 103. Coordination with respect to high-speed rail.

       TITLE II--GRANTS FOR PUBLIC WORKS AND ECONOMIC DEVELOPMENT

Sec. 201. Grants for public works and economic development.
Sec. 202. Grants for planning and grants for administrative expenses.
Sec. 203. Cost sharing.
Sec. 204. Grants for training, research, and technical assistance.
Sec. 205. Financial assistance for business incubators and science and 
                            research parks.
Sec. 206. Grants for economic adjustment.
Sec. 207. Sustainable economic development demonstration program.
Sec. 208. Job creation goals.
Sec. 209. Prohibition with respect to use of assistance.

 TITLE III--ELIGIBILITY; COMPREHENSIVE ECONOMIC DEVELOPMENT STRATEGIES

Sec. 301. Eligibility of areas.
Sec. 302. Comprehensive economic development strategies.

                TITLE IV--ECONOMIC DEVELOPMENT DISTRICTS

Sec. 401. Designation of economic development districts.
Sec. 402. Termination or modification of economic development 
                            districts.

                        TITLE V--ADMINISTRATION

Sec. 501. Consultation with other persons and agencies.
Sec. 502. Performance evaluations of grant recipients.
Sec. 503. Economic development representatives.
Sec. 504. Limitation on certain positions.

                        TITLE VI--MISCELLANEOUS

Sec. 601. Annual report to Congress.
Sec. 602. Maintenance of effort.

                           TITLE VII--FUNDING

Sec. 701. General authorization of appropriations.
Sec. 702. Funding for grants for planning and grants for administrative 
                            expenses.
Sec. 703. Funding for financial assistance for business incubators and 
                            science and research parks.
Sec. 704. Funding for sustainable economic development demonstration 
                            program.
Sec. 705. Funding for grants for training, research, and technical 
                            assistance.

SEC. 2. AMENDMENTS TO PUBLIC WORKS AND ECONOMIC DEVELOPMENT ACT OF 
              1965.

    Except as otherwise expressly provided, whenever in this Act an 
amendment or repeal is expressed in terms of an amendment to, or a 
repeal of, a section or other provision, the reference shall be 
considered to be made to a section or other provision of the Public 
Works and Economic Development Act of 1965 (42 U.S.C. 3121 et seq.).

SEC. 3. FINDINGS AND DECLARATIONS.

    (a) Findings.--Section 2(a) (42 U.S.C. 3121(a)) is amended to read 
as follows:
    ``(a) Findings.--Congress finds that--
            ``(1) sustainable economic growth in the 21st century 
        depends upon economic development strategies that include 
        investment in essential infrastructure that fosters innovation, 
        entrepreneurship, and competition in the global marketplace;
            ``(2) there continue to be areas of the United States 
        experiencing chronic high unemployment, underemployment, 
        outmigration, and low per capita income, as well as areas 
        facing sudden and severe economic dislocations due to 
        structural economic changes, increasing international 
        competition, certain Federal actions (including defense-related 
        facility closures and realignment and actions required to 
        counteract the depletion of natural resources), and natural 
        disasters;
            ``(3) the goal of Federal economic development programs is 
        to raise the standard of living for all citizens and increase 
        the wealth and overall rate of growth of the economy by 
        encouraging regions and communities to develop a more 
        competitive and diversified economic base, including by--
                    ``(A) expanding economic opportunities, increasing 
                international competitiveness, and creating a climate 
                supportive of job creation and business development;
                    ``(B) creating an environment that promotes public 
                infrastructure investments that maximize sustainable 
                development practices;
                    ``(C) promoting private sector job creation through 
                increased innovation, productivity, and 
                entrepreneurship; and
                    ``(D) empowering local and regional communities 
                experiencing chronic high unemployment, 
                underemployment, outmigration, and low per capita 
                income to develop private sector business and attract 
                increased domestic and foreign private sector capital 
                investment, including through the location of 
                information technology, agribusiness, alternative 
                energy, manufacturing, and bioscience jobs in the 
                United States and the relocation of such jobs to the 
                United States;
            ``(4) economic growth in the States, including in both 
        cities and rural areas, can best be promoted by helping 
        communities invest in regional strategies that build upon 
        unique competitive advantages and are designed to foster 
        innovation and entrepreneurship in all segments of the 
        community's economy;
            ``(5) while economic development is an inherently local 
        process, the Federal Government should work in partnership with 
        public and private organizations at the State, regional, 
        tribal, and local levels to maximize the impact of existing 
        resources and enable regions, communities, and citizens to 
        participate more fully in the American dream and national 
        prosperity;
            ``(6) in order to avoid duplication of effort and achieve 
        meaningful, long-lasting results, Federal, State, tribal, and 
        local economic development activities should have a clear 
        focus, improved coordination, a comprehensive approach, and 
        simplified and consistent requirements; and
            ``(7) Federal economic development efforts will be more 
        effective if the efforts are coordinated with, and build upon, 
        the trade, workforce investment, higher education, 
        transportation, energy, environmental protection, and 
        technology programs of the United States.''.
    (b) Declarations.--Section 2(b) (42 U.S.C. 3121(b)) is amended to 
read as follows:
    ``(b) Declarations.--In order to promote a strong and growing 
economy throughout the United States, Congress declares that--
            ``(1) assistance under this Act should be made available to 
        distressed communities in both rural and urban areas;
            ``(2) local communities should work in partnership with 
        neighboring communities, economic development districts, 
        States, Indian tribes, institutions of higher education, 
        national security laboratories, the private sector, and the 
        Federal Government to increase the capacity of those local 
        communities to develop and implement comprehensive economic 
        development strategies to alleviate economic distress and 
        enhance competitiveness in the global economy, including 
        national security laboratories;
            ``(3) whether suffering from long-term distress or a sudden 
        dislocation, distressed communities should be encouraged to 
        take affirmative steps to promote innovation and 
        entrepreneurship, including through the formation of business 
        incubators, to help create higher skill, higher wage jobs and 
        foster the participation of those distressed communities in the 
        global marketplace;
            ``(4) assistance under this Act should be made available to 
        promote sustainable economic development practices, to assist 
        communities with the productive reuse of abandoned industrial 
        facilities and the redevelopment of brownfields, and to 
        leverage significant Federal investments in high-speed rail 
        corridors and other transportation infrastructure; and
            ``(5) research assistance under this Act should help 
        regions across the United States leverage the economic assets 
        of those regions in a comprehensive manner and should enhance 
        the Economic Development Administration's ability to provide an 
        economic development framework to assist distressed communities 
        and regions, with particular emphasis on revitalizing the 
        manufacturing, agribusiness, and bioscience industries and the 
        linkages between urban and rural communities.''.

SEC. 4. DEFINITIONS.

    Section 3(8) (42 U.S.C. 3122(8)) is amended--
            (1) in subparagraph (C) by striking ``and'' at the end;
            (2) in subparagraph (D) by striking the period at the end 
        and inserting a semicolon; and
            (3) by adding at the end the following:
                    ``(E) the Southeast Crescent Regional Commission 
                established under section 15301(a) of title 40, United 
                States Code;
                    ``(F) the Northern Border Regional Commission 
                established under section 15301(a) of title 40, United 
                States Code; and
                    ``(G) the Southwest Border Regional Commission 
                established under section 15301(a) of title 40, United 
                States Code.''.

TITLE I--ECONOMIC DEVELOPMENT PARTNERSHIPS COOPERATION AND COORDINATION

SEC. 101. ESTABLISHMENT OF ECONOMIC DEVELOPMENT PARTNERSHIPS.

    (a) Technical Assistance.--Section 101(b) (42 U.S.C. 3131(b)) is 
amended--
            (1) in the matter preceding paragraph (1) by inserting 
        after ``nonprofit organizations'' the following: ``, including 
        economic development districts and university centers,''; and
            (2) by striking paragraphs (2) and (3) and inserting the 
        following:
            ``(2) encourage and support public-private partnerships for 
        the formation and improvement of economic development 
        strategies, including regional strategies, that sustain and 
        promote innovation and entrepreneurship that is critical to 
        economic competitiveness throughout the United States; and
            ``(3) promote investment in infrastructure, innovation, 
        entrepreneurship, sustainable development, and technological 
        capacity (including with respect to advanced technologies in 
        all industry sectors) to keep pace with the changing global 
        economy.''.
    (b) Intergovernmental Review.--Section 101(c) (42 U.S.C. 3131(c)) 
is amended by inserting after ``government agencies'' the following: 
``and appropriate economic development districts''.

SEC. 102. ENCOURAGEMENT OF CERTAIN COORDINATION.

    (a) In General.--Title I (42 U.S.C. 3131 et seq.) is amended by 
adding at the end the following:

``SEC. 104. ENCOURAGEMENT OF CERTAIN COORDINATION.

    ``In carrying out this Act, the Secretary is authorized and 
encouraged to consult and cooperate with any Federal, State, or local 
government agency or consortium of governmental organizations that can 
assist in addressing challenges and capitalizing on opportunities that 
require coordination, including the Department of Labor with respect to 
supporting economic and workforce development strategies and promoting 
regional innovation clusters.''.
    (b) Clerical Amendment.--The table of contents in section 1(b) is 
amended by inserting after the item relating to section 103 the 
following:

``Sec. 104. Encouragement of certain coordination.''.

SEC. 103. COORDINATION WITH RESPECT TO HIGH-SPEED RAIL.

    (a) In General.--Title I (42 U.S.C. 3131 et seq.), as amended by 
this Act, is further amended by adding at the end the following:

``SEC. 105. COORDINATION WITH RESPECT TO HIGH-SPEED RAIL.

    ``The Secretary shall coordinate activities carried out under this 
Act, as appropriate, with the Department of Transportation and other 
relevant Federal agencies, State and local governments, economic 
development districts, Indian tribes, and planning and development 
organizations to leverage and maximize the economic development 
potential of Federal investments in high-speed rail projects. In 
carrying out this section, the Secretary shall conduct studies and 
disseminate reports, as appropriate, with respect to high-speed rail 
projects.''.
    (b) Clerical Amendment.--The table of contents in section 1(b), as 
amended by this Act, is further amended by inserting after the item 
relating to section 104 the following:

``Sec. 105. Coordination with respect to high-speed rail.''.

       TITLE II--GRANTS FOR PUBLIC WORKS AND ECONOMIC DEVELOPMENT

SEC. 201. GRANTS FOR PUBLIC WORKS AND ECONOMIC DEVELOPMENT.

    Section 201(a)(1) (42 U.S.C. 3141(a)(1)) is amended by inserting 
after ``development facility'' the following: ``(including a facility 
of a business incubator or a science and research park (as such terms 
are defined in section 208(a)))''.

SEC. 202. GRANTS FOR PLANNING AND GRANTS FOR ADMINISTRATIVE EXPENSES.

    (a) In General.--Section 203(a) (42 U.S.C. 3143(a)) is amended by 
inserting after ``administrative expenses'' the following: ``(including 
indirect costs determined eligible in an applicable Office of 
Management and Budget circular)''.
    (b) Planning Process.--Section 203(b) (42 U.S.C. 3143(b)) is 
amended--
            (1) in paragraph (3) by striking ``and'' at the end;
            (2) in paragraph (4) by striking ``and increase incomes.'' 
        and inserting ``and systemic economic distress and increase 
        incomes by fostering entrepreneurship and innovation across all 
        regional industry sectors; and''; and
            (3) by adding at the end the following:
            ``(5) fostering regional collaboration.''.
    (c) State Plans.--Section 203(d)(4) (42 U.S.C. 3143(d)(4)) is 
amended--
            (1) in the matter preceding subparagraph (A) by inserting 
        after ``public works'' the following: ``and other types of 
        assistance'';
            (2) in subparagraph (C) by inserting after ``environment'' 
        the following: ``, including through efficient energy 
        production, utilization, and facility development'';
            (3) in subparagraph (E)--
                    (A) by inserting after ``use'' the following: ``and 
                deployment''; and
                    (B) by striking ``and'' at the end;
            (4) in subparagraph (F) by striking the period at the end 
        and inserting ``; and''; and
            (5) by adding at the end the following:
                    ``(G) support sustainable development practices and 
                the efficient coordination and leveraging of public and 
                private investments.''.

SEC. 203. COST SHARING.

    Section 204(c) (42 U.S.C. 3144(c)) is amended--
            (1) in paragraph (2) by inserting after ``State or 
        political subdivision'' the following: ``or that the Secretary 
        determines has been affected by substantial declines in tax 
        revenue''; and
            (2) in paragraph (3)--
                    (A) in the heading by striking ``Training'' and 
                inserting ``Planning, training'';
                    (B) by striking ``section 207'' and inserting 
                ``section 203 or 207''; and
                    (C) by inserting after ``such an increase'' the 
                following: ``or if grant supported activities will 
                include regional planning to build on competitive 
                advantages available regionally''.

SEC. 204. GRANTS FOR TRAINING, RESEARCH, AND TECHNICAL ASSISTANCE.

    (a) Grants.--Section 207(a)(1) (42 U.S.C. 3147(a)(1)) is amended by 
striking ``or underemployment'' and inserting ``, underemployment, or 
outmigration''.
    (b) Types of Assistance.--Section 207(a)(2) (42 U.S.C. 3147(a)(2)) 
is amended--
            (1) in subparagraph (D) by inserting after ``centers'' the 
        following: ``, with the goal that at least one university 
        center is established in each State''; and
            (2) by striking subparagraphs (H) and (I) and inserting the 
        following:
                    ``(H) studies that evaluate the effectiveness of 
                regional innovation clusters and determine best 
                practices with respect to the support provided by 
                entrepreneurial infrastructure, including business 
                incubators;
                    ``(I) a peer exchange program to promote best 
                practices and innovation with respect to the 
                organizational development, program delivery, and 
                regional initiatives of economic development districts;
                    ``(J) development and promotion of performance 
                measures and best practices with respect to 
                commercialization and entrepreneurship;
                    ``(K) developing or implementing county or 
                municipal government efficiency assessments related to 
                economic development or community viability; and
                    ``(L) other activities determined by the Secretary 
                to be appropriate.''.
    (c) High-speed Rail.--Section 207(a) (42 U.S.C. 3147(a)) is amended 
by adding at the end the following:
            ``(4) High-speed rail.--In making a grant under this 
        subsection for the establishment of a university center, the 
        Secretary shall ensure, if appropriate, that the activities of 
        the center will include conducting research and providing 
        technical assistance to leverage and maximize the economic 
        development potential of Federal investments in high-speed rail 
        projects.''.

SEC. 205. FINANCIAL ASSISTANCE FOR BUSINESS INCUBATORS AND SCIENCE AND 
              RESEARCH PARKS.

    (a) In General.--Title II (42 U.S.C. 3141 et seq.) is amended by 
inserting after section 207 the following:

``SEC. 208. FINANCIAL ASSISTANCE FOR BUSINESS INCUBATORS AND SCIENCE 
              AND RESEARCH PARKS.

    ``(a) Definitions.--In this section, the following definitions 
apply:
            ``(1) Business incubator.--The term `business incubator' 
        means a program established to foster the creation of new 
        businesses and accelerate the growth of early-stage businesses 
        by providing entrepreneurs and early-stage businesses with the 
        resources and services to produce viable businesses that can 
        help create jobs in and restore vitality to communities.
            ``(2) Business incubator development project.--The term 
        `business incubator development project' means a project to 
        construct or alter facilities for a business incubator, 
        including the acquisition of real property necessary to carry 
        out the construction or alteration.
            ``(3) Science and research park.--The term `science and 
        research park' means a program that--
                    ``(A) includes property and buildings designed 
                primarily for--
                            ``(i) research and development activities 
                        conducted by public-private partners;
                            ``(ii) technology- and science-based 
                        businesses; or
                            ``(iii) research and development support 
                        services;
                    ``(B) includes a contractual relationship with one 
                or more institutions of higher education or government 
                or nonprofit research laboratories, including national 
                security laboratories;
                    ``(C) has a primary mission of--
                            ``(i) promoting research and development 
                        through industry partnerships, assisting the 
                        growth of new ventures, and promoting 
                        innovation-driven economic development;
                            ``(ii) facilitating the transfer of 
                        technology and business skills between 
                        researchers and industry teams; and
                            ``(iii) promoting technology-led economic 
                        development for the community or region in 
                        which the program is located; and
                    ``(D) is owned by a government or nonprofit entity 
                (although the government or nonprofit entity may enter 
                into partnerships or joint ventures with for-profit 
                entities to develop or manage specific components of 
                the program).
            ``(4) Science and research park development project.--The 
        term `science and research park development project' means a 
        project to construct or alter facilities for a science and 
        research park, including the acquisition of real property 
        necessary to carry out the construction or alteration.
    ``(b) Financial Assistance.--On the application of an eligible 
recipient, the Secretary may provide financial assistance in accordance 
with this section to assist the development of business incubators and 
science and research parks.
    ``(c) Grants for Plans for Science and Research Parks.--
            ``(1) Grant authority.--In accordance with this subsection, 
        the Secretary may award a grant to an eligible recipient for 
        the development of a feasibility study or development plan, or 
        both, with respect to a science and research park development 
        project.
            ``(2) Amount of a grant.--A grant awarded under paragraph 
        (1) may not be in an amount that exceeds $750,000.
            ``(3) Selection process.--
                    ``(A) Selection criteria.--Not later than 180 days 
                after the date of enactment of the Economic 
                Revitalization and Innovation Act of 2010, the 
                Secretary shall publish the criteria to be utilized for 
                the selection of grant recipients under paragraph (1).
                    ``(B) Competition required.--The Secretary shall 
                award grants under paragraph (1) pursuant to a full and 
                open competition.
                    ``(C) Geographic diversity.--In awarding grants 
                under paragraph (1), the Secretary shall ensure, to the 
                extent practicable, that grant recipients represent 
                diverse geographic areas of the United States, 
                including rural and urban areas.
            ``(4) Program limit.--The Secretary may not award, in the 
        aggregate, more than $7,500,000 in grants under paragraph (1).
    ``(d) Loan Guarantees for Business Incubators and Science and 
Research Parks.--
            ``(1) Guarantee authority.--In accordance with this 
        subsection, the Secretary may guarantee a loan of an eligible 
        recipient to assist the carrying out of a business incubator 
        development project or a science and research park development 
        project.
            ``(2) Guarantee percentage.--In guaranteeing a loan under 
        paragraph (1), the Secretary may guarantee up to 80 percent of 
        the principal amount of the loan.
            ``(3) Selection of guarantee recipients.--
                    ``(A) Creditworthiness.--The Secretary may not 
                guarantee a loan under paragraph (1) unless the 
                Secretary has determined that there is a reasonable 
                assurance of repayment with respect to the loan.
                    ``(B) Grant recipients.--A recipient of a grant 
                under subsection (c) for the development of a 
                feasability study or development plan, or both, is not 
                eligible for a loan guarantee under paragraph (1) until 
                the recipient has completed the study or plan, or both, 
                for which the grant was provided (as determined by the 
                Secretary).
            ``(4) Term of loan.--The term of a loan guaranteed under 
        paragraph (1) may not exceed the lesser of--
                    ``(A) 30 years; or
                    ``(B) 90 percent of the useful life of any physical 
                asset to be financed by such loan.
            ``(5) Subordination.--An obligation relating to a loan 
        guarantee under paragraph (1) may not be subordinated to 
        another debt contracted by the borrower or to any other claims 
        against the borrower in the case of default.
            ``(6) Other terms and conditions.--Except as otherwise 
        specified in this subsection, a loan guarantee under paragraph 
        (1) shall be subject to such terms and conditions as the 
        Secretary may prescribe.
            ``(7) Review.--
                    ``(A) In general.--The Secretary shall periodically 
                assess the risks associated with loans guaranteed under 
                paragraph (1).
                    ``(B) Comptroller general report.--Not later than 2 
                years after the date of enactment of the Economic 
                Revitalization and Innovation Act of 2010, the 
                Comptroller General shall--
                            ``(i) conduct a comprehensive review of the 
                        program under this subsection; and
                            ``(ii) submit to Congress a report on the 
                        results of the review.
            ``(8) Program levels.--In carrying out paragraph (1) during 
        fiscal years 2011 through 2015, the Secretary may not guarantee 
        loans in an amount that exceeds--
                    ``(A) $50,000,000 for a single project;
                    ``(B) $235,000,000 in a single fiscal year; and
                    ``(C) $500,000,000 in the aggregate.''.
    (b) Clerical Amendment.--The table of contents in section 1(b), as 
amended by this Act, is further amended by inserting after the item 
relating to section 207 the following:

``Sec. 208. Financial assistance for business incubators and science 
                            and research parks.''.

SEC. 206. GRANTS FOR ECONOMIC ADJUSTMENT.

    (a) In General.--Section 209(a) (42 U.S.C. 3149(a)) is amended--
            (1) by inserting after ``public facilities,'' the 
        following: ``science and research park development projects (as 
        defined in section 208(a)),''; and
            (2) by inserting after ``revolving loan fund'' the 
        following: ``, a challenge grant, and operating support for 
        business incubators (as defined in section 208(a))''.
    (b) Particular Community Assistance.--Section 209(c) (42 U.S.C. 
3149(c)) is amended--
            (1) in the matter preceding paragraph (1) by striking 
        ``injured'' and inserting ``affected'';
            (2) in paragraph (1)--
                    (A) by striking ``or realignments,'' and inserting 
                ``, realignments, or mission growth,''; and
                    (B) by inserting after ``their economies'' the 
                following: ``or supporting the economic adjustment 
                activities of the Secretary of Defense'';
            (3) in paragraph (4) by striking ``or'' at the end;
            (4) in paragraph (5)--
                    (A) by striking ``manufacturing jobs'' and 
                inserting ``manufacturing, information technology, 
                natural resource, agricultural, or service sector 
                jobs''; and
                    (B) by striking the period at the end and inserting 
                ``;''; and
            (5) by adding at the end the following:
            ``(6) a lack of technology infrastructure, including 
        inadequate access to broadband capacity sufficient to support 
        economic development objectives;
            ``(7) an inability to utilize alternative means of energy 
        production and distribution; or
            ``(8) insufficient access to capital and credit necessary 
        for business retention and expansion, entrepreneurship, and 
        innovation.''.
    (c) Special Provisions Relating to Revolving Loan Fund Grants.--
Section 209(d) (42 U.S.C. 3149(d)) is amended--
            (1) in paragraph (2)--
                    (A) by redesignating subparagraphs (B) and (C) as 
                subparagraphs (C) and (D), respectively; and
                    (B) by inserting after subparagraph (A) the 
                following:
                    ``(B) at the request of a grantee, approve the 
                transfer of all or a portion of the assets of a 
                revolving loan fund of the grantee to another eligible 
                recipient to assist in establishing or maintaining a 
                multiregion or national revolving loan fund;''; and
            (2) by adding at the end the following:
            ``(5) Conversion of revolving loan fund assets.--
                    ``(A) Authority.--At the request of a grant 
                recipient, the Secretary may approve the use of the 
                assets of a revolving loan fund established by the 
                grant recipient with assistance under this section for 
                another project, if--
                            ``(i) the project is eligible for 
                        assistance under this Act; and
                            ``(ii) the Secretary determines that the 
                        revolving loan fund is no longer necessary and 
                        the grant recipient, as a result of changed 
                        economic development needs, will make better 
                        use of the assets by carrying out the project.
                    ``(B) Methods of conversion.--If conversion of a 
                revolving loan fund is approved under subparagraph (A), 
                the applicable grant recipient may convert the assets 
                of the revolving loan fund by--
                            ``(i) selling to a third party any assets 
                        of the revolving loan fund; or
                            ``(ii) retaining repayments of principal 
                        and interest amounts made on loans provided 
                        through the revolving loan fund.
                    ``(C) Terms and conditions.--Except as otherwise 
                provided under this paragraph, the Secretary may 
                establish such terms and conditions with respect to the 
                conversion of a revolving loan fund under this 
                paragraph as the Secretary determines appropriate.
                    ``(D) Expediency requirement.--The Secretary shall 
                ensure that any assets of a revolving loan fund 
                converted under this paragraph are used in an 
                expeditious manner.
            ``(6) Release.--The Secretary may release, subject to terms 
        and conditions the Secretary determines appropriate, the 
        Federal Government's interest in a revolving loan fund 
        established by a grant recipient with assistance under this 
        section on or after the date that is 7 years after the date on 
        which the applicable grant was fully disbursed, if the 
        Secretary determines that--
                    ``(A) the grant recipient has carried out the terms 
                of the grant in a satisfactory manner;
                    ``(B) any proceeds realized after the release of 
                the Federal Government's interest will be used for one 
                or more activities that carry out the economic 
                development purposes of this Act; and
                    ``(C) the grant recipient will continue to satisfy 
                the requirements of section 602.
            ``(7) Equity investment demonstration program.--
                    ``(A) Authority.--
                            ``(i) In general.--To determine the 
                        feasibility and utility of providing equity 
                        investments through revolving loan funds 
                        established by grant recipients with assistance 
                        under this section, the Secretary may 
                        authorize, at the request of a grant recipient, 
                        the use of the capital base of a revolving loan 
                        fund for equity investments in businesses in 
                        need of capital to start up operations or 
                        expand operations beyond the startup phase.
                            ``(ii) Demonstrated capacity.--Before 
                        authorizing a grant recipient to make equity 
                        investments under clause (i), the Secretary 
                        shall determine that the grant recipient has 
                        the demonstrated capacity for engaging in 
                        equity investments or will contract with 
                        another company or organization with a proven 
                        track record with respect to equity 
                        investments.
                            ``(iii) Preferential consideration.--In 
                        authorizing grant recipients to make equity 
                        investments under clause (i), the Secretary 
                        shall give preferential consideration to 
                        requests from grant recipients that intend to 
                        focus their investment activities in support of 
                        business incubators (as defined in section 
                        208(a)), companies commercializing technologies 
                        in conjunction with institutions of higher 
                        education, science and research parks (as 
                        defined in section 208(a)), or technology or 
                        manufacturing companies relocating to the 
                        United States from outside the United States.
                            ``(iv) Geographic diversity.--In 
                        authorizing grant recipients to make equity 
                        investments under clause (i), the Secretary 
                        shall ensure, to the extent practicable, that 
                        grant recipients authorized represent diverse 
                        geographic areas of the United States, 
                        including rural and urban areas.
                    ``(B) Requirements.--In authorizing a grant 
                recipient to make equity investments under subparagraph 
                (A)(i), the Secretary shall ensure that--
                            ``(i) not more than 25 percent of the 
                        capital base of the revolving loan fund of the 
                        grant recipient will be used for equity 
                        investments;
                            ``(ii) the Federal share of the amount used 
                        for an equity investment made by the grant 
                        recipient will not exceed 50 percent; and
                            ``(iii) the total amount of the equity 
                        investments made by the grant recipient in any 
                        one business will not exceed $250,000.
                    ``(C) Other terms and conditions.--Except as 
                otherwise provided in this paragraph, the Secretary may 
                authorize grant recipients to make equity investments 
                under subparagraph (A)(i) subject to terms and 
                conditions the Secretary determines are appropriate.
                    ``(D) Disposition of equity securities.--In the 
                event that the Secretary acquires equity securities as 
                a result of a default by any party under any agreement 
                relating to the terms of the Secretary's extension of 
                assistance under this paragraph, the Secretary shall 
                liquidate the Federal interest in such securities as 
                soon as possible and for such consideration as the 
                Secretary determines appropriate. The Secretary may 
                assign or transfer the securities to a third party for 
                purposes of liquidation and the third party may retain 
                proceeds from the disposition of the securities to 
                defray costs related to the liquidation.
                    ``(E) Definitions.--In this paragraph the following 
                definitions apply:
                            ``(i) Capital base.--The term `capital 
                        base' means the amount of the funding, from a 
                        grant under this section and from non-Federal 
                        sources, initially provided to establish a 
                        revolving loan fund under this section.
                            ``(ii) Equity investment.--The term `equity 
                        investment' means an investment of funds in a 
                        business that results in the acquisition of an 
                        equity security.
                            ``(iii) Equity security.--The term `equity 
                        security' means an instrument that signifies an 
                        ownership interest in a business.''.

SEC. 207. SUSTAINABLE ECONOMIC DEVELOPMENT DEMONSTRATION PROGRAM.

    (a) In General.--Section 218 (42 U.S.C. 3154d) is amended to read 
as follows:

``SEC. 218. SUSTAINABLE ECONOMIC DEVELOPMENT DEMONSTRATION PROGRAM.

    ``(a) In General.--On the application of an eligible recipient, the 
Secretary may provide technical assistance, make grants, enter into 
contracts, or otherwise provide funding for a project--
            ``(1) to promote energy efficiency to enhance the economic 
        competitiveness of an area;
            ``(2) to increase the use of renewable energy technologies, 
        including solar, wind, or geothermal technologies, to support 
        sustainable economic development and job growth, with a 
        priority given to projects that incorporate photovoltaics or 
        relate to agribusiness, including in both urban and rural 
        areas;
            ``(3) to support energy efficiency or alternative energy 
        development plans, studies, or analysis (including with respect 
        to job training, attraction, or retention) to enhance a 
        comprehensive economic development strategy with respect to 
        which funding has been provided under this Act;
            ``(4) to support the efforts of a community to have a 
        technology or manufacturing business located outside the United 
        States relocate to the United States; and
            ``(5) to supplement another project funded by a Federal 
        grant, loan, or loan guarantee provided for a purpose described 
        in paragraphs (1) through (4).
    ``(b) Federal Share.--Notwithstanding section 204, the Federal 
share of the cost of a project funded under this section--
            ``(1) if described in paragraph (1), (2), (3), or (4) of 
        subsection (a), shall not exceed 80 percent; and
            ``(2) if described in subsection (a)(5), shall not exceed 
        100 percent.
    ``(c) Solicitation of Applications.--Not later than 60 days after a 
date on which funds are made available to carry out this section, the 
Secretary shall solicit applications for assistance under this 
section.''.
    (b) Clerical Amendment.--The table of contents in section 1(b), as 
amended by this Act, is further amended by striking the item relating 
to section 218 and inserting the following:

``Sec. 218. Sustainable economic development demonstration program.''.

SEC. 208. JOB CREATION GOALS.

    (a) In General.--Title II (42 U.S.C. 3141 et seq.), as amended by 
this Act, is further amended by adding at the end the following:

``SEC. 219. JOB CREATION GOALS.

    ``(a) In General.--As a condition of the receipt of a grant under 
section 201, 205, or 209 or a loan guarantee under section 208, the 
recipient of the grant or loan guarantee shall enter into an agreement 
with the Secretary that establishes goals for the number of jobs to be 
created as a result of the projects and activities funded by the grant 
or loan guarantee.
    ``(b) Compliance With Goals.--The Secretary may take appropriate 
action to penalize a grant recipient who fails to satisfy job creation 
goals specified in an agreement under subsection (a).''.
    (b) Clerical Amendment.--The table of contents in section 1(b), as 
amended by this Act, is further amended by inserting after the item 
relating to section 218 the following:

``Sec. 219. Job creation goals.''.

SEC. 209. PROHIBITION WITH RESPECT TO USE OF ASSISTANCE.

    (a) In General.--Title II (42 U.S.C. 3141 et seq.), as amended by 
this Act, is further amended by adding at the end the following:

``SEC. 220. PROHIBITION WITH RESPECT TO USE OF ASSISTANCE.

    ``The Secretary shall ensure that a recipient of assistance under 
this Act does not utilize the assistance for activities to 
intentionally attract, to the location of the recipient, a business or 
other source of employment already established elsewhere in the United 
States, if the relocation would adversely affect the location where the 
business or other source of employment was previously located.''.
    (b) Clerical Amendment.--The table of contents in section 1(b), as 
amended by this Act, is further amended by inserting after the item 
relating to section 219 the following:

``Sec. 220. Prohibition with respect to use of assistance.''.

 TITLE III--ELIGIBILITY; COMPREHENSIVE ECONOMIC DEVELOPMENT STRATEGIES

SEC. 301. ELIGIBILITY OF AREAS.

    Section 301 (42 U.S.C. 3161) is amended by adding at the end the 
following:
    ``(e) Special Need.--In determining whether an area has experienced 
or is about to experience a special need for purposes of subsection 
(a)(3), the Secretary may consider whether the area has been affected 
by--
            ``(1) the loss of a substantial employer;
            ``(2) substantial outmigration or population loss;
            ``(3) substantial foreclosure rates;
            ``(4) substantial underemployment;
            ``(5) military base or defense installation closure, 
        realignment, or mission growth;
            ``(6) a natural or other disaster or emergency;
            ``(7) substantial natural resource depletion;
            ``(8) substantial negative effects resulting from changing 
        trade patterns; or
            ``(9) other circumstances that the Secretary determines are 
        indicative of special or extraordinary unemployment or economic 
        adjustment problems.''.

SEC. 302. COMPREHENSIVE ECONOMIC DEVELOPMENT STRATEGIES.

    (a) In General.--Section 302(a) (42 U.S.C. 3162(a)) is amended--
            (1) in paragraph (1) by inserting after ``problems'' the 
        following: ``and opportunities'';
            (2) in paragraph (2) by inserting after ``private'' the 
        following: ``(including nonprofit organization)''; and
            (3) in paragraph (3)--
                    (A) in subparagraph (A)--
                            (i) by striking ``economic problems'' and 
                        inserting ``economic development problems and 
                        opportunities'';
                            (ii) by inserting after ``strategy, 
                        promotes the'' the following: ``effective''; 
                        and
                            (iii) by striking ``balances'' and 
                        inserting ``optimizes''; and
                    (B) in subparagraph (B) by inserting after ``the 
                problems'' the following: ``and take advantage of the 
                opportunities''.
    (b) Approval of Other Plan.--Section 302(c) (42 U.S.C. 3162(c)) is 
amended--
            (1) in paragraph (1) by inserting after ``federally 
        supported program'' the following: ``or under a State, 
        regionally, or locally supported program''; and
            (2) in paragraph (2) by striking ``paragraph'' and 
        inserting ``subsection''.
    (c) Notification of Approval or Disapproval of Comprehensive 
Economic Development Strategy or Other Plan.--Section 302 (42 U.S.C. 
3162) is amended by adding at the end the following:
    ``(d) Notification of Approval or Disapproval of Comprehensive 
Economic Development Strategy or Other Plan.--
            ``(1) Deadline.--The Secretary shall notify an eligible 
        recipient of the approval or disapproval of a comprehensive 
        economic development strategy or other plan submitted under 
        this section not later than 60 days after the date of receiving 
        the strategy or plan.
            ``(2) Basis for disapproval.--A notification of disapproval 
        under this subsection shall include a description of the basis 
        for the disapproval.''.

                TITLE IV--ECONOMIC DEVELOPMENT DISTRICTS

SEC. 401. DESIGNATION OF ECONOMIC DEVELOPMENT DISTRICTS.

    (a) In General.--Section 401(a) (42 U.S.C. 3171(a)) is amended in 
the matter preceding paragraph (1) by striking ``broad geographic'' and 
inserting ``national and regional''.
    (b) Operations.--Section 401 (42 U.S.C. 3171) is amended by adding 
at the end the following:
    ``(c) Operations.--
            ``(1) In general.--As a condition of maintaining 
        designation as an economic development district, each district 
        shall engage in the full range of economic development 
        activities in the comprehensive economic development strategy 
        of the district that has been approved by the Secretary, which 
        may include--
                    ``(A) coordinating and implementing economic 
                development activities in the district;
                    ``(B) carrying out economic development research, 
                planning, implementation, and advisory functions 
                identified in the comprehensive economic development 
                strategy; and
                    ``(C) coordinating the development and 
                implementation of the comprehensive economic 
                development strategy with Federal, State, local, and 
                private organizations.
            ``(2) Contracts.--An economic development district may 
        enter into contracts for services to carry out the activities 
        described in paragraph (1).''.

SEC. 402. TERMINATION OR MODIFICATION OF ECONOMIC DEVELOPMENT 
              DISTRICTS.

    Section 402 (42 U.S.C. 3172) is amended by adding at the end the 
following: ``The standards shall include authority for the Secretary to 
review, at the request of a district, district designations to evaluate 
whether the designations meet economic development and labor force 
needs and, when warranted, to approve the combination of districts and 
adjust applicable assistance levels for the resulting combination.''.

                        TITLE V--ADMINISTRATION

SEC. 501. CONSULTATION WITH OTHER PERSONS AND AGENCIES.

    Section 503(a) (42 U.S.C. 3193(a)) is amended by striking ``or 
underemployment'' and inserting ``, underemployment, or outmigration''.

SEC. 502. PERFORMANCE EVALUATIONS OF GRANT RECIPIENTS.

    (a) Purpose of Evaluations of University Centers.--Section 506(b) 
(42 U.S.C. 3196(b)) is amended by striking ``are worthy of'' and all 
that follows through the period at the end and inserting ``maintain the 
capacity to implement the priorities of the Secretary.''.
    (b) Timing of Evaluations.--Section 506(c) (42 U.S.C. 3196(c)) is 
amended to read as follows:
    ``(c) Timing of Evaluations.--Evaluations under subsection (a) 
shall be conducted on a continuing basis so that--
            ``(1) with respect to economic development districts, each 
        grantee is evaluated within 3 years after the first award of 
        assistance to the grantee and at least once every 3 years 
        thereafter, so long as the grantee receives the assistance; and
            ``(2) with respect to university centers, each grantee is 
        evaluated within 5 years after the first award of assistance to 
        the grantee and at least once every 5 years thereafter, so long 
        as the grantee receives the assistance.''.
    (c) Evaluation Criteria for University Centers.--Section 506(d)(2) 
(42 U.S.C. 3196(d)(2)) is amended to read as follows:
            ``(2) Evaluation criteria for university centers.--The 
        criteria for evaluation of a university center shall provide, 
        at a minimum, for an assessment of--
                    ``(A) the center's contribution to providing 
                technical assistance, conducting applied research, and 
                disseminating the results of the activities of the 
                center;
                    ``(B) the center's conformance with the approved 
                program plan of the center and the goals of the 
                Secretary; and
                    ``(C) if appropriate, the center's activities to 
                leverage and maximize the economic development 
                potential of Federal investments in high-speed rail 
                projects, including activities--
                            ``(i) to encourage collaboration across 
                        regions; and
                            ``(ii) to evaluate manufacturing and 
                        economic development opportunities relating to 
                        the projects.''.

SEC. 503. ECONOMIC DEVELOPMENT REPRESENTATIVES.

    (a) In General.--Title V (42 U.S.C. 3191 et seq.) is amended by 
adding at the end the following:

``SEC. 508. ECONOMIC DEVELOPMENT REPRESENTATIVES.

    ``The Secretary shall ensure that the Economic Development 
Administration maintains--
            ``(1) not less than 35 individuals in the position of 
        economic development representative during fiscal year 2012; 
        and
            ``(2) not less than 40 individuals in the position of 
        economic development representative during fiscal year 2013 and 
        each fiscal year thereafter.''.
    (b) Clerical Amendment.--The table of contents in section 1(b), as 
amended by this Act, is further amended by inserting after the item 
relating to section 507 the following:

``Sec. 508. Economic development representatives.''.

SEC. 504. LIMITATION ON CERTAIN POSITIONS.

    (a) In General.--Title V (42 U.S.C. 3191 et seq.), as amended by 
this Act, is further amended by adding at the end the following:

``SEC. 509. LIMITATION ON CERTAIN POSITIONS.

    ``Beginning in fiscal year 2012, the number of positions in the 
Economic Development Administration that, for purposes of title 5, 
United States Code, are general positions (as defined by section 
3132(a)(9) of such title) which may be filled only by a noncareer 
appointee (as defined by section 3132(a)(7) of such title) shall be 
limited to 5.''.
    (b) Clerical Amendment.--The table of contents in section 1(b), as 
amended by this Act, is further amended by inserting after the item 
relating to section 508 the following:

``Sec. 509. Limitation on certain positions.''.

                        TITLE VI--MISCELLANEOUS

SEC. 601. ANNUAL REPORT TO CONGRESS.

    Section 603(b) (42 U.S.C. 3213(b)) is amended--
            (1) in paragraph (2)(B) by striking ``and'' at the end;
            (2) in paragraph (3) by striking the period at the end and 
        inserting a semicolon; and
            (3) by adding at the end the following:
            ``(4) with respect to each university center assisted with 
        funding under this Act, include--
                    ``(A) a specification of the activities of the 
                university center;
                    ``(B) a specification of the recipients of 
                technical assistance from the university center; and
                    ``(C) a specification of the outcomes resulting 
                from the job creation, research, and technical 
                assistance activities of the university center; and
            ``(5) specify the projects, and the funding provided for 
        the projects, that were funded in conjunction with one or more 
        of the regional commissions.''.

SEC. 602. MAINTENANCE OF EFFORT.

    (a) In General.--Title VI (42 U.S.C. 3211 et seq.) is amended by 
adding at the end the following:

``SEC. 613. MAINTENANCE OF EFFORT.

    ``(a) Expected Period of Best Efforts.--
            ``(1) Establishment.--To carry out the purposes of this 
        Act, before providing investment assistance for a construction 
        project under this Act, the Secretary shall establish the 
        expected period during which the recipient of the assistance 
        shall make best efforts to achieve the economic development 
        objectives of the assistance.
            ``(2) Treatment of property.--To obtain the best efforts of 
        a recipient during the period established under paragraph (1), 
        during that period--
                    ``(A) any property that is acquired or improved, in 
                whole or in part, using investment assistance under 
                this Act shall be held in trust by the recipient for 
                the benefit of the project; and
                    ``(B) the Secretary shall retain an undivided 
                equitable reversionary interest in the property.
            ``(3) Termination of federal interest.--
                    ``(A) In general.--Beginning on the date on which 
                the Secretary determines that a recipient has fulfilled 
                the obligations of the recipient for the applicable 
                period under paragraph (1), taking into consideration 
                the economic conditions existing during that period, 
                the Secretary may terminate the reversionary interest 
                of the Secretary in any applicable property under 
                paragraph (2)(B).
                    ``(B) Alternative method of termination.--
                            ``(i) In general.--On a determination by a 
                        recipient that the economic development needs 
                        of the recipient have changed during the period 
                        beginning on the date on which investment 
                        assistance for a construction project is 
                        provided under this Act and ending on the 
                        expiration of the expected period established 
                        for the project under paragraph (1), the 
                        recipient may submit to the Secretary a request 
                        to terminate the reversionary interest of the 
                        Secretary in property of the project under 
                        paragraph (2)(B) before the date described in 
                        subparagraph (A).
                            ``(ii) Approval.--The Secretary may approve 
                        a request of a recipient under clause (i) if--
                                    ``(I) in any case in which the 
                                request is submitted during the 10-year 
                                period beginning on the date on which 
                                assistance is initially provided under 
                                this Act for the applicable project, 
                                the recipient repays to the Secretary 
                                an amount equal to 100 percent of the 
                                fair market value of the pro rata 
                                Federal share of the project; or
                                    ``(II) in any case in which the 
                                request is submitted after the 
                                expiration of the 10-year period 
                                described in subclause (I), the 
                                recipient repays to the Secretary an 
                                amount equal to the fair market value 
                                of the pro rata Federal share of the 
                                project as if that value had been 
                                amortized over the period established 
                                under paragraph (1), based on a 
                                straight-line depreciation of the 
                                project throughout the estimated useful 
                                life of the project.
    ``(b) Terms and Conditions.--
            ``(1) In general.--The Secretary may establish such terms 
        and conditions under this section as the Secretary determines 
        to be appropriate, including by extending the period of a 
        reversionary interest of the Secretary under subsection 
        (a)(2)(B) in any case in which the Secretary determines that 
        the performance of a recipient is unsatisfactory.
            ``(2) Maintenance of standards.--The Secretary may not 
        terminate a reversionary interest of the Secretary under 
        subsection (a)(2)(B) if the Secretary has not received adequate 
        assurances that the applicable recipient will continue to 
        satisfy the requirements of section 602 after the termination.
    ``(c) Previously Extended Assistance.--With respect to any 
recipient to which the term of provision of assistance was extended 
under this Act before the date of enactment of this section, the 
Secretary may approve a request of the recipient under subsection (a) 
in accordance with the requirements of this section to ensure uniform 
administration of this Act, notwithstanding any estimated useful life 
period that otherwise relates to the assistance.
    ``(d) Conversion of Use.--If a recipient of assistance under this 
Act demonstrates to the Secretary that the intended use of the project 
for which assistance was provided under this Act no longer represents 
the best use of the property used for the project, the Secretary may 
approve a request by the recipient to convert the property to a 
different use for the remainder of the term of the Federal interest in 
the property, subject to the condition that the new use shall be 
consistent with the purposes of this Act.
    ``(e) Status of Authority.--The authority of the Secretary under 
this section is in addition to any authority of the Secretary pursuant 
to any law or grant agreement in effect on the date of enactment of 
this section.''.
    (b) Clerical Amendment.--The table of contents in section 1(b), as 
amended by this Act, is further amended by inserting after the item 
relating to section 612 the following:

``Sec. 613. Maintenance of effort.''.

                           TITLE VII--FUNDING

SEC. 701. GENERAL AUTHORIZATION OF APPROPRIATIONS.

    (a) Economic Development Assistance Programs.--Section 701(a) (42 
U.S.C. 3231(a)) is amended by striking ``until expended'' and all that 
follows through the period at the end and inserting the following: 
``until expended, $500,000,000 for each of fiscal years 2011 through 
2015.''.
    (b) Salaries and Expenses.--Section 701(b) (42 U.S.C. 3231(b)) is 
amended by striking paragraphs (1) and (2) and inserting the following:
            ``(1) $42,000,000 for fiscal year 2011; and
            ``(2) such sums as are necessary for each fiscal year 
        thereafter.''.

SEC. 702. FUNDING FOR GRANTS FOR PLANNING AND GRANTS FOR ADMINISTRATIVE 
              EXPENSES.

    Section 704 (42 U.S.C. 3234) is amended--
            (1) by striking ``$27,000,000'' and inserting 
        ``$36,000,000''; and
            (2) by inserting after ``under section 203'' the following: 
        ``and, of that amount, not less than $500,000 shall be made 
        available for grants under section 203 for planning relating to 
        high-speed rail''.

SEC. 703. FUNDING FOR FINANCIAL ASSISTANCE FOR BUSINESS INCUBATORS AND 
              SCIENCE AND RESEARCH PARKS.

    (a) In General.--Title VII (42 U.S.C. 3231 et seq.) is amended by 
adding at the end the following:

``SEC. 705. FUNDING FOR FINANCIAL ASSISTANCE FOR BUSINESS INCUBATORS 
              AND SCIENCE AND RESEARCH PARKS.

    ``(a) Grants.--In addition to amounts made available under section 
701, there is authorized to be appropriated $7,500,000 to carry out 
section 208(c).
    ``(b) Loan Guarantees.--In addition to amounts made available under 
section 701, there are authorized to be appropriated such sums as may 
be necessary to carry out section 208(d), including the cost (as 
defined in section 502 of the Federal Credit Reform Act of 1990 (2 
U.S.C. 661a)) of guaranteeing loans under that section.''.
    (b) Clerical Amendment.--The table of contents in section 1(b), as 
amended by this Act, is further amended by inserting after the item 
relating to section 704 the following:

``Sec. 705. Funding for financial assistance for business incubators 
                            and science and research parks.''.

SEC. 704. FUNDING FOR SUSTAINABLE ECONOMIC DEVELOPMENT DEMONSTRATION 
              PROGRAM.

    (a) In General.--Title VII (42 U.S.C. 3231 et seq.), as amended by 
this Act, is further amended by adding at the end the following:

``SEC. 706. FUNDING FOR SUSTAINABLE ECONOMIC DEVELOPMENT DEMONSTRATION 
              PROGRAM.

    ``Of the amounts made available under section 701 for each fiscal 
year, not less than $25,000,000 shall be made available to carry out 
section 218.''.
    (b) Clerical Amendment.--The table of contents in section 1(b), as 
amended by this Act, is further amended by inserting after the item 
relating to section 705 the following:

``Sec. 706. Funding for sustainable economic development demonstration 
                            program.''.

SEC. 705. FUNDING FOR GRANTS FOR TRAINING, RESEARCH, AND TECHNICAL 
              ASSISTANCE.

    (a) In General.--Title VII (42 U.S.C. 3231 et seq.), as amended by 
this Act, is further amended by adding at the end the following:

``SEC. 707. FUNDING FOR GRANTS FOR TRAINING, RESEARCH, AND TECHNICAL 
              ASSISTANCE.

    ``Of the amounts made available under section 701 for each fiscal 
year, not less than $10,000,000 shall be made available for grants 
provided under section 207 and, of that amount, not less than 
$1,125,000 shall be made available for grants under section 207 to 
establish university centers in States that do not have a university 
center.''.
    (b) Clerical Amendment.--The table of contents in section 1(b), as 
amended by this Act, is further amended by inserting after the item 
relating to section 706 the following:

``Sec. 707. Funding for grants for training, research, and technical 
                            assistance.''.
                                                 Union Calendar No. 390

111th CONGRESS

  2d Session

                               H. R. 5897

                      [Report No. 111-652, Part I]

_______________________________________________________________________

                                 A BILL

 To reauthorize and improve programs and activities carried out under 
 the Public Works and Economic Development Act of 1965, and for other 
                               purposes.

_______________________________________________________________________

                           September 29, 2010

 Reported from the Committee on Transportation and Infrastructure with 
                              an amendment

                           September 29, 2010

 Committee on Financial Services discharged; committed to the Committee 
 of the Whole House on the State of the Union and ordered to be printed
```