Bill 110-S-3551 — Housing / General
Subject: Economics and public finance

Economic Development Revitalization Act of 2008 - Amends the Public Works and Economic Development Act of 1965 to authorize appropriations for economic development assistance programs under such Act for FY2009-FY2013. Includes within the definition of "Regional Commissions" the Southeast Crescent Regional Commission, the Northern Border Regional Commission, and the Southwest Border Regional Commission. (Sec. 3) Authorizes the Secretary of Commerce to establish and carry out an Excellence in Economic Development Award Program to recognize innovative economic development strategies of national significance. Directs the Secretary to publicly solicit nominations of nonprofit organizations or institutions. (Sec. 4) Modifies provisions regarding grants for planning and administrative expenses for public works and economic development to authorize funding for fostering regional collaboration among local jurisdictions and organizations. Requires each state receiving assistance to provide a copy of each annual report to each economic development district within the state. (Sec. 5) Limits the federal share to 50% for public works and economic development grants, with a specified increased federal share: (1) based on the relative needs of an area (e.g., the unemployment rate and the impact of severe outmigration, sudden and severe economic dislocations, and other related economic circumstances); and (2) in the case of a federally declared major disaster (100% funding). (Sec. 6) Allows training, research, and technical grant assistance to be used for a peer exchange program to promote industry-leading practices and innovations relating to the organizational development, program delivery, and regional initiatives of economic development districts. (Sec. 7) Allows economic adjustment grant assistance to be used for activities identified by communities, the economies of which are injured by the loss of natural resource-based, agricultural, or service sector (currently, manufacuring) jobs. Authorizes the Secretary to periodically solicit comments regarding the guidelines and performance requirements for the revolving loan fund program and recommendations for improving the performance of the program and grantees under the program from: (1) the public; and (2) revolving loan fund grantees, national experts, and employees of federal agencies with knowledge of international, national, regional, and statewide trends, innovations, and noteworthy practices relating to business development finance, including public and private lending and technical assistance intermediaries. Authorizes a recipient of an economic adjustment grant who determines that a revolving loan fund established using such assistance is no longer needed, or that the recipient could make better use of the assistance to carry out another project that meets the requirements of the Act, to request the Secretary to approve conversion of the assistance by: (1) selling fund assets to a third party; or (2) retaining repayments of principal and interest on loans provided through the fund. Requires such a recipient to use the net proceeds from a sale of assets to pay any portion of the costs of one or more projects that meet Act requirements. Authorizes the Secretary to allocate not more than 2% of the amounts made available for grants under this section for development and maintenance of an automated tracking and monitoring system to ensure the proper operation and financial integrity of the revolving loan program. (Sec. 8) Extends appropriations for the Brightfields demonstration program through FY2013. (Sec. 9) Directs each economic development district to engage in the full range of economic development activities included in the list contained in the comprehensive economic development strategy of the district that has been approved by the Economic Development Administration. (Sec. 10) Authorizes the Secretary to consult with any persons who can assist in addressing the problems of area and regional outmigration. (Sec. 11) Declares that the state of Montana shall be served by the Seattle office of the Economic Development Administration. (Sec. 12) Directs the Secretary, before providing investment assistance for a construction project, to establish the expected period during which the assistance recipient shall make best efforts to achieve the economic development objectives of the assistance. Requires, during that period: (1) any property that is acquired or improved using investment assistance under the Act to be held in trust for the project's benefit; and (2) the Secretary to retain an undivided equitable reversionary interest in the property. Authorizes the Secretary to terminate the reversionary interest in any applicable property on the date the Secretary determines that a recipient has fulfilled the recipient's obligations, taking into consideration the economic conditions. Provides for an alternative method of termination. (Sec. 14) Increases the minimum level of funding for planning and grants for administrative expenses, subject to total appropriations.