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Bill Detail: SB20-002

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Title Rural Economic Development Initiative Grant Program
Status Governor Signed (06/29/2020)
Bill Subjects
  • Business & Economic Development
House Sponsors B. McLachlan (D)
B. Buentello (D)
Senate Sponsors D. Coram (R)
K. Donovan (D)
House Committee Rural Affairs and Agriculture
Senate Committee Agriculture and Natural Resources
Date Introduced 01/08/2020
Description

The bill creates the rural economic development initiative (REDI)
grant program in the department of local affairs (department) to provide
grants for projects that create new jobs through a new employer or the
expansion of an existing employer and for projects that create diversity
and resiliency in the local economies of rural communities. The
department is required to administer the REDI grant program in

collaboration with the Colorado office of economic development.
Entities eligible to receive REDI grant program money include
local governments and organizations or individuals working in
partnership with a local government, where the local government serves
as the grant administrator, including intergovernmental agencies, councils
of government, housing authorities, beginning farmers, the Southern Ute
Indian Tribe, the Ute Mountain Ute Tribe, nonprofit economic
development organizations, and private employers.
The bill specifies criteria that the department is required to
consider when evaluating grant applications and requires the department
to prioritize applications that would create new jobs. The bill specifies the
types of projects for which REDI grants may be awarded to eligible
recipients and requires grant recipients to provide matching funds.
If the department determines that a rural community needs
resources or assistance because it has been impacted by a significant
economic event or an anticipated event that has been announced, the
department may use all or a portion of the money appropriated for the
purposes of the REDI grant program for the purposes of the Rural
Economic Advancement of Colorado Towns (REACT) Act.
The executive director of the department is required to adopt
policies and procedures for the administration of the REDI grant program
and is also required to produce a report summarizing the use of all money
that was awarded as grants from the REDI grant program in the preceding
fiscal year.

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