COMPREHENSIVE ECONOMIC DEVELOPMENT STRATEGY DEVELOPING A STRATEGY FOR REGION 6 Region 6 Planning Commission 903 East Main Street Marshalltown, IA Phone: (641) Website: Prepared by the Region 6 Planning Commission for the Regional Development Initiative October 2012

Comprehensive Economic Development Strategy C E D S Pronounced “saids” FIRST, FOR THE SAKE OF SIMPLICITY Use the common acronym… Or just call it… the Strategy

NEXT, WHAT IS REGION 6?

NOW, THE PURPOSE OF A CEDS The most basic purpose is to serve as… “an economic roadmap to diversify and strengthen regional economies.” – Economic Development Administration

WHAT ARE THE BENEFITS OF A CEDS? The development process results in a regional strategy with an action plan to strengthen and diversify the economy. Region 6 receives funding to facilitate the development and implementation of a CEDS. The region qualifies to apply for applicable Economic Development Administration funding opportunities. Projects identified in a planning process may be more likely to receive competitive grant funds. The development process brings public and private sectors together to help create public- private partnerships that can leverage funds.

THESE ARE THE REQUIREMENTS A new CEDS is required every 5 years. Annual performance reports are required. The new Region 6 CEDS is due December 31. For strategy development Note: Requirements are based on current Economic Development Administration guidance.

THESE ARE THE REQUIREMENTS For a committee A committee is responsible for developing, revising, or replacing the CEDS. Committee membership should include public officials, community leaders, representatives of workforce development boards, institutions of higher education, minority and labor groups, and private individuals. Committee membership must have a majority that represents the main economic interests of the region. Note: Requirements are based on current Economic Development Administration guidance.

THESE ARE THE REQUIREMENTS For strategy contents and public comment The CEDS must include background information about the region and an analysis of economic development problems and opportunities. The actual strategy must consist of goals, objectives, projects, plan of action, and a discussion of how the community and private sector can work together in achieving goals. The CEDS must include indicators to gauge economic development success in the region. A 30-day public comment period is required. Note: Requirements are based on current Economic Development Administration guidance.

ADDING VALUE BEYOND THE REQUIREMENTS Form a long-term regional committee for all region wide planning efforts to ensure coordination, consistency, and diverse participation Identify goals, objectives, and projects that are realistic and require a wide range of financial, physical, and human capital needs. Include economic development questions in future community surveys to use in future CEDS updates. Conduct regular reviews of the CEDS with the regional committee to ensure continued support and implementation of goals

CURRENT CEDS DEVELOPMENT ACTIVITIES County, city, and economic development update meetings Committee formation Basic background research Committee meeting development and preparation Funding opportunities research

UPCOMING CEDS DEVELOPMENT ACTIVITIES Two formal committee meetings with remote participation opportunities and finalizing committee membership Identify the region’s strengths, weaknesses, opportunities, and threats and finalize basic background information with Committee guidance Identify the region’s goals, objectives, and projects with Committee guidance Create an action plan for implementing goals, objectives, and projects with Committee guidance Determine appropriate indicators of economic development success with Committee guidance Complete a draft of the CEDS to allow for a 30 day public comment period and make revisions before submission for approval

YOUR QUESTIONS OR SUGGESTIONS Please contact Alicia Presto at the Region 6 Planning Commission 903 East Main Street Marshalltown, IA Main Office Phone: (641) Direct Phone Line: (641) Website: