Southeastern Vermont Economic Development Strategies

SeVEDS

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U.S. DEPARTMENT OF COMMERCE – ECONOMIC DEVELOPMENT ADMINISTRATION

COMPREHENSIVE ECONOMIC DEVELOPMENT STRATEGIES
CEDS SUMMARY OF REQUIREMENTS
Technical Requirements

 

Pursuant to 13 C.F.R. § 303.7, a Planning Organization must include the following information in a CEDS submitted to EDA—

1. Background: The CEDS must contain a background of the economic development situation of the region that paints a realistic picture of the current condition of the region. This background must include a discussion of the economy, population, geography, workforce development and use, transportation access, resources, environment, and other pertinent information.

 

2. Analysis of Economic Development Problems and Opportunities: The CEDS must include an in-depth analysis of the economic development problems and opportunities that identifies strengths and weaknesses in the regional makeup of human and economic assets, and problems and opportunities posed by external and internal forces affecting the regional economy. This analysis must:

• Incorporate relevant material from other government-sponsored or supported plans and demonstrate consistency with applicable State and local workforce investment strategies.

• Identify past, present, and projected future economic development investments in the region.

• Identify and analyze economic clusters within the region.

3. CEDS Goals and Objectives – Defining Regional Expectations: The CEDS must contain a section setting forth goals and objectives necessary to solve the economic problems, or capitalize on the resources, of the region. Any strategic project, program, or activity identified in the CEDS should work to fulfill these goals and objectives.

• Goals are broad, primary regional expectations.

• Objectives are more specific than goals, clearly measurable, and stated in realistic terms considering what can be accomplished over the five (5) year time frame of the CEDS.


4. Community and Private Sector Participation: The CEDS must include a section discussing the relationship between the communities in general and the private sector in the development and implementation of the CEDS. Public and private sector partnerships are critical to the implementation of the CEDS.


5. Strategic Projects, Programs and Activities: The CEDS must contain a section which identifies regional projects, programs and activities designed to implement the Goals and Objectives of the CEDS. This section should identify and describe:

 

  • Suggested Projects:
    • All suggested projects, programs and activities and the projected number of jobs to be created as a result.
    • Lead organizations responsibilities for execution of the projects.
    • Vital Projects:
      • A prioritization of vital projects, programs, and activities that address the region’s greatest needs or that will best enhance the region’s competitiveness, including sources of funding for past and potential future investments. These can be overarching “themes” for regional economic development success and is expected to include components.
      • Funding sources should not be limited to EDA programs.


COMPREHENSIVE ECONOMIC DEVELOPMENT STRATEGIES

SUMMARY OF REQUIREMENTS, Page 2 of 2


6. CEDS Plan of Action: The plan of action, as described in the CEDS, implements the goals and objectives of the CEDS in a manner that:

• Promotes economic development and opportunity;

• Fosters effective transportation access;

• Enhances and protects the environment;

• Maximizes effective development and use of the workforce consistent with any applicable State or local workforce investment strategy;

• Promotes the use of technology in economic development, including access to high-speed telecommunications;

• Balances resources through sound management of physical development; and

• Obtains and utilizes adequate funds and other resources.
The CEDS must also contain a section that discusses the methodology for cooperating and integrating the CEDS with a State’s economic development priorities.


7. Performance Measures: The CEDS must contain a section that lists the performance measures used to evaluate the Planning Organization’s successful development and implementation of the CEDS, including but not limited to the:

• Number of jobs created after implementation of the CEDS;

• Number and types of investments undertaken in the region;

• Number of jobs retained in the region;

• Amount of private sector investment in the region after implementation of the CEDS; and

• Changes in the economic environment of the region.

These are not meant to be the only performance measures for the CEDS. Most Planning Organizations developing a CEDS will benefit from developing additional quantitative and qualitative measures that will allow them to evaluate progress toward achieving the goals identified as important in their regions.

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