This act requires the Connecticut Department of Economic and Community Development (DECD) to establish, within available resources, a pilot program to provide matching grants to regional economic development corporations implementing economic development programs in DECD-designated distressed municipalities. To qualify for the program, corporations must represent at least four municipalities, including one distressed municipality, but the DECD commissioner may allow a corporation that represents fewer than four municipalities to participate in the program at his discretion. The act allows the DECD commissioner to award up to $10 million in total grants to participating corporations but no more than $5 million for any single grant. The department (1) may enter into a personal service agreement with an outside person, firm, corporation, or other entity to operate the program and (2) cannot accept new program applications after June 30, 2026. The act also specifies (1) information corporations must include in program applications; (2) factors the department, or an outside operator, must consider when evaluating program applications; and (3) reporting requirements for participating corporations and the DECD commissioner. EFFECTIVE DATE: July 1, 2021
To read more about the legislation and to learn about the application process, please click here.