SUPPORT FOR THE ECONOMIC DEVELOPMENT ADMINISTRATION (EDA)
WHEREAS, the Economic Development Administration
(EDA) provides grants for infrastructure development, local capacity building,
and business development to help communities alleviate conditions of
substantial and persistent unemployment and underemployment in economically
distressed areas and regions; and
WHEREAS, since 1965, EDA has invested more than $16
billion in grants across all programs, including local public works and special
initiatives such as responding to natural disasters and defense conversion, and
has generated more than $36 billion in private investment; and
WHEREAS, EDA’s public works investments generate
$10.08 million private sector investment and $10.13 million in local tax base
for every $1.0 million of EDA funds; and
WHEREAS, EDA provides the capacity at the local level
that allows distressed areas to develop their own locally-based comprehensive
economic development strategies; and
WHEREAS, EDA supports local programs that target
assistance to specific economic development needs in distressed communities;
and
WHEREAS, EDA helps finance long-term investments
needed to diversity local economics and create jobs,
NOW THEREFORE BE IT RESOLVED, the U.S. Conference
of Mayors strongly supports the reauthorization of the Economic Development
Administration;
BE IT ALSO RESOLVED, that the Conference of
Mayors also supports full funding for the Economic Development Administration.
©2004 U.S. Conference of Mayors 