Here is something to be proud of—the area with the state’s highest unemployment rate is last to organize a federally aided economic development district.
. Under the partnership, Boone County’s annual share of the local match would be $8,625, and Winnebago County’s would be $48,375. The EDA [Economic Development Administration, a division of the U.S. Department of Commerce] would match the $57,000 local contribution, giving the EDD[bi-county economic development district] a $114,000 annual operating budget.
Winnebago-Boone metropolitan statistical area is the last large urban region in the state to pursue such a partnership with the EDA by establishing an EDD.
The payoff
“The Economic Development Administration is one of the smallest divisions of the federal government, and they run out of funding quite quickly,” Borich said, noting the federal government’s fiscal year begins in the fall.
[Applications in the works:]
application submitted to the EDA in November will yield a $12 million entrepreneurship grant this year.
730,000 economic adjustment grant aimed at restructuring the regional economy, creating a “seamless digital interface” for improved economic development coordination, and an implementation strategy.
$10 million, is related to creating the country’s first commercial and defense aerospace “incubator facility” in the City of Rockford…. EIGERlab.
Click on the following for more details: County Board to consider implementing economic development district | The Rock River Times
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