Economic Development Planning
CUPPAD develops an annual Comprehensive Economic Development Strategy (CEDS). The CEDS for the central region is required by the U.S. Department of Commerce’s Economic Development Administration (EDA) in order to receive assistance for public works, economic development, and most planning projects. The CEDS contains an inventory of prioritized community economic development projects designed to meet the economic development needs of the region and local communities.
Projects must be listed in the CUPPAD 2011 CEDS to be eligible for any EDA grant funds. EDA’s focus on regional cooperation, technology-led innovation, and entrepreneurship are some of the important competitive factors in its decision to fund projects. While many projects may be eligible for EDA assistance, only a handful will be competitive. The EDA is in the process of revising their guidelines to be more user-friendly and will be accepting projects on a quarterly basis and providing continuous customer service, and expedited processing of projects deemed competitive.
CUPPAD wants the central U.P. to be as successful as possible in qualifying for federal grants to help the region compete successfully in the global economy. Once adopted, the CEDS document can be amended to include current projects, but these projects must be approved by the CEDS Committee. EDA grant funds can be used for the construction of roads, water, sewer and other publicly-owned infrastructure needed to create and retain large numbers of jobs. Projects may be considered for EDA funding if they advance global competitiveness, create jobs, leverage public and private resources, can demonstrate readiness and ability to use funds quickly and effectively, and link to specific and measureable outcomes.
The 2011 CEDS process evaluates and updates past goals and objectives to ensure they align with and further those identified in the Upper Peninsula-wide Regional Innovative Plan to be adopted in 2011. The CEDS is the first step in identifying and prioritizing projects for potential funding through the U.S. Department of Commerce Economic Development Administration (EDA).
Economic Development Overview
Economic development traditionally includes those efforts to attract and retain employers, help existing businesses expand, and provide public infrastructure and in conducive business climate. Taken one step further, economic development is a cycle which involves not only the creation of jobs but also the physical infrastructure and social elements that are necessary to maintain the optimum quality of life.
The need for communities to prepare for population and growth to prevent population
decline is a critical but seldom consideration of economic development. CUPPAD recognizes that mining, major contracts, and other factors can lead to sudden population growth and needs to be planned for. Likewise, the depletion of a mineral resource, the end of a long-term major contract, or the closing of a major company can result in a sudden depopulation of the community. To prevent adverse impacts of both sudden growth and sudden depopulation, CUPPAD provides educational programs and planning assistance for community preparedness.
In addition, CUPPAD regularly assists local units of government in searching for funds and assistance from sources other than state and federal grants. These funds and assistance may be in the form of grants from foundations, loan opportunities through other sources, or in the form of technical assistance from sister agencies such as UPCAP, Community Action Programs, or Michigan Works! as appropriate.