Authorizes local governments to form regional economic development partnerships for joint planning and strategy formulation.
This bill authorizes county and municipal governments, along with their agencies, instrumentalities, and economic development organizations, to form regional economic development partnerships. These partnerships aim to engage in joint regional economic planning and develop economic development or redevelopment strategies. The partnerships can include businesses, educational institutions, nonprofits, and other entities within the region. They may also seek loans or matching grants for marketing and promotional activities to support business growth.
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