ITEM TITLE:
Approval of Prince William Sound Economic Development District Comprehensive Economic Development Strategy Valdez Community Priorities
SUBMITTED BY: Lisa Von Bargen, CED Director
FISCAL NOTES:
Expenditure Required: N/A
Unencumbered Balance: N/A
Funding Source: N/A
RECOMMENDATION:
Approve Prince William Sound Economic Development District Comprehensive Economic Development Strategy Valdez Community Priorities.
SUMMARY STATEMENT:
The Alaska Regional Economic Assistance Program was established in 1988 under AS 44.33.8905 to encourage the formation of regional development organizations in locations across the state. These Alaska Regional Development Organizations (ARDORs) prepare and implement regional development strategies that incorporate local knowledge. Qualified ARDORs receive annual base project funding from the Department of Commerce Community & Economic Development (DCCED) that may be leveraged as matching funding against grants from other federal and private grant programs. All ARDORs are required to provide a minimum of 20 percent of matching funding; in practice, many ARDORs are able to match at far greater levels. (2014 State of Alaska ARDOR Report to the Legislature)
The ARDOR for this region is known as the Prince William Sound Economic Development District (PWSEDD). The District represents the five communities of Prince William Sound - Chenega, Cordova, Tatitlek, Valdez and Whittier. It is the responsibility of the ARDOR to develop and update a regional Comprehensive Economic Development Strategy (CEDS) in conformance with the standards required by the Economic Development Administration (EDA).
A CEDS is designed to bring together the public and private sectors in the creation of an economic roadmap to diversify and strengthen regional economies. The CEDS should analyze the regional economy and serve as a guide for establishing regional goals and objectives, developing and implementing a regional plan of action, and identifying investment priorities and funding sources. A CEDS integrates a region's human and physical capital planning in the service of economic development. Integrated economic development planning provides the flexibility to adapt to global economic conditions and fully utilize the region's unique advantages to maximize economic opportunity for its residents by attracting the private investment that creates jobs for the region's residents. A CEDS must be the result of a continuing economic development planning process developed with broad-based and diverse public and private sector participation, and must set forth the goals and objectives necessary to solve the economic development problems of the region and clearly define the metrics of success. Finally, a CEDS provides a useful benchmark by which a regional economy can evaluate opportunities with other regions in the national economy. (US EDA CEDS White Paper)
A white paper outlining the salient points about CEDS is attached for the Commission’s reference.
The PWSEDD is updating the CEDS for the region. Valdez needs to approve its portion of the document - specifically the Strategic Direction and Action Plan section as it relates to our community. The Community Priorities listed in the CEDS document mirror those in the Strategic Action Plan currently under development by the ED Commission.
Those include:
• Promote housing affordability and availability
• Enhance senior and developmental disability services and opportunities
• Beautify and redevelop the downtown area
• Improve marine-related facilities and industries
• Link and expand college programs to existing and new industries
• Reduce energy costs and increase access to power
• Increase year-round recreation and tourism opportunities
• Increase Arctic and water-related training programs
A copy of this section of the CEDS has been attached for review by the Council. On November 2nd the ED Commission approved a recommendation to the Council to approve the Valdez priorities in the CEDS.