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Approval of Prince William Sound Economic Development District Comprehensive Economic Development Strategy Valdez Community Priorities
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SUBMITTED BY: Lisa Von Bargen, CED Director
FISCAL NOTES:
Expenditure Required: N/A
Unencumbered Balance: N/A
Funding Source: N/A
RECOMMENDATION:
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Approve Prince William Sound Economic Development District Comprehensive Economic Development Strategy Valdez Community Priorities.
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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 acti...
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