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<br />Centralina Reaional CEDS , CommunUv AssessmenLReport-
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<br />Purpose of this report
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<br />The purpose of a CEDS is to identify regional economic development strategies on which communities within a region can collaborate to bring
<br />about sustainable economic prosperity. '
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<br />The primary benefit in having all nine counties of the Centralina COG participate in the development of a CEDS is the establishment of àn
<br />Economic Development District (EDD), an increase in the region's competitiveness for federal grants, and a decline in the region's required local
<br />level match for federal grants. Additionally, EDDs can receive annual funding that can be used for additional economic development planning and
<br />' implementation of recommendations that will be developed from this planning initiative.
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<br />The first phase of developing an action plan builds a baseline for the region. The purpose of the Community Assessment
<br />report is to provide the region with a thorough understanding of where it is today, what its competitive advantages and
<br />assets are, and what areas need improvement.
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<br />OVERVIEW OF A COMPREHENSIVE ECONOMIC DEVELOPMENT STRA TEGY (CEDS)
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<br />A CEDS should promote economic development and opportunity, foster effective transportation access, enhance and protect the
<br />environment, and balance resources through sound management of development. For the purposes of these guidelines, the term "region"
<br />refers to areas that have been defined economically, environmentally, or geographically as appropriate units for addressing economic
<br />development and related challenges.
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<br />The CEDS document should be short and easily accessible. The general public, government decision makers, and business investors should
<br />be able to use it as a guide to understanding the regional economy and to taking action to improve it. The CEDS should take into account,
<br />and where appropriate, incorporate, other planning efforts in the community. Its quality should be judged by its usefulness as a guide to local
<br />decision-making. There should be a continuing program of communications and outreach to encourage broad-based public engagement and
<br />commitment of partners. ,
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<br />Each CEDS is unique, reflecting the challenges and opportunities facing its region. It should contain four main elements: analysis, vision,
<br />action plan, and evaluation. The analysis should assess the state of the regional economy's strengths and weaknesses, and the opportunities
<br />and threats posed by external trends and forces, as well as the availability of partners and resources for economic development. The
<br />community's vision and goals, together with an appraisal of the region's competitive advantage, should set the strategic direction for the action
<br />plan. The action plan should present priority programs and projects for implementation. Finally, the CEDS should describe the process for
<br />evaluation and periodic update. ..
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<br />Source: Interim Investment Guide, Economic Development Administration (EDA)
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