Economic Development Revitalization Act of 2008

Summary

Economic Development Revitalization Act of 2008 - Amends the Public Works and Economic Development Act of 1965 to authorize the Secretary of Commerce to establish and carry out an Excellence in Economic Development Award Program to recognize innovative economic development strategies of national significance. Directs the Secretary to publicly solicit nominations of nonprofit organizations or institutions. Authorizes a recipient of an economic adjustment grant who determines that a revolving loan fund established using such assistance is no longer needed or that the recipient could make better use of the assistance to carry out another project that meets the requirements of the Act to request the Secretary to approve conversion of the assistance by: (1) selling fund assets to a third party; or (2) retaining repayments of principal and interest on loans provided through the fund. Requires such a recipient to use the net proceeds from a sale of assets to pay any portion of the costs of one or more projects that meet Act requirements. Directs the Secretary, before providing investment assistance for a construction project under the Act, to establish the expected period during which the assistance recipient shall make best efforts to achieve economic development objectives. Requires acquired or improved property to be held in trust by the recipient for the benefit of the project, and requires the Secretary to retain a reversionary interest in the property, during that period. Extends the authorization of appropriations for economic development assistance programs. Increases the minimum level of funding for grants for planning and grants for administrative expenses, subject to total appropriations.

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Documents

4 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 24 September 2008

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• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 24 September 2008

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• Reported to Senate without amendment

  summary · EN · 24 September 2008

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• Introduced in Senate

  summary · EN · 24 September 2008

  Open at official source

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