3.0.0 3264 2022-02-03T05:09:03Z 2022-02-03T05:09:03Z Senate S S 2008-07-15 110 ssev00 Environment and Public Works Committee Senate Standing Referred to 2008-07-15T18:49:19Z Economic Development Revitalization Act of 2008 110 3551 S 2008-09-24 Placed on Senate Legislative Calendar under General Orders. Calendar No. 1061. Related bill CRS 2008-07-15 ssev00 Environment and Public Works Committee Senate Read twice and referred to the Committee on Environment and Public Works. (text of measure as introduced: CR S6724-6725) IntroReferral 2008-07-15 Sponsor introductory remarks on measure. (CR S6724) IntroReferral B00100 9 Library of Congress 2008-07-15 Introduced in Senate IntroReferral 10000 9 Library of Congress I000024 Sen. Inhofe, James M. [R-OK] Jim Inhofe R OK N Economics and Public Finance Authorization Awards, medals, prizes Commemorations Commerce Diversification in industry Economic development Energy Energy development Entrepreneurs Environmental Protection Grants-in-aid Historic sites History Housing and Community Development Internal migration Revolving funds Rural economic development Urban affairs Urban economic development Economics and Public Finance 00 2008-07-15 Introduced in Senate 2008-11-05T15:49:39Z Economic Development Administration Reauthorization 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 such 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 planning and grants for administrative expenses.

]]> Economic Development Administration Reauthorization Act of 2008 Short Titles as Introduced Economic Development Administration Reauthorization Act of 2008 Official Title as Introduced A bill to amend the Public Works and Economic Development Act of 1965 to reauthorize that Act, and for other purposes. Display Title Economic Development Administration Reauthorization Act of 2008 Introduced in Senate 2008-07-15T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3264is/xml/BILLS-110s3264is.xml 2008-07-15 Read twice and referred to the Committee on Environment and Public Works. (text of measure as introduced: CR S6724-6725) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.