US Department of Commerce Economic Development Administration

1. US Department of CommerceEconomic Development Administration ECONOMIC DEVELOPMENT ADMINISTRATION Update on Program and Priorities Philadelphia Regional Office 1

2. EDA Legislation & Mission Statement • The Economic Development Administration (EDA) was established under the Public Works and Economic Development Act of 1965 (42 U.S.C. 3121), as amended, to create wealth and minimize poverty. • EDA leads the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy. 2

3. FY 2009 EDA Funding Priorities • Proposals that support long-term, coordinated and collaborative regional economic development approaches • Proposals that Support Innovation and Competitiveness • Proposals that encourage Entrepreneurship • Proposal that Support Strategies and Investments that Connect Regional Economies with the Worldwide Marketplace 3

4. EDA FY 2009 Appropriations Total: $272,800,000 4

5. Economic Development Administration (EDA) • EDA provides grant-based investments to units of state and local government, universities, and non-profits in communities and regions suffering from severe economic distress. • EDA targets its investments to attract private capital investment and to create long-term, higher-skill, higher-wage jobs. • EDA investments are focused on locally-developed, regionally-based economic development initiatives that directly contribute to economic growth. . .and that emphasize innovation, entrepreneurship, and regional competitiveness. 5

6. Key Economic Development Administration Partners • Economic Development Districts • State and Local Government • Local & Regional economic development organizations • Private Industry • Colleges and Universities • Other Federal Agencies: ITA, SBA, MBDA, DoD, FEMA, USDA and others. 6

7. Economic Development Keys that are Important to Understand • Economic Diversification • Workforce Transition • Qualified & Dependable Labor Force • Regional Impact • Economic Leakage • Advanced Infrastructure • Access to Capital • Adaptive Research and Technology • Competitive Tax and Regulatory Policies 7

8. EDA Creates Jobs and Spurs Innovation • According to a recent Grant Thornton study, every $100,000 of EDA investment creates 22 to 50 jobs. • EDA investments in rural areas generate jobs at a cost of between $2,001 and $4,611 per job. • Investments in business incubators generate significantly greater impacts in the communities in which they are made than do other project types. 8

9. Economic Development AdministrationFY 2009 Funding Appropriations • Economic Development Assistance Programs - $240 Million • American Recovery & Reinvestment Act - $150 million • Disaster Supplemental I - $100 Million • Disaster Supplemental II - $400 Million 9

10. Disaster Appropriations by EDA Region Seattle Regional Office $16.8 M 3.4% Chicago Regional Office $81.4 M 16.9% Denver Regional Office $157.2 M 32.2% Philadelphia Regional Office $18.1 M 3.7% Atlanta Regional Office $66.3 M 13.6% Austin Regional Office $148.1 M 30.4% 10

11. EDA Staff Chicago Regional Office 16 Seattle Regional Office 24 Philadelphia Regional Office 24 Denver Regional Office 17 EDA HQ 56 Atlanta Regional Office 22 Austin Regional Office 17 11

12. Philadelphia Regional Office Staff North Atlantic Investment Services Division Director: Steve Grady • Maine/New Hampshire – Alan Brigham • Vermont/New York – John Marshall • Massachusetts – Matt Suchodolski • Rhode Island – Marguerite McGinley • Connecticut – Jarret Jackson • NYC/New Jersey – Ed Hummel South Atlantic Investment Services Division Director: Calvin Edghill • Pennsylvania – Bill Good • Delaware – Jerry Wallace • West Virginia/Maryland – Anne Cavalier • Virginia – Bob Gittler • Washington, DC/Virgin Island/Puerto Rico – Alma Plummer 12

13. Philadelphia Regional Office Management Philosophy • Customer Service • Performance Driven • Empowerment • Continuous Quality Improvement • Operational Efficiency • Visionary • Interactive Communication • Innovative/Creative Leadership • Unwavering Commitment • Fundamental Competence 13

14. Next Steps • Contact your EDA Regional Office to identify your community’s Economic Development Representative. • Discuss proposed EDA venture to determine eligibility, investment rate and any special need/condition that need to be addressed. • Philadelphia Regional Office Contact Information: Willie C. Taylor, Regional Director 601 Walnut Street, Suite 140 – South Philadelphia, Pennsylvania 19106 (215) 597-4603 Email: wtaylor@eda.doc.gov 14