Rural Economic Advancement Of Colorado Towns

The bill authorizes the executive director of the department of local affairs (department) or the executive director's designee to coordinate the provision of nonmonetary resources to assist with job retention or creation in a rural community experiencing a significant economic event, such as a plant closure or layoffs, including industry-wide layoffs, that has a significant, quantifiable impact on jobs within that community.

The bill also authorizes the executive director of the department or the executive director's designee to award money to qualifying rural communities experiencing a significant economic event and creates the rural economic advancement of Colorado towns fund (fund), to be administered by the executive director of the department for grant-making purposes over the next 3 years. For the 2017-18, 2018-19, and 2019-20 state fiscal years, $500,000 is transferred each year from the general fund to the fund and the money in the fund is continuously appropriated to the department.

(Note: This summary applies to this bill as introduced.)