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

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

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

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

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. Economic Development Administration (EDA) 5

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

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 Economic Development Keys that are Important to Understand 7

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. PROJECT TYPEESTIMATED LOCAL JOBS GENERATED PER $10,000 FEDERAL COST PER JOB Business Incubators46.3 – 69.4$144 – $216 Commercial Structures9.6 – 13.4$744 – $1,008 Roads & Other Transportation4.4 – 7.8$1,291 – $2,293 Industrial Park Infrastructure5.0 – 7.3$1,377 – $1,999 Community Infrastructure1.5 – 3.4$2,920 – $6,872 8

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

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

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

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

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

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 (215)