HB 24-1160

House Bill 24-1160 establishes a grant program called the Economic Development Organization Action Grant Program, which provides financial support to Colorado-based economic development organizations (EDOs) to help them create and implement local economic development projects. The grants will be funded with $2 million transferred from the state's general fund into a new cash fund dedicated to this program. This bill has been signed into law, meaning that EDOs in Colorado can now apply for these grants starting July 1, 2024, to boost their capacity and initiatives aimed at improving local economies.

Official Summary

The bill creates the economic development organization (EDO) action grant program (program) within the Colorado office of economic development (office) to provide grants to Colorado-based EDOs to support and increase EDO capacity to implement community-specific economic development programming, as identified in each EDO's program application. The office is required to administer the program in consultation with the Colorado economic development commission and a statewide economic development organization. The economic development organization grant program cash fund (fund) is created in the state treasury, and the office is required to award program grants from the fund. The state treasurer is required to transfer $2 million from the general fund to the fund on July 1, 2024.(Note: This summary applies to this bill as introduced.)