SB 17-022

Senate Bill 17-022, also known as the Rural Economic Advancement of Colorado Towns, aims to help rural communities facing significant economic challenges like plant closures or layoffs. The bill allows the Department of Local Affairs to provide non-monetary support and grants up to $500,000 annually for three years to these affected areas to aid in job retention and creation. Since it has been signed into law, this fund is now available to assist qualifying rural communities starting from fiscal year 2017-18.

Official Summary

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.)

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