Economic Development Commission
The Colorado Economic Development Commission (EDC) was created by the Colorado General Assembly to promote economic development in Colorado. It consists of 11 members, with three members appointed by the Senate, three appointed by the House, and five appointed by the Governor.
The commission members are tasked with reviewing the economic condition of Colorado, developing and implementing programs for the promotion of economic development in Colorado, and ensuring that such economic development programs create employment opportunities for Colorado residents and benefit Colorado companies across the state. The commission approves incentives from the economic development funds to public and private entities throughout the state to help existing businesses expand and new companies locate to Colorado.
All policy and funding decisions are made by commission members. The commission is also responsible for policy decisions concerning the state Enterprise Zone program.
Commission Goals
In cooperation with state, local and private entities, the commission develops incentive packages to assist with existing business expansions and new company relocation’s in order to promote job creation and retention in all regions of the state. In determining whether to approve incentive awards, the commission reviews the number of jobs created, average salary levels, location, and other factors.
The commission oversees the Strategic Fund Incentive and the Job Growth Incentive Tax Credit program.
The commission works to:
- identify and support specific programs and activities that assist rural economies
- support economically distressed areas by providing state money which will be matched by local areas
- assist state agencies in producing marketing materials and products that support ongoing business development efforts
- develop and support events and activities that create business development leads and that promote Colorado nationally and internationally