An important tool for economic development

Imagine that your community needs funding to build a trail system which will draw tourism to the area. Or perhaps your town needs better broadband access or a housing plan.
Whatever economic development initiative your city or county is working on, there is a good chance you will need to use an important tool, called the Comprehensive Economic Development Strategy (CEDS), to achieve your goal. Southern Minnesota Initiative Foundation (SMIF) recently worked with numerous regional partners to develop a new CEDS plan for southeastern Minnesota.
The CEDS is a strategic economic plan developed for a region. Not only does it provide a roadmap for local economic growth, but it helps communities determine ways to mitigate risk that can result from economic shocks or natural disasters. Having a CEDS is a nation-wide requirement for communities to qualify and apply for federal economic aid through the U.S. Economic Development Administration (EDA). Having a CEDS is also a prerequisite for designation by the EDA as an Economic Development District.
In rural Minnesota these plans are typically developed by regional development commissions. In the southwestern portion of SMIF’s 20-county service area, Region Nine Development Commission (RNDC) holds the CEDS document. In the southeastern part of SMIF’s region, there are 11 counties that are not represented by a regional development commission. On behalf of those 11 counties, SMIF has helped draft the CEDS plan for the past 15 years.
One of the benefits from creating a CEDS, which needs updating every five years, is the collaboration that it entails. During our most recent update, SMIF leveraged the talents of many community leaders and helped lead a robust two-year strategic planning process. This allowed stakeholders to do a deep dive on economic priorities for the region, creating a blueprint for future growth.
The CEDS can be used in many ways, by many different entities. On February 5 in Rochester, one of the key partners on the CEDS Strategy Committee, SE MN Together, held a meeting for economic and community leaders to learn more about using the CEDS document. At this event, Nicole Griensewic, executive director of RNDC, highlighted how Region Nine has successfully leveraged their CEDS. Additional panelists shared practical applications, resources and funding ideas to assist each entity in accomplishing its goals.
The efforts of many community leaders went into the development of this important tool. I encourage you to take a look and to see how the CEDS can benefit your town. The CEDS document for our 11-county southeastern region can be downloaded atsmifoundation.org/ceds. The CEDS document for Region 9 can be found at rndc.org/ceds.
Tim Penny is the president & CEO of Southern Minnesota Initiative Foundation. Tim represented Minnesota’s First Congressional District in the U.S. House of Representatives from 1982 — 1994.
Southern Minnesota Initiative Foundation (SMIF), a donor-supported foundation, invests for economic growth in south central and southeastern Minnesota, serving a 20-county region including 175 communities and one native nation. The Foundation has provided more than $162 million in grants, loans and programming within the region during the past 37 years. SMIF’s key interests include entrepreneurship, early childhood development and community vitality. To learn more about our work and mission, visitwww.smifoundation.org.