Comprehensive Economic Development Strategy (CEDS)
The U.S. Economic Development Administration (EDA) defines the Comprehensive Economic Strategy (CEDS) as a strategy-driven plan for regional economic development. It is designed to build capacity and guide the economic prosperity and resiliency of a region and provides the capacity-building foundation for different sectors (private, government, non-profit) to work in conjunction with one another to create the environment for regional economic prosperity.
The Central Indiana CEDS region differs slightly from the IMPO metropolitan planning area used for transportation projects (light blue shaded area on map). The CEDS region includes Madison County but excludes Shelby County. Madison County has its own MPO, so they are not included in the IMPO but is included in the CEDS. Shelby County is part of the Southeastern Indiana Regional Planning Commission, which is a designated Economic Development District (EDD) and disqualifies the county from being a part of this CEDS.
The following are required as part of the Central Indiana CEDS:
- Summary of economic conditions
- SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)
- Implementation strategies
- Performance measures
- Economic resilience
Economic Development Districts (EDDs)
A CEDS is also the prerequisite to designating Central Indiana as an Economic Development District. The goal is the help lead the locally-based, regionally driven economic development planning process that leverages the involvement of the public, private, and non-profit sectors to establish a strategic blueprint for regional collaboration.
- 2019 Secure letters of participation from counties and secure funding commitments from the Indy Partnership and the Indiana Economic Development Corporation
- Early 2020 Discussions with economic development leaders
- Mid-2020 Apply for CARES Act funding for the CEDS
- November 2020 Receive CARES Act award and open the Request for Proposals (RFP)
- December 2020 Collect and evaluate RFP submissions (In Progress)
- Early 2021 Select consultant and send strategy committee invitations
- March 2021 Project kick-off
- Mid-late 2021 Develop CEDS strategy
- Late 2021/early 2022 Public notice and comment period
- 2022 Complete regional development authority plan and submit to EDA with Economic Development District (EDD) application
- 2023 Potential EDD designation