Stephen Horn: “Mr. Chairman, I rise today to express my strong support for the reauthorization of the Economic Development…”

“Mr. Chairman, I rise today to express my strong support for the reauthorization of the Economic Development Administration of the Department of Commerce. Funding EDA is renewing America. Each Federal program should be analyzed on the basis of whether or not it improves the lives of ordinary citizens at a reasonable cost. A good program should do just that. The Economic Development Administration is one such successful Government program. In the past, EDA has done much good for the district I represent. I strongly support its reauthorization. In the mid-1970's, Long Beach, CA, developed plans to renovate its depressed downtown area. Public and private financing was arranged. But after 1978 the local and State public financing available was severely reduced after the passage of Proposition 13, which rolled back property taxes and thus public revenues. Shortly thereafter, a multiagency funding agreement was achieved with the Economic Development Administration as the lead agency and partners in the Department of Housing and Urban Development and the Department of Transportation. These agencies provided $40 million in grants. That was leveraged with commitments from businesses and further municipal public financing, for a total investment of approximately $3 billion. $40 million was leveraged to $3 billion. Today, downtown Long Beach is becoming an excellent place to do business.”