Madison, WI – The Madison Region Economic Partnership (MadREP) & Capital Area Regional Planning Commission (CARPC) today announced a $200,000 initiative to support the Region’s economic recovery.
This EDA investment, a $160,000 award, supports the Madison Region Economic Partnership and Capital Area Regional Planning Commission with developing the region’s Pandemic Recovery Sector Strategy. The work also supports Advance Now 2.0, the Madison Region’s Comprehensive Economic Development Strategy (CEDS), which calls for the expansion of the regional planning commission in the region.
“We’re very excited to receive this CARES Act funding and looking forward towards the next round of federal funds under the American Rescue Plan Act (ARPA),” said MadREP President & CEO Jason M. Fields.
The project will identify, document and map potential sites for key industry sectors including advanced manufacturing, information and communications technology, biosciences, and healthcare.
Larry Palm, Executive Chair of CAPRC, said “this is a great opportunity for CARPC to work with MadREP on a regional approach to pandemic recovery. It’s important to take an integrated approach to pandemic recovery, looking at economic development along with housing, land use and transportation. CARPC brings this broad perspective, along with community partnerships, to this project.”
Once implemented, the strategy will ensure the Region recovers from the effects of the COVID-19 pandemic with a clear vision for economic growth based on growing clusters and an action plan that builds the region’s resiliency.
The CARES Act provides EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to coronavirus.
“MadREP really is the ‘one stop shop’ for communities in our Region,” added Fields. “We are currently building partnerships to help the Region move the needle on broadband, housing, and access to capital. Communities seeking these ARPA funds need to be actively preparing strategies and ‘shovel-ready’ projects and we’re here to support them.”
In addition to growing the role of the RPC in the Region, Advance Now 2.0 lays out the need for regional partnerships on broadband, workforce housing and access to capital via a regional revolving loan fund initiative.