Monroe County is making changes to a key economic development program.
County Executive Adam Bello calls it a ‘modernization initiative’ for COMIDA, the acronym for the County of Monroe Industrial Development Agency.
That’s the organization that oversees the county’s business incentives and financing programs.
Bello said recently that as the county looks ahead to its economic future, it’s important to reimagine these kinds of economic tools.
"To meet today's challenges, we can't have an IDA that focuses on yesterday's needs," said Bello.
He announced a three-year strategy that Bello said will help more people find careers, equitably support small businesses and making sure the county’s economic development efforts provide the kinds of jobs and industries the community needs.
To start off with, COMIDA will allocate $2.5 million for workforce development, and over the longer term, the agency will also develop initiatives that focus on minority and women-owned businesses as well as looking for ways to support small businesses with loans and grants.
Bello said that when the county's Plan Forward comprehensive plan is completed, COMIDA will update its policy for determining which projects may qualify for financial assistance.
The COMIDA modernization plan was adopted last week by the agency's board of directors.
