Media Contact: Chynna Cowart, Press Secretary | chynna.cowart@state.co.us | (303) 656-7464
The Department of Local Affairs (DOLA) recently awarded $780,000 to 10 projects across Colorado through the Rural Economic Development Initiative (REDI) program, which aims to help rural communities diversify their local economies and build resilience.
“Investments like these are crucial for fostering the growth and resilience of rural communities in Colorado,” said Maria De Cambra, Executive Director of the Department of Local Affairs. “From business accelerators to ice walls, these funds reward innovation through projects that will strengthen local economies, create jobs, and ensure that all regions of our state can thrive and adapt to evolving economic landscapes.”
Rural Economic Development Initiative Awards
City of Monte Vista: Monte Vista Civics Lab ($37.5K)
The Monte Vista Civics Lab aims to build workforce, local engagement, and economic resilience through youth participation in public sector projects. This project uses part-time, paid high school student internships focusing on projects in support of the public sector, including the Chamber of Commerce and the City of Monte Vista. The applicant anticipates creating over 25 part-time project-based positions, many leading to summer jobs, next-step training, or employment. The ultimate goal is long-term workforce development to promote public sector careers, provide post-secondary training guidance, and encourage youth retention in the local workforce.
Town of Steamboat Springs: Steamboat Springs - Yampa Valley Entrepreneurial Ecosystem ($140.9K)
This project will build an entrepreneurial ecosystem by developing a business accelerator, incubator, mentorship network, capital/investor network, and community-building initiatives. It will include educational and skill development programs on business formation, planning, and expansion, covering all aspects of business operations. The applicant anticipates creating 40 new jobs through startups, which will bring direct jobs and economic stability. These businesses will create a ripple effect, fostering indirect and induced jobs through supply chains, contractors, and local spending.
Chaffee County: Central Mountain Ascent ($140.9K)
This project supports two cohorts in Chaffee County's Ascent program. Ascent is a proven economic development model designed to grow and make accessible a network of business growth resources needed to support entrepreneurship and rural innovation. This phase aims to expand the program and establish the Central Mountains as a Rural Development Hub for the broader region of nearby mountain communities. It also aims to produce a sharable playbook to instruct other rural communities in forming similar programs. Thus far, Ascent has supported 80+ total hires by cohort companies, including 36 net new jobs created and 7 at-risk jobs retained. Those new jobs create $1.6M in new annual wages in the 19 cohort companies. The two cohorts supported by this grant are estimated to generate about 25 new full-time jobs.
Town of Lake City: Lake City Ice Wall Destination Expansion ($69.6K)
This project funds the expansion of the Lake City Ice Wall as a destination for residents and visitors. The Lake City Ice Wall is one of the largest farmed ice walls and climbing opportunities in the world with more than 20 climbs longer than 150 feet. This proposal will fully build out the Lake City Ice Wall and appropriately grow this emerging tourist industry. The complete build-out of the proposed Lake City Ice Wall is estimated to create 1 part-time Town of Lake City parks and recreation position and approximately 1/4 job for specific marketing efforts related to ice climbing. It will also create jobs through the expansion of a year-round tourism economy in Lake City.
Town of Mancos: Mancos Comprehensive Community Development and Main Street Planning ($46K)
Mancos will utilize a consultant to develop a single comprehensive community development strategy using the Main Street framework and accessing existing plans. This project will also support the Town’s effort to apply to be a Main Street community. Direct engagement with the community (including local youth) and its businesses will result in connections to local resources that will support retention, expansion, and new job creation. Currently, the economic development strategic plan and comprehensive plan include the development of co-working spaces, incubators, and exploring light industrial zones.
City of Durango: Durango Childcare Investment Strategy Development Project ($55K)
This REDI grant will help fund a multi-phase childcare survey and investment plan to inform partner public entities on where and when to make financial investments to address childcare issues. The emphasis will be on viable strategies and public-private partnerships to help retain and develop essential childcare services as they relate to the needs of the population. The applicant predicts creating at least 20 childcare provider jobs to meet the needs of the community. The applicant also believes this project has significant potential for indirect job creation and retention, noting studies that show the majority of parents of young children in Colorado experienced diminished career prospects.
Town of Eagle: Downtown Eagle Project Investment Program ($80K)
This program will award sub-grants to support initiatives that directly align with Downtown Eagle's strategic priorities. The priorities include resources for the business community, incentivizing public-private partnerships for new and re-development, improved communication to residents and visitors, bolstering the experience economy, investing in accessibility and mobility, and driving creative placemaking. Through the program, they aim to not only stimulate job growth but also elevate job quality, bolster business expansion & retention, and leverage their strategic partnership with the Eagle Chamber. Embracing an entrepreneurship incubator model, they prioritize cultivating local talent with operational gap funding, nurturing both existing and emerging businesses alongside the skilled workforce.
City of Gunnison: Gunnison Business Attraction and Expansion Support Grant ($101.1K)
This program creates a sub-grant program in partnership with the ICELab Business Resource Center to provide funding for businesses with viable plans to expand operations. The primary goal is to create and retain jobs. A secondary goal is economic diversification and attracting businesses that are less reliant on seasonal tourism, with preference given to projects that provide services not currently available in the community. Based on the results of the 2022 sub-grant program, made possible by the City's previous REDI grant award, the City anticipates the creation of 10 full-time and 20 part-time positions.
Town of Akron: Akron Town Hall Redevelopment ($75K)
This project will fund upgrades to the former town hall to transform it into coworking space and a small retail area. The project intends to inject vitality into Akron’s Main Street, addressing the current lack of available rental retail and professional office spaces. This initiative not only enhances the aesthetic appeal of downtown but also fosters economic growth by attracting entrepreneurs, remote workers, and small businesses. The coworking space will serve as a collaborative hub, promoting networking, knowledge exchange, and skill-sharing. Furthermore, the retail space will create opportunities for local artisans and businesses to showcase their products. This project stimulates local job creation directly within the revamped coworking and retail spaces.
Southwest Colorado Council of Governments (SWCCOG): Southwest Colorado Council of Governments Economic Forums ($34K)
The Economic Development Forums are quarterly educational and training opportunities coordinated by the Southwest Colorado Council of Governments (SWCCOG) to strengthen the regional economic developer ecosystem, retain economic development professionals, and support their work to build the entrepreneurial landscape and resilient and diversified economies throughout southwest Colorado. The forums give economic developers the tools to work in their communities to benefit businesses and the entrepreneurial ecosystem, providing indirect job retention. It also contributes to job creation and helps attract future business throughout the region.
The next cycle will open March 2025. Check the Rural Economic Development Initiative (REDI) program website for updates.
REDI addresses the unique challenges of rural areas, promoting sustainable development and ensuring all regions of Colorado benefit from the state’s overall prosperity by supporting various projects like these.
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