Colorado § 24-48.5-101 - Colorado office of economic development - creation - duties - report.

§ 24-48.5-101. Colorado office of economic development - creation - duties - report.

(1) There is hereby created within the office of the governor the Colorado office of economic development, the head of which shall be the director of the office of economic development, which office is hereby created. The director of the office, who shall also serve as the special assistant to the governor for economic development, shall be assisted by an assistant director, which office is hereby created, and a staff for economic development, including but not limited to small business, finance, and marketing.

(2) The Colorado office of economic development shall:

(a) Encourage the expansion and retention of Colorado businesses through business recruitment, retention, and expansion assistance;

(b) Coordinate the marketing of Colorado as a site for expansion or relocation projects for companies in other states or countries;

(c) Coordinate job training and management and financial assistance to existing Colorado companies or to out-of-state companies which are considering expansion or relocation in Colorado;

(d) Provide services to small businesses in Colorado in order to help them expand or remain in business;

(e) Provide technical assistance and research support for business recruitment, retention, and expansion assistance programs supported by local government and private-public partnerships;

(f) Foster a positive business climate by advising the governor and the general assembly on issues affecting the business community;

(g) Repealed.

(h) In its business recruitment, retention, and expansion assistance activities, provide information on the state's program of tax incentives, state and local government procurement policies, and economic development incentives that are available to business enterprises engaged in recycling and waste diversion activities, including research and development efforts and the development of markets for reusable, source-reduced, recycled, and composted products and materials in all forms.

(i) Contribute education and workforce readiness data beginning in the 2025-26 state fiscal year, as necessary, to the Colorado statewide longitudinal data system consistent with the governance practices established by the Colorado statewide longitudinal data system governing board pursuant to section 24-37.5-125 (4).

(3) The Colorado office of economic development shall advise and provide guidance to the small business navigator described in section 24-48.5-102 and shall advise and provide guidance to coordinate activities of small business development centers and the business advancement center operated by the university of Colorado.

(4) The Colorado office of economic development shall provide staff support for the gateway computer network.

(5) The Colorado office of economic development shall encourage investment of public pension funds in economic development activities in this state.

(6) It is the intent of the general assembly in enacting this section that the Colorado economy be broadened as a result of a quantifiable increase in the number of Colorado companies receiving technical and job training assistance and other assistance in business development.

(7) (a) On or before November 1, 2012, and, notwithstanding section 24-1-136 (11), on or before November 1 each year thereafter, the director of the office of economic development, or the director's designee, shall submit a report to the general assembly. The report shall include a review and summary of the activity, information, and data on all the programs that the office administered during the prior fiscal year.

(b) In order to minimize the costs associated with preparing the report required by paragraph (a) of this subsection (7), the office of economic development is authorized to incorporate or append to such report any other reports it is required by law to develop.

Source: L. 90: Entire article added, p. 1241, § 1, effective July 1. L. 93: (2)(h) added, p. 2132, § 4, effective June 12. L. 94: (2)(g) repealed, p. 1820, § 7, effective June 1. L. 2000: (1), IP(2), (3), (4), and (5) amended, p. 1675, § 1, effective July 1. L. 2011: (3) amended, (HB 11-1209), ch. 168, p. 578, § 2, effective May 9. L. 2012: (7) added, (SB 12-166), ch. 243, p. 1148, § 1, effective August 8. L. 2024: (2)(i) added, (HB 24-1364), ch. 238, p. 1562, § 16, effective May 23.

Cross references: For the legislative declaration in the 2011 act amending subsection (3), see section 1 of chapter 168, Session Laws of Colorado 2011.