(a) The board of directors of a regional economic development district shall comply with the provisions of 13 C.F.R. § 304.2 and shall prepare and approve a comprehensive economic development strategy for the district to address identified economic development problems in a manner that promotes economic development and opportunity and housing availability, fosters effective transportation access, improves workforce development, enhances and protects the environment, balances resources through sound management of development, and encourages responsible growth and development. A comprehensive economic development strategy shall contain:

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(1) An analysis of economic and community development problems and opportunities, including incorporation of any relevant material or suggestions from other government-sponsored or supported plans;

(2) Background and history of economic development in the district, with a discussion of the economy, geography, population, labor force, resources and the environment;

(3) A discussion of community participation in the planning efforts for the strategy;

(4) The goals and objectives for (A) taking advantage of the opportunities in the district, and (B) solving the economic development problems of the district;

(5) A plan of action, including suggested projects to implement the goals and objectives set forth in subdivision (4) of this subsection; and

(6) Performance measures that will be used to evaluate whether and to what extent such goals and objectives have been met.

(b) Upon approving the comprehensive economic development strategy for a district, the board of directors of the district shall submit the strategy to each regional planning organization, as defined in section 4-124i, serving any portion of the geographical area of such district, except if such regional planning organization is not part of the regional economic development district pursuant to section 32-741. The regional planning organizations shall study the strategy and shall report their findings and recommendations thereon to the district not later than ninety days after the receipt of the strategy.

(c) After review and comment on the comprehensive economic development strategy under subsection (b) of this section, the board of directors of the district shall submit the strategy to the Commissioner of Economic and Community Development and the Secretary of the Office of Policy and Management. The secretary and the commissioner shall review the strategy and, not later than sixty days after receiving the strategy, shall either notify such board of directors of approval of the strategy or provide the board with recommendations for modifying the strategy for consistency with the state plan of conservation and development adopted pursuant to chapter 297 and the state-wide comprehensive economic development strategy required under section 32-1o. If neither the commissioner nor the secretary notifies the board within such sixty days, the strategy shall be deemed to have been approved. If said commissioner or secretary recommends modifications, the board shall modify the strategy in accordance with such recommendations and resubmit the strategy for review in the same manner as for the original submission of the strategy.

(d) The board of directors of a regional economic development district shall, annually, report to the commissioner and the secretary on progress made in implementing the comprehensive economic development strategy. A new or revised strategy shall be developed at least once every five years. The board shall submit each new or revised strategy for review and approval in accordance with the same procedure as for a strategy under subsections (b) and (c) of this section.