Sec. 3. Economic stability
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Not later than 180 days after the date of the enactment of this Act, the Secretary of Commerce, acting through the Economic Development Administration of the Department of Commerce (referred to in this section as the EDA ), shall enter into cooperative agreements with eligible recipients in the Johnson Space Center region to help stabilize the workforce in such region and to promote economic growth. An eligible recipient that desires to receive funds under this section shall submit an application that contains a comprehensive economic adjustment strategy to the Secretary, at such time, in such manner, and accompanied by such additional information as the Secretary may reasonably require.
The EDA, acting through a cooperative agreement with an eligible recipient, shall use funds authorized to carry out this section for activities to help stabilize the workforce and promote economic growth in the Johnson Space Center region, which may include— providing financial and technical assistance to eligible recipients to help implement the comprehensive economic adjustment strategy, which may include efforts such as infrastructure upgrades, establishing entrepreneurial networks, and establishing skill training facilities; and analyzing whether other methods for economic adjustment that have been successful in similar situations may be effective in the Johnson Space Center region, and if so, implementing such methods, which may include— supporting efforts to start new technology ventures based on the specific skills of dislocated engineers; providing technical assistance to guide public officials, management, and affected workers; and providing additional oversight through visits to the Johnson Space Center region.
The cooperative agreements entered into under this section shall be for a 2-year period.