Economic Development Administration Reauthorization Act of 2003 - Reauthorizes programs under the Public Works and Economic Development Reauthorization Act of 1965 (PWEDA).
Authorizes the Secretary of Commerce to: (1) provide technical assistance to nonprofit organizations in establishing economic development partnerships; and (2) enter into cooperative agreements with any two or more States in support of effective economic development.
Amends PWEDA provisions concerning grants for planning and administrative expenses to: (1) require State plans developed with such assistance to consider regional economic development strategies; (2) repeal requirements for certification by the Secretary of State plans; and (3) provide for a State's comprehensive planning process to consider the provision of public works to assist in carrying out the State's workforce investment strategy.
Amends provisions concerning cost sharing provisions to: (1) require the Secretary to establish grant rates for projects based on the relative needs of the project areas; and (2) allow the Secretary to increase the Federal share to up to 100 percent of the cost of projects for Indian tribes and certain States, political subdivisions, and nonprofit organizations and to assist certain eligible recipients through supplementary grants through designated Federal grant programs.
Directs the Secretary to ensure that: (1) allocations of assistance promote job creation through increased innovation, productivity, and entrepreneurship; and (2) financial assistance extended pursuant to such allocations will have a high probability of meeting performance requirements.
Permits grants for training, research, and technical assistance to be used for studies that evaluate the effectiveness of collaborations between projects funded under PWEDA with projects funded under the Workforce Investment Act of 1998.
Directs the Secretary to promulgate regulations to ensure proper operation and financial integrity of revolving loan funds established by eligible recipients.
Revises requirements for the use of grant funds for projects constructed under projected costs.
Authorizes the Secretary to: (1) make grants, enter into contracts, and provide technical assistance for projects and programs in special impact areas; and (2) award transferable performance credits that do not exceed ten percent of the grant amount awarded for certain projects.
Requires comprehensive economic development strategies to maximize effective development and use of the workforce consistent with any applicable State and local workforce investment strategy.
Requires: (1) the Secretary alone to approve comprehensive economic development strategies of proposed economic development districts; and (2) copies of such strategies to be provided to districts in regions covered by the Delta Regional Authority, Denali Commission, or Northern Great Plains Regional Authority.
Requires the Secretary to maintain the central information clearinghouse on the Internet, with links to State economic development organizations and economic development resources.
Authorizes appropriations for FY 2004 through 2008 for: (1) economic development assistance programs; and (2) salaries and administrative expenses.