Economic Revitalization and Innovation Act of 2010 - Declares that: (1) assistance under this Act should be made available to distressed communities in both rural and urban areas and to promote sustainable economic development practices; (2) local communities should work in partnership with neighboring communities and other entities to develop strategies to alleviate economic distress and enhance competitiveness in the global economy; (3) distressed communities should be encouraged to take affirmative steps to promote innovation and entrepreneurship; and (4) research assistance under this Act should help regions across the United States leverage the economic assets of those regions in a comprehensive manner.
Adds to the definition of "Regional Commissions" the Southeast Crescent Regional Commission, Northern Border Regional Commission, and Southwest Border Regional Commission.
Title I: Economic Development Partnerships Cooperation and Coordination - (Sec. 101) Amends the Public Works and Economic Development Act of 1965 (PWDA) to identify economic development districts and university centers as nonprofit organizations that provide technical assistance to states and other entities to advance economic development activities.
(Sec. 102) Authorizes and encourages the Secretary of Commerce to consult and cooperate with federal, state, and local entities in supporting economic and workforce development and in promoting regional innovation clusters.
(Sec. 103) Requires the Secretary to coordinate activities with the Department of Transportation (DOT) and other relevant entities to leverage and maximize the economic development potential of federal investments in high-speed rail projects.
Title II: Grants for Public Works and Economic Development - (Sec. 201) Expands the definition of "development facility" under PWDA to include a facility of a business incubator or a science and research park.
(Sec. 202) Includes as an eligible use of Economic Development Authority (EDA) grant funds indirect administrative costs and innovation and regional collaboration activities. Adds sustainable development practices as a consideration in the comprehensive planning process.
(Sec. 203) Allows the Secretary to consider a decline in tax revenues as a factor in waiving the local cost sharing requirement for receipt of EDA grants.
(Sec. 204) Includes the alleviation or prevention of outmigration as an eligible grant purpose for training, research, or technical grant assistance.
Requires the Secretary to ensure that the activities of a university center include conducting research and providing technical assistance to leverage and maximize the economic development potential of federal investments in high-speed rail projects.
(Sec. 205) Establishes a new EDA grant program for the development of a feasibility study or development plan with respect to a science and research park development project and to make loan guarantees to carry out a business incubator or a science and research park development project.
(Sec. 206) Identifies science and research park projects, challenge grants, and operating support for business incubators as eligible activities for economic adjustment grant assistance.
(Sec. 207) Authorizes the Secretary to provide technical assistance, make grants, enter into contracts, or otherwise provide funding for a project to: (1) promote energy efficiency to enhance the economic competitiveness of an area; (2) increase the use of renewable energy technologies; (3) support energy efficiency or alternative emergency development plans, studies, or analysis; and (4) support the efforts of a community to relocate a technology or manufacturing business to the United States.
(Sec. 208) Requires public works and economic development grant recipients to establish job creation goals. Authorizes the Secretary to impose a penalty on grantees who fail to satisfy such goals.
(Sec. 209) Requires the Secretary to ensure non-competition between communities for the relocation of businesses from one community to another using EDA funds.
Title III: Eligibility; Comprehensive Economic Development Strategies - (Sec. 301) Expands criteria for determining the eligibility of an area for economic assistance based upon a special need. Allows the Secretary to consider whether such area has been affected by the loss of a substantial employer, substantial outmigration or population loss, substantial foreclosure rates, substantial underemployment, military base or defense installation closure, realignment, or mission growth, a natural or other disaster or emergency, substantial natural resource depletion, substantial negative effects resulting from changing trade patterns, or other circumstances that the Secretary determines are indicative of special or extraordinary unemployment or economic adjustment problems.
(Sec. 302) Expands the scope of comprehensive economic development strategies to include the identification of economic opportunities for a community. Requires the Secretary to notify an eligible recipient of the approval or disapproval of a comprehensive economic development strategy or other plan within 60 days of the receipt of such strategy or plan.
Title IV: Economic Development Districts - (Sec. 401) - Modifies criteria for designation of economic development districts to provide for projects with national and regional significance. Sets forth specific activities required to maintain such designation. Authorizes the Secretary to review such designations for purposes of combining or terminating districts.
Title V: Administration - (Sec. 501) Authorizes the Secretary to consult any persons on outmigration issues, including representatives of labor, management, agriculture, and government.
(Sec. 502) Requires performance evaluations of university centers at least once every five years (currently, once every three years). Revises evaluation criteria for university centers to require an assessment of their contributions in providing technical assistance and conducting applied research and in leveraging and maximizing the economic development potential of federal investments in high-speed rail projects.
(Sec. 503) Requires the Secretary to ensure that EDA employs no fewer than 35 economic development representatives in FY2012 and no fewer than 40 such employees in FY2013 and each fiscal year thereafter.
(Sec. 504) Limits to five the number of EDA positions that may be filled by noncareer appointees, beginning in FY2012.
Title VI: Miscellaneous - (Sec. 601) Requires the Secretary to include in the annual report to Congress on activities under PWDA detailed information on the activities of university centers and information on projects funded in conjunction with one or more regional commissions.
(Sec. 602) Allows recipients of construction grants that are more than 10 years old to buy out the government's interest at a reduced rate.
Title VII: Funding - (Sec. 701) Authorizes appropriations for FY2011-FY2015 for economic development assistance programs (EDAP) and for salaries and expenses in FY2011 and for each fiscal year thereafter.
(Sec. 702) Allocates EDAP funding for grants for planning and administrative expenses.
(Sec. 703) Authorizes appropriations for the science and research park grant program and for loan guarantees.
(Sec. 704) Allocates EDAP funding for the sustainable economic development program.
(Sec. 705) Allocates EDAP funding for training, research, and technical assistance, including funding to support existing and new university centers.