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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
6/18/1973--Public Law. (LATEST SUMMARY) Extends the authorizations through fiscal year 1974 for the following programs under the Public Works and Economic Development Act of 1965 by specifying appropriations: (1) grants for public works and development facilities; (2) public works and development facility loans; (3) technical assistance, research and information related to public works and development facilities; (4) financial assistance for projects in economic development districts; and (5) supplemental funds for Federal grants-in-aid programs for economic development regions. Directs the President's InterAgency Economic Adjustment Committee to submit to the Congress within 30 days a report concerning each community affected by the defense facility and activity realignments announced on April 17, 1973. Requires that such plan: (1) contain details as to the facilities or portions thereof affected by the realignments which are excess to the Government's security needs and which can be turned over to the local jurisdiction for civilian use; (2) contain comprehensive analyses of the community economic impact of a realignment which reduces or terminates activities resulting in a decrease in military or civilian personnel employed as a facility; (3) describe procedures providing for the most expeditions transfer of such facilities to civilian use; (4) describe procedures providing for the most expeditious transfer of such facilities to civilian use; (4) describe technical assistance and program resources made available by Federal agencies to communities in planning and carrying out economic development plans to utilize facilities transferred to civilian control; and (5) contain an estimate of the Federal program resources and the anticipated cost to fully implement community economic development plans, and, where necessary, contain recommendations for increased appropriations to meet those anticipated costs. Directs the President to instruct the Secretary of Commerce and the Office of Management and Budget to reexamine current and past Federal efforts to secure balanced national economic development, and to submit to Congress within six months after the enactment of this Act a proposal for the restructuring of the various Federal economic development programs.