Economic Development Reauthorization Act of 1994

[AI summary unavailable — showing source text] Economic Development Reauthorization Act of 1994 - Amends the Public Works and Economic Development Act of 1965 to reenact such Act as the Economic Development Financing Act of 1994 (the Act). Prohibits any more than 15 percent of the total appropriations made for grants to States for public works and development facilities from being expended in any one State unless the Secretary of Commerce determines such expenditure is necessary due to the occurence of a major natural disaster. Authorizes appropriations for public works and development facilities grants for FY 1994 and 1995. Allows for the use of funds for: (1) projects constructed under projected costs; and (2) projects for which the purpose or scope is changed after the grants are made if approved by the Secretary. Allows the Secretary to make public works and development facility loans to States, Indian tribes, or any private or public nonprofit organization or association if, among other conditions, the area for the proposed loan has an approved investment strategy (currently, an approved economic development program) for the funds provided. Allows the Secretary to assist in financing and industrial or commercial activity (…