Regional Economic Development Act of 1985

[AI summary unavailable — showing source text] Regional Economic Development Act of 1985 - Title I: Development Assistance - Amends the Public Works and Economic Development Act of 1965 to cite such Act as the Regional Economic Development Act of 1985 and to revise the emphasis of such Act from primary Federal initiative to coordination of investments between the public and the private sectors. Sets forth the findings of Congress. Authorizes the Secretary of Commerce, upon the application of an eligible State, economic development district, unit of local government, Indian tribe, or nonprofit economic development organization, to make a grant for a portion of the cost of projects submitted in a development investment strategy. Sets forth eligible activities for such development investment assistance, including repairs, rehabilitation, and small business establishment. Sets forth specific eligibility criteria for applicants for such assistance. Requires an application for a grant under this Act to include: (1) a certification that the area concerned meets certain distress requirements; (2) a certification of any responsibilities which the Secretary has agreed to perform; and (3) a development investment strategy prepared in acco…