Economic Development Reauthorization Act of 1994

Economic Development Reauthorization Act of 1994 - Amends the Public Works and Economic Development Act of 1965 to authorize appropriations for grants to public works facilities through FY 1997.

(Sec. 4) Repeals a limitation on financial assistance for sewer and other waste disposal facilities.

(Sec. 9) Requires the Secretary of Commerce to: (1) conduct projects to demonstrate methods of assisting isolated small businesses to access small business services provided by Federal, State, and local governments; and (2) establish three business outreach centers.

(Sec. 10) Directs the Secretary to establish an Office of Strategic Economic Development Planning and Policy within the Economic Development Administration.

Establishes a Federal Coordinating Council for Economic Development to develop a government wide strategic plan for economic development.

(Sec. 11) Requires the Secretary to establish an Office of Economic Development Information within the Office of Strategic Economic Development Planning and Policy to: (1) serve as a central information clearinghouse on matters relating to economic development, economic adjustment, disaster recovery, industrial retention, and defense reinvestment programs; and (2) help applicants in locating and applying for assistance in such areas.

(Sec. 12) Authorizes appropriations.

(Sec. 13) Requires applicants for economic development assistance to certify that a redevelopment area meets at least one criterion regarding per capita income, unemployment rates, job losses, population growth, employment declines, concentrations of low-income individuals, or outmigration. Voids designations of redevelopment areas made before this Act's enactment.

(Sec. 14) Revises annual review provisions to permit assistance to a project only if the applicant has submitted an overall economic development plan or investment strategy to the Secretary for approval. Provides for approval of existing economic development plans and programs to the maximum extent practicable.

(Sec. 16) Requires the Secretary to implement regulations containing criteria and procedures to prioritize allocations of Federal assistance made under the Public Works and Economic Redevelopment Act of 1965 so that the level of economic distress of an area, not a preference for a geographic area or specific type of distress, is the primary factor considered in determining whether the area receives Federal assistance.

(Sec. 17) Directs the Assistant Secretary for Economic Development to publish guidelines to expedite the processing of applications for assistance under this Act.

Requires the Secretary to develop a general, simplified application form for grant assistance under this Act that may be used by all Federal agencies that provide such assistance.

(Sec. 18) Directs the Secretary to conduct biennial evaluations of university centers and economic development districts receiving grant assistance to assess performance and contribution toward job creation.

(Sec. 23) Expands the definition of "eligible recipient," for purposes of provisions regarding special economic development and adjustment assistance, to include nonprofit organizations.

(Sec. 24) Authorizes assistance to be available for projects on military installations to be closed or realigned, communities adversely affected by such closure or realignment, or for defense conversion activities.

(Sec. 28) Permits the Secretary to establish a competitive communities pilot program and to make grants, loans, or loan guarantees to or for the benefit of eligible recipients for purposes of investing in identified business transactions that will create opportunities for long-term employment in economically distressed communities.

(Sec. 29) Authorizes appropriations.

(Sec. 31) Directs the Assistant Secretary, acting on a petition from an entity affected adversely by a Federal regulation on a matter of economic development, to notify the agency that administers the regulation and suggest that regulations that interfere with economic development be waived.