Reforms the functions of the Community Economic Revitalization Board. This act provides that four members of the board must represent small business, instead of one, and two members must represent large businesses. This act permits the Board to prepare biennial operating and capital budgets, and authorizes the Board to manage the public facilities construction loan revolving account to assist political subdivisions in financing the cost of public facilities. This act provides criteria for the Board to use to prioritize awards for committed private sector construction projects and makes other reforms related to the Board.   Official Text and Analysis.