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.

Repeals a limitation on financial assistance for sewer and other waste disposal facilities.

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.

Directs the Secretary to establish: (1) an Office of Strategic Economic Development Planning and Policy within the Economic Development Administration; and (2) within such Office an Office of Economic Development Information.

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

Authorizes appropriations.

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.

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.

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: (1) issue and implement regulations containing criteria and procedures to prioritize allocations of Federal assistance made under this Act so that the level of economic distress in an area is the primary factor in determining whether the area receives an allocation; (2) develop a general, simplified application form for grant assistance under this Act that may be used by all Federal agencies that provide such assistance; and (3) conduct biennial evaluations of university centers and economic development districts receiving grant assistance to assess performance and contribution toward job creation.

Authorizes: (1) the Secretary to establish a competitive communities pilot program for the purpose of investing in identified business transactions that will create opportunities for long-term employment in economically distressed communities; and (2) assistance to be available for projects on military installations to be closed or realigned or for communities adversely affected by such closure or realignment. Authorizes appropriations.

Requires funds expended pursuant to this Act to be in compliance with the Buy American Act.