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Economic Development
Definition
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 Economic
Development is a program, a group of policies, or
activities that seek to improve the economic
well-being and quality of life for a community.
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Keeping property taxes low,
while maintaining standard service levels
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Balancing needed development
with quality of life
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Attracting and managing
growth
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•Retaining
and attracting businesses
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Establish a strong
foundation for organization and planning
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Gain an understanding of
what is needed for growth to occur
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Develop a strategy or
blueprint for action
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Take a strategic approach to
define vision and assign goals
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Conduct a realistic appraisal
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Careful use of fiscal
resources
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Evidence of community pride
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•Emphasize
quality – in business & life
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Promote a cooperative spirit
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Foster an active economic
development program
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Take A Bottom Up Approach
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Provide an opportunity for
STAKEHOLDERS (residents, businesses and
government) to participate in development
plans.
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Foster
community consensus
to develop and support
economic development.
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•Guide
development to appropriate areas
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•Monitor
commercial strips
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•Define
desirable business uses for your
community
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1. Develop
a Mission Statement.
2. Establish
goals and objectives.
3.
Generate a workplan (actions/implementation
steps, timelines, responsibilities,
assignments, cost/budget).
4.
Measure and evaluate
results.
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 Things
you (probably) cannot change: |
Things
you can (eventually) change: |
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Physical Location, climate
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Quality of information and
perceptions
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Air & Train Service
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Zoning, permitting and
customer service
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Availability of sites,
utilities, infrastructure
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Education
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Focus on what you can change!
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Business Retention & Expansion
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65-80%
of new jobs are created through the expansion of
existing businesses. |
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Business
Retention involves: |
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Communication-finding out the needs,
problems & successes (often through a
business visitation program)
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Training-business seminars,
workshops, newsletter
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–Assistance-technical-local
regulations, gov. procurement, exports,
financial, resource identification (see
contacts & grant handout)
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–Appreciation-having
an Econ.Dev. Program, media coverage of
business activities, recognize successes
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Implement A Business Visitation Program
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Download
the "Learning to Lead" Economic Development Primer