Our comprehensive training on local economic development incentives presents a framework for ED organizations to develop consistent and equitable economic development incentive guidelines that will protect public funds and improve social welfare for a community’s residents.
Our training urges economic development organizations to implement a consistent process to evaluate economic development deals using clear evaluation criteria.
Our training is available on-site or online through a webinar. It is designed to get economic developers and their board or council on the same page with respect to evaluating economic development projects and deciding on incentives. Contact us to learn more or to schedule the training.
By beginning with a discussion of local economic metrics, the goals of economic development and the major site location decision factors considered by businesses, the training puts the role of economic development incentives in the context of the larger economic picture.
In addition, the training describes the components of a comprehensive economic and fiscal impact analysis and provides an example to illustrate the common impacts presented. The training then provides a discussion on the two-step decision process in offering incentives:
Step 1: Should an incentive be offered for this firm or type of project?
Step 2: What is the appropriate value of the incentive?
Finally, we’ll review the type of due diligence to be performed before incentives are provided and the performance monitoring to be implemented after an incentive offer is accepted.
- Section 1 of the training discusses some basic local economic metrics as well as the purpose of economic development.
- Section 2 identifies the major factors that businesses consider when they relocate. Determining how incentives play into business location decisions is an important first step to using incentives wisely.
- Section 3 discusses what role incentives play in economic development and in retaining and attracting businesses.
- Section 4 details the economic and fiscal consequences that result from a new firm moving to an area. It is important to have a clear understanding of what a new business will do for an area.
- Section 5 walks through a sample analysis and describes some common economic and fiscal impacts that may result from a new business in a community.
- Sections 6 and 7 address the two-step decision process for granting incentives. Section 6 addresses the issue: Should an incentive be offered for this firm or type of project? Section 7 considers the question: What is the appropriate value of the incentive?
- Section 8 discusses the due diligence that should be performed if incentives are being considered as well as the performance monitoring if incentives have been provided.
- Section 9 summarizes the incentive guidelines, providing insight on why, when and how incentives should be offered.