The Community Role in Economic Development May 18, 2013 Presented by: Building Quality Communities.

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Presentation transcript:

The Community Role in Economic Development May 18, 2013 Presented by: Building Quality Communities

REASONS WHY WE ARE RE-REVIEWING WHAT ECONOMIC DEVELOPMENT MEANS Why are we holding economic development workshops for residents? In the CID discussion, should community be playing a leading role?

What is Economic Development “The process of creating wealth through the mobilization of human, financial, capital, physical and natural resources to generate marketable goods and services.” (American Economic Development Council)

What is Economic Development “The process of creating wealth for the community through the mobilization of human, financial, capital, physical and natural resources to generate marketable goods and services.” (American Economic Development Council)

So, How is Local Wealth for the Community Measured? Local Wealth – Property tax – Local Sales tax – Excise tax and fees – Intergovernmental Revenues Local Economic Development is traditionally measured by: – Amount of capital Investment (not just nbr of businesses but the money they invest) – Number of jobs created When these increase, we call it GROWTH

WHO PROVIDES WEALTH TO GOVT AND WHO USES IT DeKalb County is 60% residential which means residents should account for 60% of the property tax revenue to local government. However, businesses pay about 55% of tax revenue.

THE FLOW OF WEALTH ON A LOCAL LEVEL Government BusinessResidents Taxes Services Jobs Consumers

What makes Businesses locate to an area?

Business (Qualifying) Considerations Spatial considerations (how many sq ft of space is needed) Transportation access and costs Site improvement costs Quantity/Density of population Median Household Income Infrastructure (Roads, Internet access) Labor skills and education

Quality of Life (Eliminating) Considerations Appearance (beauty, cleanliness, flowers, design such as walkability, standards, ease of use such as benches) Infrastructure (water and sewer lines, technology lines and access, roads and streets, transportation, sanitation) Services (police, fire, parks, library) Shopping and Amenities Education This is known as DEVELOPMENT

Growth and Development Conflict and tension or Cooperation and Harmony The Need for a Vision

How Communities Grow Wealth Exercise I – The Flow of Wealth Goal: To understand how businesses and the movement of money lead to wealth and services in local neighborhood economies

SAMPLE BUSINESS REVENUE Partnering People for Economic and Community Development -

WHERE YOUR TAXES GO 3/4 OF EVERY DOLLAR GOES TO YOUR LOCAL SCHOOL BOARD 1/4 OF EVERY DOLLAR GOES TO YOUR LOCAL GOVT Partnering People for Economic andCommunity Development -

Fulton County Revenues 2010 Partnering People for Economic and Community Development -

SAMPLE OF TAXES PAID TO COUNTY GOVERNMENT Partnering People for Economic and Community Development -

Fulton County Expenditures 2010 Partnering People for Economic and Community Development -