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Published byEve Holcomb Modified over 10 years ago
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What is Economic Development? Lee Lewellen – CEO, Indiana Economic Development Association
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The IEDA defines economic development as the facilitation of investment that leads to long-term community prosperity.
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The most commonly identified goal of economic development:
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Jobs
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The most commonly identified goal of economic development: Jobs Tax Base
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Not all jobs and tax base are created equal….
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Ed Morrison – Purdue Center for Regional Development Three kinds of money in the local economy: Bad money Neutral money Good Money
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Ed Morrison – Purdue Center for Regional Development Three kinds of money in the local economy: Bad money Money that ‘leaks’ out of the local economy
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Ed Morrison – Purdue Center for Regional Development Three kinds of money in the local economy: Neutral money Money within the economy that only circulates locally
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Ed Morrison – Purdue Center for Regional Development Three kinds of money in the local economy: Good Money New money that is imported into the community that generates new spending and additional jobs
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Ed Morrison – Purdue Center for Regional Development Three kinds of money in the local economy: Good Money New money that is imported into the community that generates new spending and additional jobs Multiplier effect
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Traditional, ‘industrial’ development Cheap land
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Traditional, ‘industrial’ development Cheap land Available and cheap infrastructure (water, sewer, electric, roads, railroad, etc.)
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Traditional, ‘industrial’ development Cheap land Available and cheap infrastructure (water, sewer, electric, roads, railroad, etc.) Cheap and ignorant workforce
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Richard Florida Rise of the Creative Class, 2002
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‘Creatives’ choose where they want to live first, then secure a job….
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21 st Century Economic Development versus 20 th Century ‘Industrial’ Development Workforce – Talent – is often the number 1 consideration for relocating companies
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21 st Century Economic Development versus 20 th Century ‘Industrial’ Development Workforce – Talent – is often the number 1 consideration for relocating companies ‘Place’ matters
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21 st Century Economic Development versus 20 th Century ‘Industrial’ Development Workforce – Talent – is often the number 1 consideration for relocating companies ‘Place’ matters Relocation and expansion decisions are part of a web of considerations that include community and regional assets
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21 st Century Economic Development versus 20 th Century ‘Industrial’ Development Communities are exploring locally-based entrepreneurship as part of a larger economic development strategy
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21 st Century Economic Development versus 20 th Century ‘Industrial’ Development Some communities are exploring locally-based entrepreneurship as part of a larger economic development strategy Expansion and retention of existing industry are an increasingly important part of the economic development strategy
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Asset Based Economic Development Identifying and cataloging a community’s unique assets to attract new investment that is consistent with or complementary to those assets
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Asset Based Economic Development Existing industry – + suppliers, customers
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Asset Based Economic Development Existing industry – + suppliers, customers Workforce – Talent
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Asset Based Economic Development Existing industry – + suppliers, customers Workforce – Talent Educational assets – Universities, K – 12 education, career centers
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Asset Based Economic Development Existing industry – + suppliers, customers Workforce – Talent Educational assets – Universities, K – 12 education, career centers Infrastructure – Roads/interstate, water, sewer, electric, broadband
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Asset Based Economic Development Existing industry – + suppliers, customers Workforce – Talent Educational assets – Universities, K – 12 education, career centers Infrastructure – Roads/interstate, water, sewer, electric, broadband Quality of life
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Asset Based Economic Development Brown County/Nashville
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Asset Based Economic Development Brown County/Nashville Steuben County – Northeast Indiana
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Asset Based Economic Development Brown County/Nashville Steuben County – Northeast Indiana Central Indiana – Life sciences, advanced manufacturing, logistics
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Asset Based Economic Development
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Glossary of terms & acronyms IEDC – Indiana Economic Development Corporation LEDO – Local Economic Development Organization REDO – Regional Economic Development Organization TIF – Tax Increment Financing Tax Abatement EDGE Credits – Economic Development for a Growing Economy
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Glossary of terms & acronyms EDGE Credits – Economic Development for a Growing Economy EDGE may be awarded for up to 100% of the projected payroll withholdings for the company’s Indiana project. These may be awarded up to 10 years.
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Glossary of terms & acronyms Brownfields – Environmentally distressed land/property Greenfields – Previously undeveloped land and/or ag land SEF – Skills Enhancement Funds
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Glossary of terms & acronyms SEF – Skills Enhancement Funds Reimbursement of a company’s cost to train its Indiana workers. SEF is disbursed over a two-year period and is limited to 50% of a company’s eligible training expenses.
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