economic development for a healthy community! league of oregon cities portland, oregon 2009 by...
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![Page 1: Economic Development for a Healthy Community! League of Oregon Cities Portland, Oregon 2009 By Dennie Houle Business Development Officer Oregon Business](https://reader036.vdocument.in/reader036/viewer/2022081519/56649efc5503460f94c0ee95/html5/thumbnails/1.jpg)
Economic DevelopmentEconomic Development for a Healthy Community! for a Healthy Community!
League of Oregon CitiesPortland, Oregon 2009
By Dennie HouleBusiness Development OfficerOregon Business Development Department
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Economic DevelopmentEconomic Development
The average citizen will probably say that economic development is an activity that is designed to bring new business to town.
What would your commissioners, council members or supervisor say?
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What Is Economic Development? What Is Economic Development? Economic development, economic
development is fundamentally about enhancing the factors of productive capacity - land, labor, capital, and technology - of a national, state or local economy. (EDA)
Economic Development can be described in terms of objectives. These are most commonly described as the creation of jobs and wealth, and the improvement of quality of life. Economic development can also be described as a process that influences growth and restructuring of an economy to enhance the economic well being of a community …(IEDC)
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What is Economic Development?What is Economic Development?
economic development as an organized effort ... to attract new business into an area or to encourage existing business to expand (Altus Group)
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Economic Development ToolsEconomic Development Tools
Tax incentives Technical assistance Non-traditional
Financing Infrastructure and
zoning Industry Cluster
support
Workforce Development
Marketing assistance Networking and
political support Education K - Post
Graduate Advocacy
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Economic Development Economic Development TechniquesTechniques Business Retention Business Expansion Business Recruitment Business Financing Workforce Development Infrastructure, Technical Assistance and
Permitting Marketing and Promotion Community Development
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Economic Development Economic Development organization – The System organization – The System Federal Department of Commerce –
Economic Development Administration, Department of Agriculture, Etc.
State Agencies:Oregon Business Development Department
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Regional AgenciesRegional Agencies
Economic Development Districts – supported by federal EDA
Local economic development organizations
Port districts and special districtsQuasi-governmental organizations –
development districtsWorkforce boardsPrivate development organizations
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Business RetentionBusiness Retention
Love your existing businesses first!How do they feel about being in your
community? How are they doing?What do they need to be more successful?What is going on in their industry?Is there a cluster opportunity?
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The Business Retention & The Business Retention & Expansion plan of workExpansion plan of workConfidential business visits – formatted to
understand company dynamicsIndustry forums to focus on business
topicsIndividual work-plan developed from
business visitsCluster and Consortium activities for
multiple companies in the region
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Business RecruitmentBusiness Recruitment
Marketing your community to target industries outside your region that are likely to expand and/or relocate.
Remember that a company that is in your community is a potential recruitment target for another community down the road or from another state or country!
Know your target industries – The shotgun approach is ineffective!
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Business RecruitmentBusiness Recruitment
Be part of a system – Don’t try to go it alone! Get networked in to the state and regional efforts.
Be prepared! Have a team in place that is already working with existing businesses.
Make sure your community is ready for new industry.
Make sure you are recruiting business your community wants!
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Business FinancingBusiness Financing
Access to capital – The GAPLoan ratios, underwriting criteria, sources
& uses, the three C’s, cost of $ - and the list goes on!
Start-ups, entrepreneurs, fast growing companies, cyclical industries, non traditional industries, companies facing difficulties, etc.
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Business FinancingBusiness Financing
State, regional and even local organizations with specific tools and purposes.
The money is not the problem but is a symptom!
Get to know the network and make the highest qualified referral possible! Make sure the client knows what to expect!
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Workforce DevelopmentWorkforce Development
The workforce is getting older!New employee recruitment and
preparednessExisting employee skill upgrading to meet
new technology implementation and career advancement
Communicating with the educational systems
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Infrastructure, Technical Infrastructure, Technical assistance and permittingassistance and permittingDoes your community have commercial &
industrial zoned properties that are served by utilities and roads?
How are businesses treated when they are “at the counter” with their project?
Do you have a business friendly permitting process?
What kind of technical assistance is available to expanding businesses?
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Marketing and PromotionMarketing and Promotion
Don’t “go it alone” unless you are a powerhouse. Become part of a regional, connected strategy
Leverage every penny!Sell your strengths!Look for Low Investment – High Return
techniques
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Community DevelopmentCommunity Development
Does you community have a vision?The Comprehensive Plan guides all!Is your zoning up to date for the times?Do your permitted activities match your
intentions?How educated in economic development
are your elected officials?Have you streamlined everything possible?
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Community Development Community Development Economic Development Economic Development TechniquesTechniquesRedevelopment areas – Tax increment
financing techniquesScaled and fair System Development
Charges that are business friendlyPublic infrastructure investments that
create capacity adequate for business development
Become proactive in land development
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Community Development Community Development Economic Development Economic Development Techniques, cont.Techniques, cont.Create a “One Stop” for permitting and
streamlineKeep current with flexible zoning and
multiple use possibilities including adaptive reuse of existing buildings
Funnel grant funding towards activities that benefit business development
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It takes a village to grow a It takes a village to grow a business!business!Doing the best community development
work possible IS Economic development!Be Part of a team!Develop approaches that support economic
growth AND pays for itself!Become well versed in public financing
techniques that support industry
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Where to Get More InformationWhere to Get More Information
Oregon Business Development Department - http://www.oregon.gov/OBDD
Google Economic Development techniques
www.mrsc.org/govdocs/WACTED-Learn.PDF Learning to Lead by Maury Foreman and Jim Mooney