the community role in economic development may 18, 2013 presented by: building quality communities
TRANSCRIPT
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The Community Role in Economic Development
May 18, 2013
Presented by:Building Quality
Communities
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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?
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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)
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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)
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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
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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.
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THE FLOW OF WEALTH ON A LOCAL LEVEL
Government
Business Residents
TaxesTaxes
Servi
ces
Services
Jobs
Consumers
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What makes Businesses locate to
an area?
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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
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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• EducationThis is known as DEVELOPMENT
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Growth and Development
Conflict and tension or
Cooperation and Harmony
The Need for a Vision
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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
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SAMPLE BUSINESS REVENUE
Partnering People for Economic and Community Development - www.buildingqualitycommunities.com
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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 - www.buildingqualitycommunities.com
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Fulton County Revenues 2010
Partnering People for Economic and Community Development - www.buildingqualitycommunities.com
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SAMPLE OF TAXES PAID TO COUNTY GOVERNMENT
Partnering People for Economic and Community Development - www.buildingqualitycommunities.com
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Fulton County Expenditures 2010
Partnering People for Economic and Community Development - www.buildingqualitycommunities.com