National Trends and Best Practices in Local Economic Development. Join this discussion of the newest and most effective economic development strategies being used in the U.S. today, including ways to grow entrepreneurship, improve site selection, retain businesses and find new markets.

Changing Thought in Local Economic DevelopmentDella G. Rucker, AICP, CEcDThe Wise Economy Workshop

Jim Kinnett, CEcD, FM, EDFPThe Kinnett Consulting Group

Mark Barbash, FMEconomic Development Consultng

Della begins1Our AgendaChanging Thoughts

How is your community doing?

What you can do to help your community improve?

DELLA2Your SpeakersDella Rucker

Jim Kinnett

Mark Barbash

Della will point to Jim and Mark

Stick tight to bios

DELLA Planner and economic developer, certified in both, focus on helping local governments and nonprofits make better decisions affecting the long-term economic health of their communities. To do that I provide consulting services, information, and toolboxes

JIMKinnett Group advises and helps support economic development on both sides of the equasion. Helps national and international businesses with site selection, structures deals, and helps communities do intelligent planning for economic success

Mark Economic Development finance and policy specialist who has worked at federal, state and local levels. Dir Dev Columbus and ODOD. 3Who does economic development?Public-private organizationsChambersLocal, regional & state organizationsLocal and state governmentFoundationsNeighborhood, downtown, community development organizationsIncreasingly, you.

MARKHit this quick theres a lot of players in the field, and you probably have some of these in your community or region. But they all have different responsibiities, different people that they are responsible to, different limitations and different baggage. And as we increasingly understand how economic issues impact and are impacted by other community issues, you as planners have this as your responsibility, too. 4The new economic realities: Are you prepared?

Jim5Partnerships are being redefinedWho is at the table? (hint: more than ever)

Non-partner partners

Loss of local businesses = loss of decision makers

Medium sized business reluctant to participate in economic development

Mark

I think this slide and the next five or so need to be broken down to one or two items hit quickly per slide. Instead of 5 min per slide, Id recommend two or three, max.

Who is at the table? broader than everneighborhood to regional unique to this timeCrowdsourcing fundsNon-partner partners unions, MPOs etc. Non traditionalLoss of local businesses loss of decision makersReluctance of medium sized business to participate in econ dev6Talent is everythingCommunity college lifeline

Reshoring?

Research and Development

Educating entrepreneurs

Public schools

Jim

7The Big Deal is being replaced by the focused approachEntrepreneurs!!

Grow your own: Economic Gardening

Incubators and accelerators

1099 economy

Della

The exclamation points are ironic need to avoid promoting entrepreneurship as be-all and end-all. Indicate importance but also that some may treat it as a magic bullet. 8Communities are focusing on The Big S Quality Places get most investment

Build on assets

Its all connected

Cost v. benefits in a new way

Della9The Online world is the real worldWhere people get information

Site selection changing

Reputation management

No filters, no delays

People will have their say.

Mark10What does all this mean? Change or DieBe Strategic & DeliberateRedefine incentivesUnderstand how a business makes decisions Find new partners but understand their (and your) limitationsDo the math & know your numbers

Jim11Are you prepared for the new economic realities?

JIM12What is Local Economic Development?Economic development is acting to ensure that the economy of your community or region (your income or savings) grows faster than your population (your expenses) so you have the extra resources in the future to finance improvement. JIM

Key points:

There are lots of different definitions, this is one that we like. For example: is tax base growing faster than basic needs? Are number and types of jobs growing faster than demands on City revenue?13E > PIs your economy growing faster than your population?Economy: Income, savings, wages, Population: Count, demographic, and the costs of serving the populationIncome greater than your expenses?

JIM

Heres my thought: as we talked about in the beginning, there may be a lot of players in your community who are supposedly doing economic development. How can you as a community tell if their efforts are making an impact? An increasingly important element of economic development is measuring the impact of economic development efforts. The basic formula is.14How do you know if your economy is growing faster than your population?Mark15Community Litmus TestDo you have adequate fiscal resources to meet short-term needs and long-term?

Is the community maintaining the number & quality of jobs?

Is the community dependent on a limited number of businesses?

Do you have a balance of land uses?

To what extent is your local economy based on regional assets?

A-list

DELLA

Be sure to talk about the correlation between land uses and the fiscal impact on the community

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Community Litmus TestIs your environment improving?

Is your crime activity increasing?

Do you have housing that your residents can afford, and a range of housing choices available?

Is the educational attainment of your school systems improving?

B-listMARK?

I am a little concerned that we need to be able to answer how you measure some of these just make sure someone has an idea or example! Also be ready to explain the housing part some communities are touchy on that. Planners are generally supportive of affordable access to housing and dont mix that up with Section 8, but be prepared. 17Community Litmus TestIs leadership strong in your community?

Is tolerance and diversity strong in your community?

Do your have strong infrastructure systems?

Are people involved in community activities?

Do you have a strong healthcare delivery system?

C-list

JIM

We need to be prepared to explain a little preemptively about how these points tie back to and influence economic health. For this audience, we just need to reinforce their inherent sense of that connection, not pound it into the ground. 18

Community Litmus Test in Action: AssessmentLitmus ItemABShort term fiscal strength?LowMediumNot dependent on one /small # businesses?LowMediumQuality of jobs?LowHighEducational attainment?LowHighLack of crime?MediumMediumHousing cost?LowHighLeadership?MediumMediumDiverse range of people?MediumLowStrategy ??Della / Wilmington19

Community Litmus Test in Action: StrategyStrategy IdeasABShort term fiscal strength?ConsolidationMonitorNot dependent on one /small # businesses?DiversificationMediumQuality of jobs?Community College LinkageIncubatorEducational attainment?LowHighLack of crime?Support Police BudgetHousing cost?LowHousing DiversityLeadership?MediumMediumDiverse range of people?MediumLowDella / Wilmington20Where is your community?

Strategic PerspectiveTactical OpportunisticOrganized DelusionClueless ApathyHostile Waters

JIM21What are your first steps?

First Steps: Ask some difficult questionsDo you know how your community is doing?

Who are your partners (if any)?

Do you know where you want to go?

Are you brave enough to start on that path?

Della23Thank you!Della Rucker, AICP, CEcDThe Wise Economy Workshop

www.wiseeconomy.comDella.rucker@wiseeconomy.com513.288.6613@dellaruckerDella Rucker AICP CEcD

Also on LinkedIn and Google+

James Kinnett, CEcD, FM, EDFPThe Kinnett Consulting Group

www.kinnett.bizJim@kinnett.biz812.290.5663

www.linkedin.com/in/jameskinnett

Mark Barbash, FMEconomic Development Consulting

www.markbarbashconsulting.comMark.barbash@gmail.com614.774.7599

www.linkedin.com/in/markbarbash

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