The Local Economic Development Planning Process

Economic DevelopmentThe economic development process goalTo deliver a productMore and better jobsIncreased wealth and incomeIncreased opportunities for personal fulfillment

2

Introduction

Economic DevelopmentThe economic development process goalCommunity capacity buildingPhysicalRegulatoryAttitudinal

3

Introduction

Economic DevelopmentThe economic development process goalRecent misstepsReal estate oriented economic developmentSmall business start ups

4

Introduction

Economic DevelopmentLocal economic development planning takes:Hard workCareful analysisWell-defined goalsLong-term commitment of resources

5

Introduction

Two tasks must precede the local economic development processThe organization responsible for implementing or coordinating change needs to be:IdentifiedMobilized

6

Preliminary tasks of local economic development planning

Identifying the PlannersEconomic Development CorporationsAllen FriscoMcKinneyCity Economic Development Departments (DART Cities)GarlandPlano Richardson

7

Preliminary tasks of local economic development planning

Identifying the PlannersParticipationNeed the critical sectors of the community involvedBusinessLaborGovernmentLeadershipVisionAbility to achieve the desired resultLegitimacyApproval by the communityTransparency

8

Preliminary tasks of local economic development planning

Determining Geographic ScopeCity blockCountyMulti-county regionStateMulti-state regionThe area target configuration is very important

9

Preliminary tasks of local economic development planning

Phase 1 Data gathering and analysisPhase 2 Selecting a local development strategyPhase 3 Selecting local development projectsPhase 4 Building action plansPhase 5 Specifying project detailsPhase 6 Overall development plan preparation and implementation

10

The six phases of planning

Determining the Physical EnvironmentPhysical infrastructureAttractiveness of community amenitiesQuality of lifeLivability of the communityNeed for revitalization?Need to reposition physical community assets

11

Managing Planning resources in the Community

Facing the Regulatory Environment as a Planning ResourceReview of local proceduresCost of doing business in the communityIs local regulation a boom or impediment to development?Sign ordinanceSidewalk café regulationsSidewalk vendorsFood trucksBusiness process management

12

Managing Planning resources in the Community

Preparing the Attitudinal EnvironmentBusiness friendly environmentPositive attitude toward planningAccessible information on the communityGood attitudes!

13

Managing Planning resources in the Community

Entrepreneur or DeveloperOperating like a business enterpriseDo you keep control of commercial land and building in public hands?Leveraging local assetsGovernmental units having skin in the economic development game

14

Selecting a Local Economic Development Role

CoordinatorCoordinator of services and incentivesProvision of informationEmployment levelsWorkforceUnemploymentWorking with other governmental units

15

Selecting a Local Economic Development Role

FacilitatorImproving the attitudinal environmentStreamlining the development processImproving planning procedures and zoning regulationsPositive use of planning powersActive engagement of local officials

16

Selecting a Local Economic Development Role

StimulatorTaking action to stimulate business Specific actionsDeveloping brochuresConducting workshopsPromotion of tourism

17

Selecting a Local Economic Development Role

Recruitment Planning (Pre-active)Creation of a business friendly climateRecruitment planningBusiness targeting

18

Typology of Planning Approaches

Impact Planning (Reactive)Mitigating or reducing economic losses to the local economyPlant shutdownsLayoffsFlexibility policiesAcceptance of risks by local entities in these situations

19

Typology of Planning Approaches

Contingency Planning (Interactive)Anticipating the worst and bestAssessment of local economic strengthsDevelopment of economic stabilization policiesCommunity adopted plans

20

Typology of Planning Approaches

Strategic Planning (Proactive)Utilization of a community’s entire assetsAdopting a long-range viewLarge scale effort to deploy local economic resources

21

Typology of Planning Approaches

Targeting Zones of ActionRecognizing targets of employment and economic distressChanging local macroeconomic and social policies affecting economic developmentIntervening in the right places

22

Features of Local Economic Development Planning

Building Community-Level Institutions for DevelopmentBringing communities actors together effect changeLocating the necessary capital

23

Features of Local Economic Development Planning

Expanding Local OwnershipCreating new business ownershipRetaining existing business ownershipUse of local human and physical resources

24

Features of Local Economic Development Planning

Merging the Resources of the Social Welfare SystemTaking corrective action to merge welfare and job skills to address local area weaknessesLeveraging nonprofit assets to address social welfare issues in the community

25

Features of Local Economic Development Planning

Linking Employment and Economic Development Policies and ProgramsDiversifying employment optionsUsing local resources to link jobs with the people available to work

26

Features of Local Economic Development Planning

Building Quality JobsAttracting new businesses and jobsFinding the right fits for the communityIntervention into the market systemCreation of secure jobs for the community

27

Features of Local Economic Development Planning

Public-Private VenturingCombining public and private resourcesFinding the right balance of resources helps to stabilize communities

28

Features of Local Economic Development Planning

Modification of the current market systemCreation of approaches to create a sustainable national and local environmentsHow best to cure the spatial and human allocations of development in the country?How best to rebuild our economic base?

29

Conclusion