Friday, January 25, 2013

Ford County economic development agency disbanding

When individual communities decide to go it alone, the economic development effort is irreparably harmed.  Too bad for Ford County. More here

County halts funding to economic development council

Clark County Washington County Commissioners have halted funding to the Columbia River Economic Development Council (CREDC) for their support of of a light rail transit line.

The county funds the EDO under a two-year contract with the CREDC worth $200,000.

The commissioners wrote a letter in which they said that “We certainly recognize the positive value that CREDC can bring to economic development in Clark County through its recruitment and retention programs. However, that focus on jobs has been diluted by the CREDC Board voting to advocate for the CRC project which includes light rail. Since Clark County voters took a firm position against light rail during the general election on November 6, 2012, it would be inappropriate for their county government to provide public funding to any agency which acts at odds with their vote.” More here.

Thursday, January 24, 2013

Say It Again....

By Chris Morris of the Las Vegas Sun

Economic development costs Nevada $30,000 per job in tax incentives


Nevada officials approved $87.6 million in tax incentives to create nearly 2,900 jobs in the past two years, according to data obtained by the Las Vegas Sun.

That’s about $30,000 in forgone tax revenue per job.

Some state economic development officials argue that figure shouldn’t be looked at as a cost to taxpayers. Instead, they say, it’s a $30,000 per job enticement — a temporary cessation in tax collection — that brings with it jobs, additional tax revenue and a broader economic effect, such as construction jobs and bumps in consumer spending. More here.

SD Lawmakers Look For Incentives

South Dakota legislative leaders are working to find a new way to provide financial incentives that would help recruit new large industrial projects to the state.

In November, voters rejected Republican Gov. Dennis Daugaard's plan to use tax money to provide incentive grants to attract companies to South Dakota, leaving the state without an incentive program for large construction projects, such as manufacturing plants and wind farms. More here.

Wednesday, January 23, 2013

It’s back to the future with enterpriseSeattle’s name change

Staff, Puget Sound Business Journal

One of King County’s leading economic development agencies has changed its name back to the Economic Development Council of Seattle and King County.

The public-private organization, based in Seattle, adopted the name enterpriseSeattle in 2005. The agency’s decision to return to its former name took effect today.

The EDC’s board of directors changed the name to eliminate brand confusion and to underscore its countywide mission, the organization said in an email newsletter.

The EDC was founded in 1971 with a service area encompassing King County and its 39 cities. It is dedicated to growing the jobs and the tax base by recruiting, keeping and growing businesses.

Region's economic development leaders dismiss collaboration, slight D.C.

Washington Business Journal
Fierce competition for new business among Washington-area jurisdictions has left little interest in economic development collaboration on the region’s behalf, and little love for the center of it all — the District.

“Washington, D.C., is like California in that they can’t seem to chase companies out of their jurisdiction fast enough,” Gerry Gordon, president of the Fairfax County Economic Development Authority, said Friday during a panel discussion at the Cardinal Bank-George Mason University Greater Washington Economic Conference. The panel was moderated by Washington Business Journal Publisher Alex Orfinger.

Gordon, Terry Holzheimer of Arlington County, David Iannucci of Prince George’s County and Jeffrey Kaczmarek of Prince William County generally agreed that regions with strong areawide branding efforts tend to focus those efforts on a strong central city.

But D.C., they said (all except Iannucci), is not that, leaving the suburbs to fend for themselves. More here

Ohio governor shifting gears on economic development incentives

During his year-ender with reporters last month, Ohio Governor John Kasich said he isn't interested in companies that come to him with threats of moving out of state absent copious incentive packages.

Here's how he was quoted on the subject: "If you want to leave Ohio and you say we're leaving if you don't give us help, that program's off the board. It's not on our website. We might help somebody if they're leaving and it's a special case … Believe me, there are CEOs that call me. I say, look, if you want to leave, I hope you have a nice trip. You know what's funny? They don't leave. Then they want me to get in a bidding war with somebody in another state." More here.

Group eyes regional assets as means to drive economic development

Before you can market the central Illinois region, you have to determine what you have to market.

Asset evaluation was one of the items on the agenda for the steering committee of Focus Forward CI, the economic development group that had its first meeting of the year Tuesday morning at the Caterpillar Visitors Center in Downtown Peoria. More here.

JobsOhio may get $100 million for economic developmen

By  Joe Vardon The Columbus Dispatch Tuesday January 8, 2013

JobsOhio may finally get its $100 million for economic development.

Gov. John Kasich’s privatized, nonprofit development agency announced this morning it will proceed with issuing about $1.5 billion in bonds to complete a complicated leased of the state of Ohio’s wholesale liquor profits stream. The move was triggered by two bond-rating agencies awarding high ratings to the bonds JobsOhio will use to fund the lease.

The Ohio Supreme Court has yet to rule on whether the liberal policy group ProgressOhio and some Democratic lawmakers have standing to sue JobsOhio – an ongoing legal case that has prevented JobsOhio and the state from completing the lease.  More here.

Wednesday, January 16, 2013

5 Questions to Ask Your Prospective Marketing Agency

It is crucial to ask the right questions when choosing an agency to assist in place marketing efforts.  Here are some guidelines:

1.    How well do you know my business? Consider the ones who did their homework can define the problem correctly.
2.    What kind of experience do you have? An advantage of working with an outside agency is being able to leverage the experience an agency's team has gained from solving problems for other clients.
3.    What do your references say about you? Ask to speak with current and past clients.
4.    Whom will I be working with? Find out exactly who you will be working with and where you fall in terms of client size. The size of your account may affect how much attention you receive and whether or not your campaign is handled by senior executives.
5.    How do you measure success? Prospective clients should get a "shared mental model" on their expectations regarding budget, measurable goals, and what a "big win" looks like.

More here.

5 Questions Agencies Should Ask You

If you are considering working with a marketing or advertising agency to execute your place marketing plans, consider those that will act as an extension of your team. 

They need to not only understand your audiences and product offerings, but also the unique challenge of marketing a community, region or state.  

While you will have many questions for them, you should also be prepared to explain to an agency what you want to accomplish through the partnership. As a prospective client, be prepared to answer the following questions:

1.    Have you worked with other agencies?  Why are you changing?
2.    What measures will you use to determine success?
3.    What is the budget range for this project? 
4.    Who will be assigned to work with the agency and how accessible will they be throughout the process?
5.    How often and in what format would you like to receive progress and status reports?

An agency that asks these questions will be better prepared to assist you and will deliver better results for your organization. 

Tuesday, January 08, 2013

Does Northwest Indiana really need another economic development agency

Porter County is moving forward on the creation of a new economic development agency, a recommendation of the "jobs cabinet" created to study economic development needs in the county. But does Northwest Indiana really need yet another economic development agency?

In September, Indiana Gov. Mitch Daniels told the One Region dignitaries in Merrillville that Northwest Indiana has so many economic development agencies already that they're counterproductive.

Elsewhere in Indiana, regions have formed a single economic development organization able to make swift decisions to attract businesses. More here.

In Defense of State Tax Incentives

After some much publicized criticism of state tax incentives, CFO Magazine describes how these programs continue to be powerful and well-funded tools. From tax breaks to direct cash subsidies, state economic-development programs can help companies defray the cost of growth. More here.

Monday, January 07, 2013

Indiana Touts Record Year For Economic Development

Inside Indianapolis Business reports that the Indiana Economic Development Corporation (IEDC) announced that in 2012 it secured job commitments from 256 companies from across the country and around the world that project to create more than 27,600 new jobs, an increase from 19,080 in 2011 and more than any other year on record.

"A better state economy starts with a positive business climate, and Indiana's is now near the top of every list," Governor Mitch Daniels was quoted as saying.  More here.

Augusta Economic Development Authority loses Web domain amid GoDaddy problems

The Augusta Economic De­velopment Au­thority lost their domain name and now must start over with a new one.  Don't let this happen to you. Check your domain renewals and extend them for as long as possible.  Check out some other tips here.