Support Economic Development

Local economic development programs can attract new industries and retain existing ones. There is no shortage of ideas for economic development strategies, with ideas like “creative cities” and “green cities” representing two that have received some attention in the popular media. The role of the finance officer is to help create an economic development policy that defines what kind of economic development programs the government will spend money on, to help government evaluate economic development opportunities against its policy, and to design tools that help make sure the government receives a return on its investment (such as “clawbacks” that require incentive monies be returned if a developer does not meet benchmarks). The organization can also promote economic development by facilitating access to third-party resources such as federal government support, university expertise, and private-sector supporters. Also, evaluating all aspects of development such as planning and permitting processes, and regulatory requirements can identify opportunities to make the economic development climate more inviting for investment. Best Resources:

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