Edward A. Nelson, Jr. CEcD, FM, HLM. SEDC Annual Meeting. Tulsa, Oklahoma August 6, 2013 USFC.EDI 1

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1 Edward A. Nelson, Jr. CEcD, FM, HLM SEDC Annual Meeting Tulsa, Oklahoma August 6, 2013 USFC.EDI 1

2 President & CEO Applied Management Technical Assistance and Research 55 people Director of Economic Development Division Fulton County Government - 11 people President & CEO DeKalb Chamber of Commerce -9 people Chairman EANI International Economic Development Consultants - 4 people Gulf County Economic Development Corporation -2 people Unincorporated South Fulton County Economic Development Initiative - 3 people USFC.EDI 2

3 Understanding the Definition Characteristics of an Effective EDO Concepts Beyond the Definition Economic Development Industry Trends Sustainable Development Barriers to Economic Development Organizations Economic Development Services Strategic Planning Summary of the Process USFC.EDI 3

4 Create Wealth Mobilize Resources Financial Human Capital Monetary Capital Physical Natural Generate marketable goods and services Create new job opportunities Increase the tax base USFC.EDI 4

5 Influencing the PROCESS USFC.EDI 5

6 An experienced and qualified leader must be Focused with a CAN-DO ATTITUDE! Aggressive COMMITTED! CREATIVE An experienced and qualified staff Training and certification. Practical experience is of the utmost importance. USFC.EDI 6

7 Economic Development is complex, extremely dynamic and challenging! You must KNOW AND UNDERSTAND THE RISK! Collect information on the industry UNDERSTAND THE PROCESS KNOW THE BOTTOM LINE ANTICIPATE THE HUMAN FACTOR! Keep abreast of TRENDS! USFC.EDI 7

8 Economic issues Environmental issues Political issues Social issues Cultural issues Others Must address the issues! Practical Solutions USFC.EDI 8

9 KEEP THE POLITICS OUT! or EQUALIZE THE POLITICS? USFC.EDI 9

10 Structures that are obstacles to comprehensive development policies Lack of knowledge by politicians and bureaucrats about Economic Development Lack of legislation conducive to Economic Development Shortsightedness by the leadership USFC.EDI 10

11 Lack of an Economic Development Strategic Plan Lack of creativity and entrepreneurial spirit Lack of collaboration among stakeholders USFC.EDI 11

12 Business recruitment (Business Attraction) Retention and expansion Small business and entrepreneurial development Business Financing - Small business loan programs - Tax exempt and taxable bond financing - Other financing programs such as Tax Increment Financing and NMTC USFC.EDI 12

13 Understand the strengths and weaknesses Inventory your existing conditions Know your product and resources Identify the development needs Develop incentives Apply impact analyses Know your competition Advertise your strengths USFC.EDI 13

14 Target/focus on projects that represent the strengths of your area Get to know the Site Selection Consultants and learn how to work with them Run the organization as a business and not as a government agency Consider changing titles of staff USFC.EDI 14

15 Understand that ED Strategy is more than recruitment and retention/expansion activities Identify strategic goals that will generate new economic activity Initiate discussions of opportunities and challenges affecting the entire community Identify the impediments and work to resolve USFC.EDI 15

16 Manage Staff Manage Expectations Manage Internal Support Manage Resources Manage External Support Manage Projects REMAINING FOCUSED USFC.EDI 16

17 by David Kolzow...the organizations of the past are often not adapted to the needs of the present and future. Planned economic development initiatives are not likely to be effective if they are merely an adjunct to the many functions of a local government or the many programs of a local chamber. Furthermore, many communities have found that their ability to respond promptly and effectively to the needs of industrial prospects and to the local business community is impaired by organizational rivalries. Inevitably, these communities pay the price in the form of lost opportunities for new or additional investments and new jobs. USFC.EDI 17

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