Best Practices for Economic Development Districts


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NADO presentation to Illinois Association of Regional Councils 2013 Annual Meeting on 09/10/13

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Best Practices for Economic Development Districts

  1. 1. ILARC 2013 ANNUAL MEETING 09/10/13 | BLOOMINGTON, IL Best Practices for Economic Development Districts
  2. 2. Ground Rules EDDs can have a tangible and measureable impact on regional economies—and your CEDS should reflect that commitment Creating a high-quality, high-impact CEDS is a reasonable expectation for all EDDs CEDS reflects unique regions and EDDs—no one-size-fits-all process or product
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  4. 4. Upjohn Institute survey of 5,000 IEDC members: How many EDOs are aware of a CEDS in their region? 14% rural 4% urban
  5. 5. CEDS Challenges Commitment—“check the box” mentality is most significant barrier to improvement Readability—140 pages average, basic Word formatting, no executive summary or photos, data not well-integrated with strategies Usefulness—should inspire residents to work together for measurable changes in regional economy & clearly articulate EDD’s role
  6. 6. “CEDS is about the process, not the product.”
  7. 7. Would you be excited about reading this?
  8. 8. Venture Fund – Wisconsin Rural Enterprise Fund (WREF) Enterprise Center Network – Six Business Incubators located throughout the Region totaling 180,000 square feet Business Start-up & Sold – Botanic Oil Innovations, Inc. New Business Start-up – Wolf Wood, Inc. NORTHWEST REGIONAL PLANNING COMMISSION
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  10. 10. Make it easier for busy business owners to participate—consider aligning board members for EDD/CEDS and WIB. EDDs and WIBs both need data analysis for federally required plans—why do it twice for the same region?
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  12. 12. Background Analysis of Problems and Opportunities Goals and Objectives Community and Private Sector Participation Strategic Projects, Programs, and Activities Performance Measures
  13. 13. EDA Proposed Rule Changes (expected 2013) More emphasis on clusters and innovation and entrepreneurship infrastructure (e.g., incubators) Allows up to 80% for projects leveraging other federal resources Eliminates mandatory formula for EDD and CEDS strategy committee board member representation Prioritizes four main components of CEDS: (1) summary of regional conditions; (2) SWOT analysis; (3) strategy and implementation plan; (4) performance measures Makes project list optional
  14. 14. Economic Resilience How well prepared is your region to respond to an economic shock (e.g., recession, plant closure or opening, base realignment)? How quickly could your region recover from a devastating natural disaster? How do you get people to acknowledge the importance of resiliency thinking and make investments in strategies?
  15. 15. High-Quality/High-Impact CEDS Builds on region’s unique strengths Represents true regional priorities Showcases EDD’s value & impact Tells a compelling story Motivates action
  16. 16. Know your audience (it’s not EDA) 1. How is our economy performing? 2. How can we compete successfully? 3. What are you going to do about it? 4. How will you measure success? 5. How long will it take?
  17. 17. Source: NADO
  18. 18. Communicating Impact Balance your focus on traditional (GPRA) and non-traditional metrics (wealth creation) Demonstrate return on investment—quantify outcomes of EDD/CEDS, not process Create clear lines linking goals, strategies, & implementation activities
  19. 19. Aroostook 2015 Goals 1,677 new jobs @ $42,000 1,118 new jobs @ $38,500 Improvement of 6,628 jobs by $5,000/yr. $365M new wages Increase Internet Subscriptions to 37,500 Reach Regional GDP of $2.8B 27.7% Private Payer Healthcare Reimbursements Renewable Energy Economy Strategy Direct Impacts 62 jobs (3.6%) $45.3M (12.4%) 604 jobs (54%) $94.6M (3.7%) 650+ jobs with benefits Strategic Opportunity Value $69.9M per year • 16 commercial installations,$19M, $2,1M savings/year • 100+ residential installations • JIAC grant award, $1.9M, $1M private match • $1.2 NMCC Award, largest private donation in Maine history • 12x1 investment leverage Measurement & Outcomes: 2011-2012 Emphasize how CEDS implementation will “move the needle.”
  20. 20. CEDS Formatting Suggestions Executive summary that can be used as stand- alone document—focus on most compelling data, opportunities, & EDD implementation Shorten and streamline the document (25-30 pgs) with balance of qualitative/quantitative information & quotes from regional leaders Emphasize measureable goals, strategies, & outcome-based performance metrics
  21. 21. CEDS Formatting Suggestions Don’t abandon what you like doing (regional background, “planner” data) but keep your audience in mind and use appendices Project list—key regional projects should be clearly tied to assets, goals, & strategies in main sections of the CEDS document Consider going beyond PDF—CEDS website, interactive data, even mobile app
  22. 22. Experiment with report formats. Consider hard copy executive summary and CEDS website.
  23. 23. Full-page text doesn’t have to look boring.
  24. 24. Use CEDS as an opportunity to showcase real people, not just NAICS codes.
  25. 25. Avoid planner jargon as much as possible. Try to make process interesting.
  26. 26. Celebrate success. Invest in marketing.
  27. 27. Statewide CEDS Source: NADO. As of July 5, 2013. Includes projects in discussion, planning, implementation, or completed.
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  29. 29. National Association of Development Organizations (NADO) and the NADO Research Foundation 400 North Capitol Street, NW | Suite 390 | Washington, DC 20001 | | 202.624.7806 | Regional Strategies. Solutions. Partnerships. Brian Kelsey | Director of Economic Development | | 512-731-7851
  30. 30. This presentation is based on work supported by the U.S. Economic Development Administration (EDA) under Agreement No. 99-06-07548 and is part of the Know Your Region project. Any opinions, findings and conclusions, or recommendations expressed in this presentation are those of the presenter(s) and do not necessarily reflect the views of EDA or the NADO Research Foundation. The NADO Research Foundation would like to thank EDA for their support with this presentation and the Know Your Region project.