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Best Practices In Local Economic Final 02.22.2012

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Ohio City Managers Assoc presentation on How to Get Your City Ready for Economic Development with Della Rucker (Wise Economy) and Jim Kinnett (Kinnett Consulting Group)

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Best Practices In Local Economic Final 02.22.2012

  1. 1. Della G. Rucker, AICP, CEcDThe Wise Economy WorkshopJim Kinnett, CEcD, FM, EDFPThe Kinnett Consulting Group Mark Barbash, FM Economic Development Consultng
  2. 2.  Changing Thoughts How is your community doing? What you can do to help your community improve?
  3. 3.  Della Rucker Jim Kinnett Mark Barbash
  4. 4.  Public-private organizations Chambers Local, regional & state organizations Local and state government Foundations Neighborhood, downtown, community development organizations Increasingly, you.
  5. 5.  Whois at the table? (hint: more than ever) Non-partner partners Loss of local businesses = loss of decision makers Medium sized business reluctant to participate in economic development
  6. 6.  Community college lifeline Reshoring? Research and Development Educating entrepreneurs Public schools
  7. 7.  Entrepreneurs!! Growyour own: Economic Gardening Incubatorsand accelerators 1099 economy
  8. 8.  QualityPlaces get most investment Build on assets It’s all connected Cost v. benefits in a new way
  9. 9.  Where people get information Site selection changing Reputation management No filters, no delays People will have their say.
  10. 10. • Change or Die• Be Strategic & Deliberate• Redefine incentives• Understand how a business makes decisions• Find new partners – but understand their (and your) limitations• Do the math & know your numbers
  11. 11. Economic development is acting to ensure that the economy of your community or region (your income or savings) grows faster than yourpopulation (your expenses) so you have the extra resources in the future to finance improvement.
  12. 12.  Is your economy growing faster than your population? • Economy: Income, savings, wages, • Population: Count, demographic, and the costs of serving the population Incomegreater than your expenses?
  13. 13. How do you know if youreconomy is growing faster than your population?
  14. 14. A-list Do you have adequate fiscal resources to meet short-term needs and long-term? Is the community maintaining the number & quality of jobs? Is the community dependent on a limited number of businesses? Do you have a balance of land uses? To what extent is your local economy based on regional assets?
  15. 15. B-list Is your environment improving? Is your crime activity increasing? Do you have housing that your residents can afford, and a range of housing choices available? Is the educational attainment of your school systems improving?
  16. 16. C-list Is leadership strong in your community? Is tolerance and diversity strong in your community? Do your have strong infrastructure systems? Are people involved in community activities? Do you have a strong healthcare delivery system?
  17. 17. Litmus Item A BShort term fiscal strength? Low MediumNot dependent on one /small # Low Mediumbusinesses?Quality of jobs? Low HighEducational attainment? Low HighLack of crime? Medium MediumHousing cost? Low HighLeadership? Medium MediumDiverse range of people? Medium LowStrategy ? ?
  18. 18. Strategy Ideas A BShort term fiscal strength? Consolidation MonitorNot dependent on one /small # Diversification Mediumbusinesses?Quality of jobs? Community College Incubator LinkageEducational attainment? Low HighLack of crime? Support Police BudgetHousing cost? Low Housing DiversityLeadership? Medium MediumDiverse range of people? Medium Low
  19. 19. Strategic Perspective Tactical Opportunistic Organized Delusion Clueless Apathy Hostile Waters
  20. 20.  Do you know how your community is doing? Who are your partners (if any)? Do you know where you want to go? Are you brave enough to start on that path?
  21. 21. Della Rucker, AICP, CEcD James Kinnett, CEcD, FM, EDFPThe Wise Economy Workshop The Kinnett Consulting Groupwww.wiseeconomy.com www.kinnett.biz Jim@kinnett.bizDella.rucker@wiseeconomy.com 812.290.5663513.288.6613 @dellarucker www.linkedin.com/in/jameskinnett Della Rucker AICP CEcD Mark Barbash, FMAlso on LinkedIn and Google+ Economic Development Consulting www.markbarbashconsulting.com Mark.barbash@gmail.com 614.774.7599 www.linkedin.com/in/markbarbash

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