This document outlines the principal stages of an economic development project cycle including project identification, assessment, and implementation. It discusses ways to gather initial project ideas from existing plans and stakeholder input. Key aspects of project assessment include evaluating projects based on strategic goals, feasibility analysis considering factors like market demand, costs, community support, and available resources and skills. The document provides templates for organizing project information and comparing alternatives to establish priorities. Implementation involves developing action plans with timelines, responsibilities, and expected outcomes to carry projects forward. Ongoing monitoring and amendment of the economic development plan is also recommended.

1. Jim Damicis
Senior Vice President
Camoin Associates
March 23-24, 2017
Denver, CO
1
Economic Development
Strategic Planning

2. Project Identification
2
Overview of Project Cycle
Project Identification
Project Assessment
Project Implementation
Agenda:

3. Identification
Assessment
Implementation
3
Principal Stages of the Project Cycle

4. Existing plans and documents
Utilizing existing meetings
One-on-one discussions
Focus groups
Input through email/social media
4
Ways to Gather Ideas

5.  Consider range of alternative projects &
programs
 Identify projects & programs in light of:
 Strategic economic development goals
 Objectives
 Strategies established earlier
 Broadly evaluate project proposals
5
Project Identification

6.  Does it help achieve a goal or
objective?
 Does the community have the
resource & capacity to undertake
the program?
6
Note:
 Limit depth of analysis
 Decide if further consideration is warranted
Broad Criteria

7. • Individuals who identify proposals should prioritize project
options
• Stakeholders should establish set of standards or criteria
o Identify best possible projects
o Recognize both positive & negative impacts
• Conduct research to assess feasibility
o Initial or first phase: assess which proposals to pursue, &
prioritize
o Second phase: in-depth feasibility study
7
Project Assessment

8. Market
Feasibility
Financial
Feasibility
Citizen/Political
Feasibility
Organizational
Capacity
Technical
Feasibility
Ingredients for a Successful Plan
8

9. 8. Conclusions about project feasibility
7. Potential barriers to overcome
6. Additional resources required
5. Resources available for execution
4. Regional benefits & issues
3. Economic development benefits
2. Relation to strategic plan (in terms of goals)
1. Basic description
9
Project Worksheets

10. Funding
Capital cost
Required municipal/gov’t body proceedings
Government support
10
Project Feasibility Section
Details to Consider:

11. Quantify
information
• Tally scores
for each
program
Input data
into matrix
• Higher scores
reflect
higher
feasibility
11
Steps After Collecting Project Info

12. Priorities Impact
Feasibility
- time
- cost
-social/political
- technical
Cost-
benefit
analysis
12
Assessing Alternatives

13.  Projects that reflect plans, goals, & objectives rank higher
 Review alternatives individually
 Compare alternatives
 likely effects
 how well it meets specific goals
13
Establishing Priorities

14.  Determine positive & negative
 local economy
 regional way of life
 All ventures have advantages & disadvantages
 Estimate degree of impact of each
 Rank projects with greatest net effects as top priorities
14
Measuring Impact

15. • 1-2 year projects rank higher
• longer completion time
increase uncertainty
Time
Estimates
• Operating expenses and
financing capacity
• opportunity costs
Cost
Estimates
15
Economic Feasibility
Expensive & time-consuming proposals with low
returns should be designated low priority

16.  Determines economic viability
 Used to assess a single project or for comparison
 Can be used to determine most efficient use of
resources
 Process
 Identify & calculate costs & benefits
 Calculate the net impact
16
Cost-Benefit Analysis

17.  Project costs do not include sunk costs
 Costs, prior to implementation, may include
 Existing infrastructure
 Buildings
 Services
 Supplies
17
Sunk Costs

18.  All revenue that results from project
operation
 Measured by increase in output or cost
savings
 Examples of project revenues
 Municipal taxes
 Fees or charges for services
 Sale of remaining equipment
18
Benefits

19. • Result specifically
from the project
Direct
costs
• Result because of
ripple effects
Indirect
costs
19
Direct & Indirect Costs

20. Rank highly proposals with a great degree of
community support from public officials,
business leaders, & residents.
Social support can make or break a program
alternative.
20
Social/Political Feasibility

21. Can the region handle a project of this magnitude?
Do the right people with the right skills exist in the to
carry out the project?
Is the technology available?
Is the experience & knowledge there?
Are the resources available?
21
Technical Feasibility

22. Criteria/Proposed Project
Project
1
Project
2
Project
3
Project
4
in line with present goals
exploits opportunity
depends against a threat
length of time to measure impact
financing available
politically acceptable
has stakeholder support
necessary skills/staff/space
22
Simple Vertical Matrix

23. Tasks involved
• sequence with respect to other tasks.
Who or what organization is responsible for
each task
Realistic timetables for the completion of
different activities
Expected impacts or results of the action
Funding requirements, including
identification of sources
23
Action Plans

24. Camoin Associates 24
Sample Implementation Matrix

25.  Need for flexibility
 Leave room for changes & delays
 Develop strategy for problem
resolution
 Keeping the plan alive
 Marketing, market, marketing
25
Implementing Programs

26.  Revisit & update annually
 Confirm or adjust
 Opportunities or threats require
immediate action
 New grant program, plant closing,
natural disaster
26
Amending Programs & Successive Planning Efforts

27. Contact Information
o jim@camoinassociates.com
o www.camoinassociates.com
o Twitter: @jdamicis
o Linkedin: www.linkedin.com/in/jdamicis
o Economic Development Navigator: www.camoinassociates.com/navigator
Economic Development
Contact Information