The document outlines the principal stages of a strategic economic development project cycle: project identification, assessment or appraisal, and implementation. It discusses gathering ideas, evaluating projects based on strategic goals and objectives, conducting feasibility studies, and prioritizing projects using criteria like impact, feasibility, and cost-benefit analysis. Action plans are created to define tasks, timelines, impacts, funding, and benchmarks for implementation. The process requires flexibility and annual revisiting to update plans based on new opportunities or threats.

1. Economic Development Strategic
Planning
Jim Damicis
Senior Vice President
Camoin Associates
April 28-29,2016
1

2. 2
Strategic Project/Initiative
Identification & Implementation
overview of principal
stages of the project
cycle
project identification
project assessment
project
implementation

3. principal stages of the project cycle
identification
assessment or
appraisal
implementation
3

4. ways to gather ideas
prior and existing plans and documents
utilizing existing meetings
one-on-one discussions
focus groups
soliciting input through email/social media
4

5. project identification
consider range of alternative projects &
programs
identify projects & programs in light of:
o strategic economic development goals
o objectives
o strategies established earlier
broadly evaluate project proposals
5

6. broad criteria
Does it help achieve a goal or objective?
Does the community have the resource &
capacity to undertake the program?
note
olimit depth of analysis
osimply decide if further consideration is
warranted
6

7. project assessment
individuals who identify proposals should prioritize
project options
stakeholders should establish set of standards or
criteria
o identify the best possible projects
o recognize both the 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

8. ingredients for a successful project:
Camoin Associates 8

9. project worksheets
basic description
relation to strategic plan (in terms of goals)
economic development benefits
regional benefits & issues
9

10. project worksheets
resources available for execution
additional resources required
potential barriers to overcome
conclusions about project feasibility
10

11. project feasibility section
funding
capital cost
required municipal/gov’t body proceedings
government support
11

12. after collecting project information...
quantify
information
• tally scores
for each
program
input data into
matrix
• higher scores
reflect higher
feasibility
12

13. assessing alternatives
priorities impact
feasibility
- time
- cost
-social/political
- technical
cost-benefit
analysis
13

14. priorities
projects that reflect plans goals &
objectives rank higher
review alternatives individually
compare alternatives
o likely effects
o how well it meets the specific goals
14

15. impact
determine positive & negative
o local economy
o regional way of life
all ventures have advantages & disadvantages
estimate degree of impact of each
rank projects with greatest net effects as top
priorities
15

16. economic feasibility
time
o 1-2 year projects rank higher
o longer completion time increase uncertainty
cost
o operating expenses and financing capacity
o opportunity costs
expensive & time consuming proposals with
low returns should be designated low priority
16

17. cost-benefit analysis
determines economic viability
used to assess a single project or for comparison
can be used to determine most efficient use of
resources
process
o identify & calculate costs & benefits
o calculate the net impact
17

18. sunk costs
project costs do not include sunk costs
costs, prior to implementation, may include
o existing infrastructure
o buildings
o services
o supplies
18

19. benefits
all revenue that results from project operation
measured by increase in output or cost
savings
examples of project revenues
o municipal taxes
o fees or charges for services
o sale of remaining equipment
19

20. direct & indirect costs
direct costs & benefits result specifically
from the project
indirect costs & benefits result because of
ripple effects
20

21. social/political feasibility
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.
21

22. technical feasibility
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?
22

23. sample vertical matrix
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
23

24. action plans
tasks involved
o 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
performance benchmarks
24

25. Camoin Associates 25
sample implementation matrix

26. implementing programs
need for flexibility
o leave room for changes & delays
o develop strategy for problem resolution
keeping the plan alive
o marketing, market, marketing
26

27. amending programs & successive
planning efforts
revisit & update annually
confirm or adjust
opportunities or threats require immediate
action
o new grant program, plant closing, natural
disaster
27

28. Jim Damicis, Senior Vice President – Principal - Camoin
Associates
• Immediate Past President, Northeastern Economic
Developers Association
• IEDC, Economic Development Research Program,
International Economic Development Council
• Collaborator – Communities of the Future
• 25+ Years Experience in Economic and Community
Development
jim@camoinassociates.com
www.camoinassociates.com
Twitter: @jdamicis
Linkedin: www.linkedin.com/in/jdamicis
Blog: www.camoinassociates.com/blog/
• Comprehensive Economic Development
Strategies (CEDS)
• Stakeholder Engagement
• Workforce Development
• Market Analysis & Financial Feasibility
• Evaluation & Benchmarking Indicators
• ED Communication & Marketing