Economic Development Incentives are a significant tool to use in the retention and attraction of businesses to the community. Incentives can “close the deal” after all the handshaking and tours are complete, and the questions are answered. Businesses have grown to expect financial incentives as a part of the program and it is important for a community to have a good grasp on what they can and should offer. Incentives should be grounded in policies that are consistent and can withstand changes in political environments.
Following are Economic Development Incentive services offered by EDP Best Practices, LLC:
Local Incentives Overview: Provide an overview of potential local incentives across various categories including infrastructure, financial, employment, training, administrative, property enhancement, and some “creative” incentives.
Incentives Policy Development: Develop a comprehensive Incentives Policy and application tailored to Agency needs.
Negotiations – Analysis – Agreements: Assist with the negotiations, analysis, Agreement in Principle, and final agreements mutually agreed upon by both parties.
Property Enhancement Incentives Policy: Develop incentive programs to enhance commercial properties, e.g. façade improvement, landscaping, signage, driveways, lighting, parking.
Incentive Resources: These incentive resources and examples represent best practices from Agencies large to small.