One of the key components in economic development for small cities is the development of public/private partnerships. The growth of any locality depends on the vision of those in leadership, and it takes vision and courage to take the lead on growth and development issues. For sustained growth to occur, an environment must be created that fosters and encourages growth. City governments need to take the lead in crafting policy, setting an example among staff at all levels that economic development is key to long-term survival and growth.
Chambers of Commerce, industrial development authorities, and other quasi-governmental bodies cannot “pull the trigger” on projects, yet the decision-making process and the ability to get things done in a consistent manner is an integral part of economic growth and development. A growing number of municipalities have discovered being in the driver’s seat for economic development issues brings multiple benefits to the overall economic health of the city. Two examples of key economic development initiatives now handled by city governments are educating the local business community, staff and elected officials on a grassroots level and developing the marketing material crucial to “brand” the city and communicate the city’s desire and ability to grow.
This is especially true in areas where there has been a marked decline in manufacturing or industrial development. Cities must be at work to generate and stimulate momentum in the local economy. In recent years, city governments have realized that retail development is one sure way to stimulate the local economy. Even in smaller communities, incentives can be used to attract national retailers. City governments are realizing that the same incentive strategies that are used to attract manufacturing and industrial uses can be utilized to create an environment for retail investment. Retailers are attracted to anything that can increase their bottom line. City government can make retail investment opportunities attractive by assembling land, providing needed public infrastructure and by making the overall development process as pain free as possible. This arrangement, a public-private partnership, also allows the city to control or at least strongly influence the style and quality of the projects. A well-designed and executed project can enhance the quality of life in a community and support it through ad valorem and sales taxes for years to come.
Stimulating Economic Development via Public-Private Partnerships
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Thanks for pointing out the critical elements of leadership and vision when it comes to economic development growth. Cities must take charge of the process if it is to be successful. Looking forward to helping more cities discover and realize their potential.
Man you hit it right on! I want to emphasize that what I think you are saying by stating that it isn't necessary that cities and town governments grow their services in order to grow their communities, but rather be more flexible and unified in their mission – a mission to grow (or merely survive depending on the situation). Essentially, the right hand MUST know what the left hand is doing if you are going to create an environment that encourages growth.
How many homes never get bought at their worth because home owners fail to do the simple things to spruce things up and ensure that a transaction will be painless and orderly?
Cities too must ensure that their house is in order and that they are presenting themselves in such a way as to attract the best possible “price” or reward for their community offerings. Indeed, I would argue that anything less is a misuse of public funds.
Keep up the great work in eastern Oklahoma Ricky!
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