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The Community Role in Economic Development

The Community Role in Economic Development. May 18, 2013. Presented by: Building Quality Communities . REASONS WHY WE ARE RE-REVIEWING WHAT ECONOMIC DEVELOPMENT MEANS. Why are we holding economic development workshops for residents?

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The Community Role in Economic Development

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  1. The Community Role in Economic Development May 18, 2013 Presented by:Building Quality Communities

  2. REASONS WHY WE ARE RE-REVIEWING WHAT ECONOMIC DEVELOPMENT MEANS • Why are we holding economic development workshops for residents? • In the CID discussion, should community be playing a leading role?

  3. What is Economic Development “The process of creating wealththrough the mobilization of human, financial, capital, physical and natural resources to generate marketable goods and services.”(American Economic Development Council)

  4. What is Economic Development “The process of creating wealth for the communitythrough the mobilization of human, financial, capital, physical and natural resources to generate marketable goods and services.”(American Economic Development Council)

  5. So, How is Local Wealth for the Community Measured? • Local Wealth • Property tax • Local Sales tax • Excise tax and fees • Intergovernmental Revenues • Local Economic Development is traditionally measured by: • Amount of capital Investment (not just nbr of businesses but the money they invest) • Number of jobs created When these increase, we call it GROWTH

  6. WHO PROVIDES WEALTH TO GOVT AND WHO USES IT DeKalb County is 60% residential which means residents should account for 60% of the property tax revenue to local government. However, businesses pay about 55% of tax revenue.

  7. THE FLOW OF WEALTH ON A LOCAL LEVEL Government Services Taxes Services Taxes Jobs Business Residents Consumers

  8. What makes Businesses locate to an area?

  9. Business (Qualifying) Considerations • Spatial considerations (how many sq ft of space is needed) • Transportation access and costs • Site improvement costs • Quantity/Density of population • Median Household Income • Infrastructure (Roads, Internet access) • Labor skills and education

  10. Quality of Life(Eliminating) Considerations • Appearance (beauty, cleanliness, flowers, design such as walkability, standards, ease of use such as benches) • Infrastructure (water and sewer lines, technology lines and access, roads and streets, transportation, sanitation) • Services (police, fire, parks, library) • Shopping and Amenities • Education This is known as DEVELOPMENT

  11. Growth and Development Conflict and tension or Cooperation and Harmony The Need for a Vision

  12. How Communities Grow Wealth Exercise I – The Flow of Wealth Goal: To understand how businesses and the movement of money lead to wealth and services in local neighborhood economies

  13. SAMPLE BUSINESS REVENUE Partnering People for Economic and Community Development - www.buildingqualitycommunities.com

  14. WHERE YOUR TAXES GO 3/4 OF EVERY DOLLAR GOES TO YOUR LOCAL SCHOOL BOARD 1/4 OF EVERY DOLLAR GOES TO YOUR LOCAL GOVT Partnering People for Economic andCommunity Development - www.buildingqualitycommunities.com

  15. Fulton County Revenues 2010 Partnering People for Economic and Community Development - www.buildingqualitycommunities.com

  16. SAMPLE OF TAXES PAIDTO COUNTY GOVERNMENT Partnering People for Economic and Community Development - www.buildingqualitycommunities.com

  17. Fulton County Expenditures 2010 Partnering People for Economic and Community Development - www.buildingqualitycommunities.com

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