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Economic Development Policy Trends Update

Economic Development Policy Trends Update. 9 th Annual Focus Northwest Florida Christopher D. Lloyd October 16, 2010. McGuireWoods Consulting. Public affairs approach to projects Establish long term relationships, not short term gains

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Economic Development Policy Trends Update

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  1. Economic Development Policy Trends Update 9th Annual Focus Northwest FloridaChristopher D. LloydOctober 16, 2010

  2. McGuireWoods Consulting • Public affairs approach to projects • Establish long term relationships, not short term gains • Largest firm in Virginia, offices in North Carolina, South Carolina, Georgia, DC, Illinois • Nationwide project coverage

  3. Corporate Trends • Increasing internal competition for capital investment funds • Shorter timeframes for corporate decision making • Devaluation of tax credits • More attention to long-term project costs (especially property taxes and energy costs) • Increased use of internal training resources • Increased use of out-of-town contractors and project managers • Increased attention to DMBE contracting • Desire flexibility in performance agreements for market fluctuations • Increasing importance of infrastructure incentives

  4. Policy Drivers • Polls tell elected officials that “jobs” is the top priority • Some recognition that economic development leads to future revenue growth • Increased linkages between education and economic development • Significant federal resources (ARRA, general federal spending)

  5. Policy Developments • Conversion of tax credits to performance based grant programs • Increased use of state investment “funds” to spur corporate growth • Expansion of existing programs to encourage job retention, retraining, new capital investment (absent jobs) • Increased use of state funds to leverage local government resources • Industry specific incentives – increased targeting • Increased flexibility on eligibility criteria

  6. THE END Business Expansion | Federal Public Affairs | Strategic Communications & Grassroots Mobilization State & Local Government Affairs | Emerging European Markets Atlanta • Charlotte • Charlottesville • Chicago • Columbia •Norfolk • Raleigh Springfield • Tyson’s Corner • Washington, D.C. | Bucharest, Romania www.mcguirewoodsconsulting.com

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