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City of Kankakee Economic Development Committee August 25, 2011

Comprehensive Economic Development Strategy (CEDS) CEDS Proposal and Presentation. City of Kankakee Economic Development Committee August 25, 2011. What is a CEDS. 1) A CEDS is a local tool that is used to create jobs, stabilize the economy and improve the quality of life

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City of Kankakee Economic Development Committee August 25, 2011

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  1. Comprehensive Economic Development Strategy (CEDS) CEDS Proposal and Presentation City of KankakeeEconomic Development CommitteeAugust 25, 2011

  2. What is a CEDS • 1) A CEDS is a local tool that is used to create jobs, stabilize the economy and improve the quality of life within the region where it is implemented. • 2) It is a mechanism/tool that should ultimately promote sustainable economic development and opportunity, foster effective transportation systems, enhance the environment and balance resources.

  3. Biggest Benefit of a Certified CEDS • 1) A CEDS, that is approved by the Economic Development Administration, is required to be designated as a Certified Economic Development District (EDD). Once you are designated as a Certified EDD you are then eligible to qualify for EDA assistance under it’s public works, economic adjustment & planning programs.

  4. What a CEDS Does • 1) Analysis Local Conditions • 2) Identifies problems and opportunities • 3) Defines the visions & goals of a community • 4) Designs strategies to accomplish goals • 5) Coordinates activities to implement strategies • 6) Evaluates and updates the process. In summary, the public, local government, staff and business investors should be able to use the CEDS as a guide to understanding the regional economy and taking action to improve upon it.

  5. Four Main Elements of a CEDS • 1) Analysis • 2) Visions • 3) Action Plan • 4) Evaluation

  6. Establishing a Committee When Preparing a CEDS (1) Establish a Strategy Committee that represents all interests. The committee should be established to oversee the CEDS process. They should be involved in the following: • Initial Development • Updating • Replacement or amendment of a strategy • Act as the principal facilitator for the economic development planning and implementation process.

  7. The Committee Should Include • Representatives of Local Government • Business & Industry • Professional’s • General Laborers • Education & Health Care Facilities • Community Organizations • Diverse Ethnic Groups and Backgrounds

  8. Development Process (1) Analysis – Where are We? The analysis should provide a clear understanding of the current economic status of the region and the factors that contribute to it. • Demographic & Socioeconomic data • Geographic, climatic, environmental & natural resource profile • Infrastructure of the area • Major sectors of the economy and the contributions • Relationship of an area’s economy to that of the region • Factors that directly & indirectly affect economic performance.

  9. Development Process (Cont.) (2) Vision– Where do we want to be? The vision should answer the question of where we want to be in 10 to 20 years. • Identify and set goals • Identify areas of the region that we can build a competitive advantage from. • Identify how the regions strengths and opportunities be maximized and its weaknesses and threats mitigated. In summary, a vision statement, goals and objectives should be designed and followed to address the area’s development potential and problems.

  10. Development Process (Cont.) (3) Action Plan (How we are going to get there?) This is the part of the process that turns visions into reality. • Should primarily focus on long range plans but should also identify elements that can be achieved in a short or intermediate time frame. • Should allow the Strategy Committee to be a Central Role in the overseeing of development and the action plan. Some criteria that should be looked at when developing the action plan include: (1) Benefit to unemployed and underemployed , (2) What economic programs are going to be used for development activities and investment, (3) The geographic locations of development activities and investment & (4)How economic programs and projects will be sponsored and managed.

  11. Development Process (Cont.) (4) Evaluation– How are we doing? This is a process that should continue to be part of the ongoing planning process and should answer the question of how we are doing and what we can still do better. • The CEDS should provide a clear breakdown of the evaluation process within it. • Performance measures should be identified to evaluate the progress of activities that are used to achieve the visions and goals of the plan.

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