013 – 02 – Economic Development Secrets – ED Best Practices Round Up

“Everybody in your town is your marketing team.” – John Clary, Levelland EDC

In this two episode special, Paul Scheuren and Nicole D’Souza of Impact DataSource discuss economic development advice and other tips shared by the 34 panelists during their Texas Economic Development Best Practices Summits this Spring. This second episode includes discussions on Evaluating Projects, CRMs, and Service Providers. Check out the excerpt on incentive policies and use the player below to listen to the full episode.

Panelists in Houston discussed the idea of having a specific incentives policy versus a general framework. Because all projects are unique, they can’t really have a strict policy and so they need a more general framework that can be applied to specific projects. When we asked about what kind of payback period you look for with the project, we heard different things, but I think generally it was somewhere between a three and a five-year payback period – that’s the amount that the incentive would be paid back in terms of new tax revenue to the city or to whatever the organization.

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This episode is a part of a two part series. Be sure to check out Episode 013 – 01.