Economic Development Recovery and Resiliency Playbook - Flipbook - Page 13
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Identifying strategies (including economic development, business growth, marketing, and others) for business and
the community; and
Serving as a community resource.
2. Successful businesses provide:
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Local tax revenue;
Job creation that employs community residents and brings daytime workers into the community who patronize
local businesses; and
A stronger social fabric, by supporting the community and being part of the community culture.
3. Business tax revenue supports these community assets:
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Public employees;
Quality of life;
Parks and amenities;
Roads and infrastructure;
Public facilities – community centers, libraries, and government buildings;
Public safety;
Subsidizing funding for housing at all income levels; and
Workforce development and education
As the primary interface between government
and businesses, economic developers naturally
become the first responders for business assistance
during a disaster or economic disruption. During
an emergency, economic developers coordinate
with businesses to communicate business relief
opportunities, emergency regulations, and critical
safety information and relay business information
back to the Emergency Operations Command. This
experience and direct engagement with businesses
is why economic developers are a rich resource to
inform risk mitigation and resiliency planning related
to economic disruptions.
Figure 1.4. Perspectives on Economic Development
Under normal circumstances, economic developers
are relied on to advise elected and local community
leaders as governments seek to influence the
direction of private sector investment toward
opportunities that can lead to sustained economic
growth. This is important because sustained
economic growth can provide suficient incomes
for the local labor force, profitable business
opportunities for employers, and tax revenues
for maintaining an infrastructure to support this
continued growth. Private sector investment is an engine for economic growth, but there are many initiatives the public sector
can undertake or investments it can make in areas of greatest need as identified by the community.
The key to success here is that everyone in the community should be engaged in developing the vision. This requires a
concerted efort to include not only the traditional players with an interest in economic development, but also historically
underserved populations who are sometimes dificult to reach. Diversity and inclusion lead to broader input and more holistic
Economic Development and Its Role in Resilience and Recovery
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