Wednesday, July 30, 2003
Durham, NC is considering significant revisions in its policy that provides cash incentives to companies. This follows a similar move by Charlotte to liberalize its incentives.
The first revision relaxes the goals. Companies would still be eligible for cash -- $2,500 per job up to $1 million -- if they meet 85% of their goals.
A second revision of the policy authorizes the City to give up to $1 million to companies that pledge to keep more than 100 full-time, permanent jobs downtown for at least five years.
Since 1999, Durham has committed $845,000 in incentives to eight companies. The money for the incentives comes from the city's general fund, and the city has no annual budget for the program.
Some Background on EDPro Weblog
The purpose of this weblog is to help economic development professionals -- EDPros -- keep up with the changes sweeping our profession. Strap on your goggles. It's a whole new game. There are no experts any more. The only place to learn about economic development is from other EDPros who are doing it.
One other point: the prevaling approach (paradigm, if you like) in economic development is shifting from competition to collaboration. There are a lot of reaasons underlying this shift, but here's the important insight: You, your community, and your region will do better by collaborating and sharing information.
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Speaking and workshops on Open Source Economic Development
As the idea of Open Source Economic Development starts spreading, more people are asking about it. Visit the I-Open web site to learn more. My colleagues and I are happy to explain the basic concepts in a talk or a workshop. E-mail Susan Alshuler if you'd like to learn more about workshops and speaking.
Background on Ed Morrison
Download some background information on me here.
NC cities are increasing incentives
