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I <br />I <br /> <br />WHAT HAPPENS IF ECONOMIC DEVELOPMENT DOESN'T OCCUR? <br />a. Without development, cost of government service will rise <br /> <br />I <br />I <br />I <br /> <br /> 1. Better service demands from public works, parks and police <br /> Z. Additional demand for enforcement of existing ordinances <br />b. Limited local employment <br />c. High residential taxes <br />d. Reduced/stagnated home values <br /> <br />I <br />! <br /> <br /> e. Level of government service below what is expected <br /> <br />7. WHAT IS CITY'S RESPONSIBILITY TO ECONOMIC DEVELOPMENT? <br /> <br /> a. Provide financial assistance <br /> <br />1. Local development corporation <br />2. Tax increment <br /> <br />I <br />I <br /> <br />3. Industrial revenue bond <br /> <br />4. Grant assistance <br /> <br />5. City participation <br /> <br /> 6. General obligation bonds <br />b. Provide technical assistance <br /> <br />I <br />I <br /> <br />1. Community development person <br /> <br /> a. Solicit commercial/industrial development <br /> <br /> b. Provide direction for local development corporation <br /> <br />I <br />I <br /> <br />c. Develop finance and recommend alternative financing <br /> options <br /> <br /> --Federal, State and private grants <br /> <br /> --Prepare tax increment financing plan when needed <br /> <br />I <br />I <br />I <br /> <br />--Develop financing packages <br /> <br />--Develop strong working relationship with key legislative staff ~ <br /> <br />--Develop strong working relationship with all government <br /> agencies <br /> <br />--Develop a standard operating procedure project evaluation <br /> <br />Page <br /> <br /> <br />