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<br />6. WHAT HAPPENS IF ECONOMIC DEVELOPMENT DOESN'T OCCUR? <br /> <br />a. Without development, cost of government service will rise <br /> <br />1. Better service demands from public works, parks and police <br /> <br />Z. Additional demand for enforcement of existing ordinances <br /> <br />b. Limited local employment <br /> <br />c. High residential taxes <br /> <br />d. Reduced/stagnated home values <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 /> <br />Z. Tax increment <br /> <br />3. Industrial revenue bond <br /> <br />4. Grant assistance , <br /> <br />5. City participation <br /> <br />6. General obligation bonds <br /> <br />b. Provide technical assistance <br /> <br />1. Community development person <br /> <br />a. Solicit commercial/industrial development <br /> <br />b. Provide direction for local development corporation <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 />-Develop financing packages <br /> <br />-Develop strong working relationship with key <br />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 Z <br /> <br />