What Economic Development Is and Does

Over the next four articles, I am going to outline what I believe economic development will look like going forward, and how this relates to the vote on December 9^th for an economic development tax.  I want to do this so that the readers of this article will hopefully better understand what I do here at the Chamber, and what I envision we will be able to do with this tax.  As it goes with any vote that increases a tax on the citizens and goes to a governmental agency, there is automatic questions that arise, and justifiably so.  I am that way, and believe that as citizens we should question our government in ways that we don’t always agree.  That is our right as American citizens and anything other than that would be disappointing to me. 

Economic Development is as broad as it is wide.  It is an all encompassing phrase that at times can be hard to understand.  It’s a phrase that a person can twist to fit to what they think it should be, or what they think it should be for.  As a rule for my position and what I do here, economic development is an effort I undertake to either retain, enhance, or create jobs for the people of Independence County.  If what I do fulfills any of those three criteria, I believe I am doing my job.  As with any job, that I have or that you have, you need tools to do your job.  I have talked previously about incentives, and the need for them in our competitive day and time.  I wont talk too much about that in this space here, but I will say they are an important part of what I do.  More importantly, and what comes before incentives are ever offered, is making sure that those outside of Arkansas are aware of us, that we exist, and what the characteristics of our community are.  The core characteristics of our community will make us competitive almost immediately once they are brought out in the open and shown to site consultants, and others who could be interested.  But there is a literal cost in producing those materials, to send those out, and to create those materials.  We will have to market ourselves to the outside community so they know we exist, and that we can deliver what they are looking for. 

Another aspect that is important that we as a community understand as well as the outside is what our strengths are as a county.  I will advocate for a trusted and experienced group to come in and help us formulate a long term strategy to recruit companies to our area.  I have an idea of what would be great types of industry to recruit to our area.  But, I would be doing a disservice to you, the taxpayer, if I spent time and your money on things that would end up not being a good fit for us, or that we don’t have the resources to attract.  We have to know what we can attract, what is a good fit for us, and what we need to plan for.  In 1986, Jonesboro did just this exact thing.  They brought in a firm who told them about the industry they could attract, and what they needed to do to ensure that.  I will advocate we do the same so that we don’t waste one taxpayers dime on efforts that do not provide a solid return on their sacrifice.

Economic Development is also helping companies around the county as they work to increase their workforce, or make improvements that will aid in them remaining competitive and as a result staying in business.  Since the Copeland announcement, I have had several calls from businesses about monies available to help them in their expansions.  I have told them about this effort, and they are in support of it as well, and understand how it can help them.  The board that will work with the economic developer will make the suggestions to the quorum court about projects just like this, and we will be actively seeking out companies to help, to invest  your dollars in to, to help them create new jobs, help them keep jobs here, or help them in other ways.

The other reality about economic development is looking to the future, while dealing with current issues.  It would be a disservice to the taxpayers if these leaders did not look to the future and think of what needs will be.  These funds can be used to issue bonds for purposes related to economic development, and that can include new road infrastructure, industrial park, or other improvements for the community to make it competitive long term.  This is a key part of what it will take to be competitive, and to enhance our community for the good of the taxpayers.  All of these things will be done will transparency and reporting to the public.  Any taxpayer of Independence County will be able to view records about our efforts, minutes of meetings, and have an understanding of what is going on with their money.  They will be able to view financial records, and know what their money is being spent on.

Its important to understand what economic development is, what it does, and I hope in today’s article I have outlined the key areas of this proposal.  Please contact me if you have questions about this or any other article on this subject.