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Bda smart incentives community impact webinar 052213 -final
1.
BUILD A SMART INCENTIVES
PACKAGE Community Impact Models IEDC Web Seminar May 22, 2013 Ellen Harpel, President Business Development Advisors 1
2.
© 2013 BUSINESS
DEVELOPMENT ADVISORS BDA’s Incentives Framework Recipient Deal Compliance Effectiveness Data and analytical tools to enable better decision-making Prepare for a future of greater transparency and accountability 2
3.
© 2013 BUSINESS
DEVELOPMENT ADVISORS The focus for today’s webinar: Recipient Deal Compliance Effectiveness Data and analytical tools to enable better decision-making Prepare for a future of greater transparency and accountability 3
4.
© 2013 BUSINESS
DEVELOPMENT ADVISORS Three community impact categories • Project Benefits • Fiscal Impact • Economic Impact 4 Can this incentive deal generate net benefits for your community?
5.
© 2013 BUSINESS
DEVELOPMENT ADVISORS Project Benefits (1) • Project characteristics • Number of jobs • Type of jobs and wages • Investment • Location – where is the project and where will the benefits occur? • Fit with economic development strategy • Target industries • Business types • Cooperation with state and regional allies • Meets established program criteria 5
6.
© 2013 BUSINESS
DEVELOPMENT ADVISORS Project Benefits (2) • Timeframe • When will the project begin? • When will investment and hiring occur? • What is the expected lifespan? • Likelihood of success • Make sense test? • Other backers (banks, investors) • What is the level of risk? 6
7.
© 2013 BUSINESS
DEVELOPMENT ADVISORS Fiscal Impact • Definition: Tax and budgetary implications for state and local government of incentive decisions • Reasons: Are taxes generated likely to exceed the cost of the incentive and additional costs of service • Elements: • Cost of incentive • New state and local taxes generated by project • Cost of services 7
8.
© 2013 BUSINESS
DEVELOPMENT ADVISORS Fiscal Impact (2) • Data Needs • What will generate revenue? • Local tax structure • Company assets and operations • Individuals • What additional expenditures will be required? • Services to new residents • Assumptions on household characteristics • Services to the company • New infrastructure • Value of incentives 8
9.
© 2013 BUSINESS
DEVELOPMENT ADVISORS Fiscal Impact (3) • Issues to keep in mind • Jurisdictions to consider • Fiscal impact of indirect and induced jobs • New jobs and new residents • Timing – annual or over time • Ease of use/simple interface • Sophistication of back end analytics • Correlations between land use factors and revenue streams • Average costs versus marginal costs • Rules of thumb • GIS integration 9
10.
© 2013 BUSINESS
DEVELOPMENT ADVISORS Economic Impact (1) • Definition: Traces the flow of money throughout the economy after the initial investment • Reasons: To estimate the contribution of economic activities to a regional or state economy • Economic impact depends on industrial structure and size of your region • Components: • Direct • Indirect • Induced 10
11.
© 2013 BUSINESS
DEVELOPMENT ADVISORS Economic Impact (2) • Data Needs • Employment • Payroll • Annual spending • Construction spending • Industry classification (NAICS code) • Issues to keep in mind • Industry choice matters • By geography • Cost • Technical skills • Interpretation – does it make sense? 11
12.
© 2013 BUSINESS
DEVELOPMENT ADVISORS Economic impact models • Methods and tools • REMI • IMPLAN • EMSI • Location-specific 12
13.
© 2013 BUSINESS
DEVELOPMENT ADVISORS Performance Requirements • Are they clearly defined? • Are they part of the agreement? • Is the company required to report to the EDO on its progress in meeting those requirements? • Over what time period? • Is there a way to verify reported information? • COLLECT THE DATA to figure out what is working and what is not 13 Will this incentive deal generate net benefits for your community?
14.
© 2013 BUSINESS
DEVELOPMENT ADVISORS Communication • Can your organization: • Describe the project benefits? • Quantify the fiscal impact? • Explain the economic impact? • Have you prepared brief summaries that can be shared with different stakeholders? • Have you avoided jargon? • Is the analysis transparent? • Assumptions and inputs clearly stated 14
15.
© 2013 BUSINESS
DEVELOPMENT ADVISORS Takeaways • Devote some resources to your analysis • IEDC can help make the case • The analysis has to be customized for your location • Band together with others in your community and region • Pool your resources • Look to other governmental departments • You’ll never be “right” – need order of magnitude estimate • Strike a balance between detail and reasonableness • Be prepared to communicate your decision and rationale 15
16.
© 2013 BUSINESS
DEVELOPMENT ADVISORS Takeaways (2) • Beware of oversimplification/overly precise outputs – judgment still needed • Share your assumptions/the model’s assumptions • Doesn’t have to be set in stone; tweak it over time 16
17.
© 2013 BUSINESS
DEVELOPMENT ADVISORS Contact Information • Ellen Harpel President • 571/212.3397 • eharpel@businessdevelopmentadvisors.com • www.businessdevelopmentadvisors.com • www.linkedin.com/pub/ellen-harpel/a/448/266 ellen@smartincentives.org • http://www.smartincentives.org/ • Twitter: @smartincentives 17