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BUILD A SMART
INCENTIVES PACKAGE
Community Impact Models
IEDC Web Seminar
May 22, 2013
Ellen Harpel, President
Business Development Advisors
1
© 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
© 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
© 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?
© 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
© 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
© 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
© 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
© 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
© 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
© 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
© 2013 BUSINESS DEVELOPMENT ADVISORS
Economic impact models
•  Methods and tools
•  REMI
•  IMPLAN
•  EMSI
•  Location-specific
12
© 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?
© 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
© 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
© 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
© 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

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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