Local Economic

Development Strategy
Projects from Strategies
Action plans are documents describing the
components of a proposed project that match the
economic development strategy.

In simple words, it is a document that lists what steps

must be taken in order to achieve a specific goal.
 Components of Action Plan

Inputs

Materials Labor Management Markets Money

Institutions
Management Structure

Roles Duties

Outputs
Linkages/Spin- Community
Product/Service Employment offs Improvement
 FIRST TASK:
SPECIFYING PRODUCTS/
SERVICES
 Describing Project Outcomes

Employment Impacts

Explains that job creation generally is important, but it is more

important to create the right jobs for those in need in the community.

Linkages and Spin-offs

Projects that strengthen socioeconomic linkages are usually also

projects with a competitive advantage.

Community Improvement

Aspects of a project that enhances the total livability of an area.

 Specifying Strategic Resources
Five Fundamental Resources for Economic Development

Materials Labor Markets Management Money

• Land • Skilled person • Market analysis • Organizational • Equity
Structure
• Buildings • Available • Competition • Managers/Operator • Debt
• Location workforce • Penetration • R & D • Capitalizinginsti.
• Infrastructure/ • Education and • Marketing • Marketing & • Subsidy and
Natural Training Strategy Sales Substitutes for
Resources Capacity • Legal direct capital
Materials Labor Force
All existing physical Population used to
resources, both create a product or
natural and human- service for sale
made.
Markets Management
Place where there is Is a special type of
demand for certain human capital. They
products or services. serves as the catalyst
of effective good
management
Money
Is the financing directly
involved in
establishing and
operating a proposed
project.
Plan Financing
and
Implementatio
n
FUNDING

FINANCING
Funding Financing
Obtaining all of the Identifying sources of
fiscal resources to capital (often private)
develop and manage a to provide the initial
project or program financial resources.
Some specific tax-related and other measures that can be used to help
fund economic development

Business improvement districts

(BIDs)
- An organized effort to use public and
private monies to maintain and restore
a commercial neighbourhood
Empowerment Zones (Ezs)
- Businesses in these designated areas
of need that are eligible for special
incentives to open or expand
operations.
Tax Increment Financing (TIF)
- A typically district-based designation
that allows projected future tax gains to
be used to finance today’s infrastructure
improvements.