Economic Development Programs for Cities, Counties, and Towns

By John M. Levy | Go to book overview

11
Development Financing

It is important for the economic developer to have some knowledge of finance. In some cases the economic developer will participate directly in the details of structuring financial arrangements. More commonly, he or she will leave those details to others. However, it is still important to understand both what is being done and the range of options. This chapter will presume that the reader has some general background in finance., perhaps as much as could be gathered by spending several hours reading a book on real estate finance. For the reader who is considering the practice of economic development but has no such background, such reading would be time well spent. But one caveat is necessary here. Given the rate at which the field changes, it is not possible to keep up by reading books. Laws and regulations change frequently, and the combination of large sums of money and large numbers of agile minds guarantees that new tricks of the trade will appear with considerable frequency. The economic developer who would like to keep current would be well advised to read some periodicals such as Real Estate Review and National Real Estate Investor.

We begin with a few general comments on conventional financing sources. After that we turn to the Tax Reform Act of 1986 and the very substantial changes that it has wrought in the field of real estate and development financing. 1 We then proceed to a discussion of a variety of financing assistance programs available to economic developers. Some very brief references are made to older programs that have been discontinued or are much reduced in scope. These, including EDA, UDAG, CETA, and IRBs, are described in some detail in the first edition of this book and in much of the older economic development literature.

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Economic Development Programs for Cities, Counties, and Towns
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Tables ix
  • Preface xi
  • 1 - Introduction 1
  • 2 - The Political Context of Economic Development 11
  • 3 - Organization and Personnel 19
  • 4 - Recent Economic Changes 25
  • 5 - The Role of the States 39
  • 6 - What Does and Does Not Work 47
  • Notes 61
  • 7 - Reasonable Expectations 63
  • 8 - Public Relations, Advertising, and Marketing 67
  • 9 - Assessing Economic Development Potential 83
  • 10 - Development Planning 103
  • 11 - Development Financing 117
  • 12 - Labor Market and Fiscal Impacts 131
  • 13 - Local Economic Development in the National Picture 151
  • Appendix. Economics for the Economic Developer 165
  • Bibliography 169
  • Index 171
  • About the Author 175
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