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Economic Development Policy Trends

Economic Development Policy Trends. Christopher D. Lloyd September 24, 2008. McGuireWoods Consulting. Public affairs approach to projects Establish long term relationships, not short term gains Largest firm in Virginia, offices in North Carolina, Georgia, DC, Illinois

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Economic Development Policy Trends

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  1. Economic Development Policy Trends Christopher D. Lloyd September 24, 2008

  2. McGuireWoods Consulting • Public affairs approach to projects • Establish long term relationships, not short term gains • Largest firm in Virginia, offices in North Carolina, Georgia, DC, Illinois • Effective national coverage

  3. Presentation Overview • Corporate trends • Policy trends • Maintaining Delaware’s Competitiveness

  4. Corporate Trends • Increasing internal competition for capital investment funds • Shorter timeframes for corporate decision making • Acceleration of project development • Devaluation of tax credits

  5. Corporate Trends • More attention to long-term project costs (especially property taxes) • Increased use of internal training resources • Increased use of out-of-town contractors and project managers

  6. Corporate Trends • Increased attention to DMBE contracting • Workforce diversity • Desire flexibility in performance agreements for market fluctuations • Increasing importance of infrastructure incentives

  7. Corporate Trends • Commitment to environmental stewardship and sustainability • Rational and uniform environmental laws • Focus on energy costs

  8. Policy Trends • Shrinking budgets (real and nominal) • Increasingly complex incentives – consultant job security • Performance based incentives (grants) instead of tax credits • “Ombudsman” initiatives

  9. Policy Trends • Increasing flexibility in use of training funds/delivery platforms • More local incentives • At-risk site development and site certification • Lowering corporate tax rates • Addressing “Big Labor”

  10. Emerging Issues • Energy and environmental policy and politics • Impact of BRAC • Impact of immigration • Rural Areas – the Have Nots • Transportation gridlock • Offshore/onshore energy production

  11. What should you do? • No two projects are the same, so you cannot predict everything • Show hospitality and flexibility • Long term partnerships, not golden shovels • Educate elected officials about the importance of economic development to tax base and quality of life

  12. Maintaining Delaware’s Competitiveness • Build on reputation of corporate friendly legal structure • Diversify industry base • Regulatory reform initiative • Business tax competitiveness study (Delaware is ranked 12th highest in nation) • Invest in infrastructure, training • Federal procurement strategy • Increase awareness of Delaware among corporate decision makers

  13. THE END Business Expansion Services | Constituency Development | Economic Development | Federal Budgeting and Contracting Advice | Federal Legislative Assistance | Grassroots Contact Program | Issue Advocacy | PAC Consulting | Public Infrastructure Finance | Public-Private Partnerships | Referendum Campaigns | State Government Relations ATLANTA • BUCHAREST •CHICAGO • SPRINGFIELD • RALEIGH • RICHMOND • TYSONS CORNER • WASHINGTON, D.C. www.mcguirewoodsconsulting.com

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