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WORKING WITHIN YOUR BUDGET AND ORGANIZATION. Chuck Whitney Executive Director Falls City Economic Development and Growth Enterprise, Inc. Karna Hanna Executive Director Sauk County Economic Development Corporation. Mark Jackson City Administrator Story City. Rich Olive Past President

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  1. WORKING WITHIN YOUR BUDGET AND ORGANIZATION Chuck Whitney Executive Director Falls City EconomicDevelopment and Growth Enterprise, Inc. Karna Hanna Executive Director Sauk County Economic Development Corporation Mark Jackson City Administrator Story City Rich Olive Past President Story City Economic Development Corporation

  2. Working Within Your Budget and Organization Karna Hanna, CEcD Sauk County Development Corporation May 8, 2008

  3. SCDC Framework • Established: 1976 • 501C4 • Membership – Sauk County and 8 municipalities • Funding – Half county and half proportional distribution among municipalities

  4. 2007 Budget - Revenue

  5. Budget - Expenditures

  6. Take Care of Home Base • First Things First ● Know your customers and what they need/want ● Become invaluable ● Get out of your office ● Build strong, mutually dependent relationships ● Treat all partners fairly

  7. Develop a Firm Foundation • Guiding Documents ● Bylaws and Policy Manual ● Strategic Plan ● Annual Work Plan ● Annual Report

  8. Be Accountable • Financial Oversight ● Quick-Books ● Officers sign checks ●Accountant on retainer ●Monthly board review of books ●Internal Audit Committee ●External Audit – Every 3 years

  9. Be Resourceful • The Power of Networking • Leverage EVERYTHING You Can • Web Site is main marketing tool www.scdc.com

  10. Stay Current • Value Continuing Education ● CEcD ● Wisconsin Economic Development Association (WEDA) ● Wisconsin Entrepreneurs’ Network • Adapt to Changing Market Conditions

  11. Nurture Your Board • Leadership – You need a Champion • Composition – Strength in Diversity • Training – Off to a Good Start • Meetings – Productive & Educational

  12. Build Strategic Partnerships • Guiding Principles ● Act with Integrity ● Follow-through ● Focus on Common Goals ● Work for the Win-Win deals ● Look for the Positive ● Treat all partners Fairly

  13. Build on Servant-Based Leadership • Who do you serve? • Outcomes are what counts – not individual recognition. • You reap what you sew.

  14. Organizational History • City driven organization for 10 years • Planning for new organization in 2005 • Non-Profit Corporation formed in 2006

  15. Organizational Plan • Board of Directors • Executive Committee • Organizational Committees • Investors

  16. Board of Directors • Consists of 19 members • Includes: Mayor of the City Member of the City Council City Administrator Representative of the County Board Manager of the Chamber of Commerce

  17. Executive Committee • President • Chairperson from each standing committee • Executive Director

  18. E.D.G.E. Committees • Marketing & Sales • Product Development & Public Policy • Investor & Community Relations

  19. Marketing and Sales Committee Mission Statement • Aggressively brand, market and sell our business location opportunities to retain/expand existing business investments

  20. Marketing and Sales Committee Objectives • Develop marketing-sales tools, information and materials needed to effectively market and sell business location opportunities and to respond efficiently and effectively to economic development investment opportunities • Develop and implement existing business outreach program to establish and maintain a two-way dialogue with most important customer—existing businesses … to retain and expand existing business/ employer operations and employment

  21. Product Development and Public Policy Committee Mission Statement • Develop and implement a plan to action to enhance the competitiveness of the business location to compete more frequently and effectively for business investments

  22. Product Development & Public Policy Committee Objectives • Lead efforts to identify potential sites suitable for development • In collaboration with the local school system, local Workforce Development Center and area employers, develop a comprehensive strategic workforce development plan designed to meet the current and future needs of local employers • Develop local incentives package, business assistance and incentives policies

  23. Investor & Community Relations Committee Mission Statement • Develop and maintain private and public investments and continue to gain internal support by demonstrating accountability and “return on investment” garnering resources to effectively implement a economic development strategic plan for growth.

  24. Investor & Community Relations Committee Objectives • Communicate and reach out to investors through multiple channels to provide information and updates on Economic Development and to engage and mobilize investors in support of our organizations program of work. • Educate the public on the benefits and value of a comprehensive Economic Development strategy • Engage the media to reach out and communicate with various constituency groups to positively position the work and value of economic development and to enhance positive perceptions of our city as a preferred place to do business, work and live

  25. Investor Membership • Visionary Investors- Annual investment of or exceeding $5,000.00 or more • Champion Investors- Annual investment of or exceeding $2,500.00 or more • Catalyst Investors- Annual investment of or exceeding $1,000.00 or more • Advocate Investors- Annual investment of or exceeding $500.00 or more • Supporters Investors- Annual investment of or exceeding $100.00 or more

  26. Additional Funding Resources • Percent of City owned Utilities • Contributions from County

  27. Effective Economic Development • Existing Industry • New Industry • Current Retail • New Retail • Workers Training Program • Community Involvement & Development • Networking & Recruiting

  28. Story City, Iowa Whatever It Takes

  29. Story CityEconomic Development Corporation 12-member volunteer board with committees Recruitment, Marketing, Retention, Housing, and Fundraising Regular Meetings… Gotta have a little fun Great City RelationshipSupport from local Chamber/Main Street staff Whatever It Takes

  30. Story CityEconomic Development Corporation • Good Marketing Materials • Consistent message and look • Good website • Updated LOIS information • Keep in contact with IDED • Current Aerial Photos Whatever It Takes

  31. Story CityEconomic Development Corporation • Offer Great Incentives • Free Land • Economic Grants • Tax Abatement • Assistance with grant writing • Flexibility • In Story City ~ Over $70 million in private investment in the past 7 years Whatever It Takes

  32. Story CityEconomic Development Corporation • Build Great Community and Quality of Life • Recreational opportunities • Economically viable and attractive downtown Main Street Iowa Program – since 2000 over $5M in private investment in with a net gain of 22 businesses and 65 jobs • Quality school system Whatever It Takes

  33. Story CityEconomic Development Corporation • Involvement and Partnerships • City • Local utilities • Local business leaders • IDED • Surrounding Area Communities • Senator in the State House Whatever It Takes

  34. Story CityEconomic Development Corporation • Existing buildings • Know your inventory • Foster good relationship with current owners • Hold meetings (“parties”) in the facility to get the word out Whatever It Takes

  35. Story CityEconomic Development Corporation • Retention…Retention…Retention • Keep what you got…Visit them often • Offer special seminars or job training opportunities • Let them know you appreciate them • Get them involved • Offer Retention Incentives Whatever It Takes

  36. Story CityEconomic Development Corporation Make sure they know they are dealing directly with the people who can make decisions. Whatever It Takes

  37. Story CityEconomic Development Corporation Have a little fun! Whatever It Takes

  38. Story CityEconomic Development Corporation Senator Rich OliveNorsemen Realtyrich@norsemenrealty.com(515) 733-2427 Mark JacksonCity Administratorsccadmin@iowatelecom.net(515) 733-2121 www.storycity.net Whatever It Takes

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