CY PLAN 113B Lecture Notes - Lecture 15: Workforce Development, Disability Insurance, Social Enterprise
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Eooi Deelopet April , 8
• Economic development: the creation and implementation of strategies for the economic well-being
of the community
o Job creation, retention, increased tax base and an improved sustainability and quality of life
o Some ED efforts are focused on outcomes, while others are more focused on process
▪ Objectives/Outcomes – creation of jobs and wealth, quality of life, economic well-
being, expand the local tax base to keep pace with the cost of government services
▪ Processes – influencing growth and restructuring of an economy
o Attracting businesses into the region
• Asset-based
o Economic development strategies often build on the comparative advantage of the region
o Example: Hollywood, Miami, Silicon Valley, and China Town – everyone has an idea based on
the name of the city/area
• Amazon HQ2 in Philadelphia – factors that go into the decision of where the 2nd headquarters should
be located
o Site/Building
o Capital Costs: a usiess-friedl eiroet ad ieties
o Incentives
o Labor Force
o Logistics (strong infrastructure)
o Time to Operations (no project delays)
o Cultural ouit fit – eleted offiials eager ad illig to ork ith the opa
o Quality of Life
• Key issues
o Globalization
o Post-Fordism: shift to industry
• Often, economic development strategies are targeted to boost economic productivity of the
city/region, but may not be as focused on connecting opportunities to low-income households
o Can lead to gentrification
• When we think about economic development through the lens of ouit deelopet, e’re
generally thinking about how do we attract economic resources to a local neighborhood
o Businesses
o Jobs
o Consumer/market demand
o Workforce development: trai orkers ad uild soft skills
• It’s the eploet ad ioe side to restoring the market in low- and moderate-income
communities
• Four key strategies
o Identify markets/assets
o Provide incentives that change risk/reward calculus (CD Finance)
o Provide training and job skills
o Community benefits agreements
• CD finance
o Small business and microenterprise loans
o New Markets Tax Credit
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