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THE IEDC EDjEconomic Development Journal 734 15th Street, NW Suite 900 • Washington, DC 20005 Volume 7 / Number 4 / Fall 2008 Bridging the Financial Gap Double and Triple Bottom Line Investment Funds WiFi as a Backend Economic Development Driver The Failure and Lessons of Municipal Wireless in Post-Katrina New Orleans Energizing Entrepreneurs Development Strategy for the 21st Century Does Place Matter Anymore?...Yes, But! Communities Learn to Survive and Thrive in the Chaotic Global Economy The Rise of Tech Valley A Collaborative Partnership Helps Revitalize a Region through Technology-based Economic Development Initiatives The Fort Benjamin Harrison Reuse Authority Land Swap An Economic Development Land Exchange that Creatively Exemplifies a True Win-Win-Win IT PAYS INTERNATIONAL ECONOMIC DEVELOPMENT COUNCIL TO BE A MEMBER ABOUT IEDC The savings that The International Economic Development Council (IEDC) is the premier international asso- ciation dedicated to leadership and excellence in economic development. IEDC can equip you with membership brings on the tools and resources that are helping to shape economic development throughout the country and conference attendance, around the world. Our services include: publications and • ED Now, a twice-monthly newsletter member services more • Economic Development Journal, a quarterly publication than covers the cost of • Improved access to resources and information membership. Member • Enhanced educational choices • Stronger advocacy and access at the Federal level dues are prorated • Expanded networks and alliances according to the • Industry-leader publications organization or • Expanded research and technical assistance • An international presence company type. Don’t miss out on the value THE IEDC and savings of becoming Economic Development Journal an IEDC member. Join International Economic Development Council the premier economic 734 15th Street, NW Suite 900 • Washington, DC 20005 • www.iedconline.org Chair: Robin Roberts Krieger, FM development association President & CEO: Jeffrey A. Finkle, CEcD today. Editor: Jenny Murphy Editorial Board: Ronnie Bryant, CEcD, FM, HLM, chairman; William Beyers, Ph.D.; Janet Cypra; Donald Haider, Ph.D.; Call IEDC TODAY to Mihalis Halkides, Ph.D.; Rick Loessberg; Phillip D. Phillips, Ph.D.; Ronald Swager, Ph.D.; Mark D. Waterhouse, CEcD, FM; Ben Williams; and Charles H. Wood sign yourself up as a Manuscripts are invited and should be addressed to the editor. Articles contained in Economic Development Journal represent the authors’ views and not necessarily those of IEDC. No articles may be reproduced without permission member or to receive from IEDC. Copyright © 2008, the International Economic Development Council (202) 223-7800. Fax: (202) 223-4745. [email protected]. ISSN 1539-1922. Subscriptions $60 per year ; for individual issues — further membership $20. Advertising is available. Contact IEDC for details. information: OFFICERS AND BOARD OF Maurice D. Ewing, CEcD Klaus Thiessen James W. Griffin, CEcD, FM, HLM (202) 223-7800. Or visit DIRECTORS Robert Fine Anatalio Ubalde James H. Gullyes, HLM Officers Kristen Fish, CEcD Robert W. Walsh James C. Hankla, HLM our homepage at Robin Roberts Krieger, FM, Daniel C. Gundersen Richard C. Ward, CEcD, AICP, CRE Emery D. Hoenshell, FM, HLM Chair Lynn Martin Haskin, Ph.D. Charles E. Webb Ronald C. Kysiak, HLM www.iedconline.org. Ian Bromley, FM, MA, MBA, Ted J. Hidinger, CEcD, FM Holly Wiedman Robert E. Leak, Sr., CEcD, HLM Vice Chair Don A. Holbrook, CEcD, FM Marilyn Swartz Lloyd, HLM Dennis G. Coleman, CEcD, FM Donald E. Hunter, FM PAST CHAIRS Joseph A. Marinucci, FM Mike Kirchhoff, CEcD Donald E. Jakeway Frank Birkhead, CEcD, FM, HLM William J. McDermott, CEcD, FM, Barbara K. Johnson Kevin D. Johnson, CEcD Thomas D. Blanchard, Jr., HLM HLM William E. Best, FM James R. Kinnett II, CEcD, FM M. Ross Boyle, CEcD, FM, HLM Paul W. Miller, FM, HLM Secretary/Treasurer Paul Krutko Steven J. Budd, FM John D. Morand, CEcD, FM, HLM Ronnie L. Bryant, CEcD, FM, HLM Thomas A. Kucharski, CEcD Robert B. Cassell, CED, FM, HLM Ioanna T. Morfessis, Ph.D., HLM Immediate Past Chair Gail Lewis Kurt Chilcott, CEcD, FM, HLM Edward A. Nelson, Jr., CEcD, FM, Jeffrey A. Finkle, CEcD Diane C. Lupke, CEcD, FM John P. Claypool, HLM HLM President & CEO William G. Mannix, CEcD Gary Conley, HLM D. Kenneth Patton, HLM Barry Matherly, CEcD James A. Covell, CEcD, FM, HLM James O. Roberson, CEcD, FM, Board of Directors Judy McKinney-Cherry George Cregg, Sr., CEcD, FM, HLM Charles S. Alvey, CEcD James E. Mills HLM Judie A. Scalise, CEcD, FM, HLM Angelos G. Angelou Jay C. Moon, CEcD, FM Walter D’Alessio, HLM Bill R. Shelton, CEcD, FM, HLM Ivan Baker, CEcD Fred Morley James A. Devine, CEcD, FM, HLM Wayne Sterling, CEcD, FM, HLM Mark Barbash, FM Ellen A. O’Connor Donald G. Dunshee, CED, FM, David C. Sweet, Ph.D., FM, HLM Howard C. Benson Robert Peche HLM Rick Thrasher, CEcD, FM, HLM LaDene H. Bowen, CEcD, FM Phillip D. Phillips, Ph.D., CEcD Murray A. Elder, HLM Mark D. Waterhouse, CEcD, FM, Austin J. Burke Joy M. Pooler, CEcD, FM Harry G. Foden, CEcD, FM, HLM HLM Tedra Cheatham, CEcD Lewis D. Rich Jay A. Garner, CEcD, CCE, FM, Rick L. Weddle, FM JoAnn T. Crary, CEcD Karin Richmond, FM HLM April Young, Ph.D., HLM Gene DePrez Wayne Schell, FM James A. Garver, CEcD, FM, HLM Kenneth E. Dobson William C. Sproull Victor S. Grgas, HLM Brett Doney, CEcD Walter C. Sprouse, Jr., CEcD, CCE, FM Economic Development Journal / Fall 2008 / Volume 7 / Number 4 2 LETTER FROM THE CHAIR dear colleague Over the past year, I have been privileged to represent the IEDC membership as chairman of the Board of Directors. This has been a dynamic year for IEDC as we have accomplished so much. I had three priorities in 2008: further stabilize IEDC’s financial future; advance three strategic goals identi- fied by the Board which are a focus on globalization, entrepreneurship, and sustainability; and my last personal goal was get to know more members at the four IEDC conferences held earlier this year. With the uncertainty of the current economy, I have worked with the Board to ensure IEDC remains Robin Roberts Krieger, FM fiscally stable and that we are able to offer our members the same services, as well as some additional IEDC Chair membership benefits. In these challenging fiscal times, many may find it difficult to attend conferences and training courses. To ensure that professional development opportunities will still be available, IEDC will offer ten web seminars in 2009, a record for us. IEDC’s Economic Development Research Partners Program (EDRP), another new resource serving our membership, issued its first report this past year – a primer on globalization. EDRP plans to release a case study globalization report in 2009. My second priority as chairman was to advance the three strategic goals stated above. For all three goals, IEDC staff has worked diligently to feature these topics in our newsletter, journal, conferences, web seminars, and training courses. In addition, we have generated specific new resources to help our members better manage each of these three new economic development topics. • For globalization, IEDC through the EDRP program, produced the primer which shows how com- munities can tap into the opportunities offered by a globalizing world. In 2009, the EDRP partners, along with IEDC, will issue best practice case studies representing global strategies from different size communities. • For entrepreneurship, IEDC partnered with the Kauffman Foundation to create the Entrepreneur- ship Summit. This brought together economic development and entrepreneurial support organiza- tions’ leadership to identify best practices in support of entrepreneurs, resulting in a valuable report for all our members. • For sustainability, IEDC is developing a climate prosperity guidebook in partnership with Rocke- feller Brothers Fund, Environmental Defense Fund, American Electric Power, Dow Corning, Saginaw Futures Inc., Global Urban Development, and B&D Consulting. The report will serve as a how-to guide for communities to undertake climate prosperity planning. My final priority was to get to know more of the membership. I have enjoyed talking with you this past year at the IEDC Leadership Summit, Federal Economic Development Forum, Building Cutting- Edge Public-Private Partnerships conference, and the Annual Conference, in addition to the many dif- ferent partner events. I could not have achieved all of these goals alone. The entire Board, Jeff Finkle, Shari Garmise, Jill Frick Estavillo, Sharon Coy, and all the IEDC staff have been outstanding in supporting me through- out the year. I especially want to thank the IEDC Governance Committee for its commitment and sup- port: Ronnie L. Bryant, CEcD, FM, HLM, immediate past chairman; Ian Bromley, FM, MA, MBA, vice chairman; William E. Best, FM, secretary/treasurer; Dennis G. Coleman, CEcD, FM, chair, Planning and Business Development Committee; Mike Kirchhoff, CEcD, chair, Performance Oversight and Monitoring Committee; and Barbara K. Johnson, chair, External Member Relations Committee. Robin Roberts Krieger, FM IEDC Chair Economic Development Journal / Fall 2008 / Volume 7 / Number 4 3 THE IEDC Economic Development Journal TABLE OF CONTENTS Bridging the Financial Gap ............................................................5 Double and Triple Bottom Line Investment Funds by Deborah La Franchi In the last decade, Double and Triple Bottom Line private equity real estate funds have grown into a $20 billion