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Edjeconomic Development Journal The IEDC EDj Economic Development Journal 734 15th Street, NW Suite 900 • Washington, DC 20005 Volume 16 / Number 1 / Winter 2017 Strategic Transportation Investments for Economic Development Making the Connection Work for You Open for Business Industrial Site Readiness Small Business Growth A New Priority for Urban Economic Developers Lessons from the Coal Industry Transition Regional Economic Adjustment in the 21st Century Economy Building Regional Public-Private Partnerships for Economic Growth How the Arvada Economic Development Association Retained a Large Primary Employer by Assisting in the Expansion of an Industrial Facility Main Street Movement Revitalizes Its Approach A New Focus on Economic Transformation in Our Downtowns Economic Development Journal / Winter 2017 / Volume 16 / Number 1 1 IT PAYS INTERNATIONAL ECONOMIC DEVELOPMENT COUNCIL TO BE A ABOUT IEDC MEMBER The International Economic Development Council (IEDC) is the premier international The savings that association dedicated to leadership and excellence in economic development. IEDC can equip you with the tools and resources that are helping to shape economic development throughout membership brings on the country and around the world. Our services include: conference attendance, • ED Now, a twice-monthly newsletter publications and member • Economic Development Journal, a quarterly publication services more than covers • Improved access to resources and information the cost of membership. • Enhanced educational choices • Stronger advocacy and access at the Federal level Member dues are prorated • Expanded networks and alliances according to the • Industry-leader publications organization or company • Expanded research and technical assistance type. Don’t miss out on • An international presence the value and savings of becoming an IEDC THE IEDC member. Join the premier Economic Development Journal economic development International Economic Development Council 734 15th Street, NW Suite 900 • Washington, DC 20005 • www.iedconline.org association today. Chair: F. Michael Langley, FM President & CEO: Jeffrey A. Finkle, CEcD Call IEDC TODAY to Editor: Jenny Murphy sign yourself up as a Editorial Board: Ronnie Bryant, CEcD, FM, HLM, chairman; William Beyers, Ph.D.; J. Vann Cunningham; Gerald Gordon, Ph.D.; Donald Haider, Ph.D.; Rick Loessberg; Phillip D. Phillips, Ph.D., CEcD; Karin Richmond, Ph.D., FM; Ronald Swager, Ph.D.; member or to receive Mark D. Waterhouse, CEcD, FM, HLM; and Charles H. Wood, CEcD further membership 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 from information: IEDC. Copyright (c) 2017, the International Economic Development Council (202) 223-7800. Fax: (202) 223-4745. [email protected]. ISSN 1539-1922 (print). ISSN 2168-5800 (online). (202) 223-7800. Subscriptions $60 per year; for individual issues – $20. Advertising is available. Contact IEDC for details. Or visit our homepage at OFFICERS AND BOARD OF Linda DiMario, CEcD Martin K. Vanags Victor S. Grgas, HLM www.iedconline.org. DIRECTORS Kristen Fish, CEcD Steve Weathers, CEcD James W. Griffin, CEcD, FM, HLM Raymond Gilley Joy Wilkins, CEcD James H. Gullyes, HLM Officers Gynii A. Gilliam Roy H. Williams James C. Hankla, HLM F. Michael Langley, FM Cecilia Harry Ben Wright Robin Roberts Krieger, FM, HLM Chair Clarence L. Hulse Paul Krutko, FM Barry Matherly, CEcD, FM Jeffrey Kaczmarek PAST CHAIRS Ronald C. Kysiak, HLM Immediate Past Chair Eloisa Klementich, CEcD, PhD William E. Best, FM Robert E. Leak, Sr., CEcD, HLM Craig J. Richard, CEcD Heather Lalonde, CEcD, EcD Thomas D. Blanchard, Jr., HLM Marilyn Swartz Lloyd, HLM Vice Chair Allison Larsen, CEcD M. Ross Boyle, CEcD, FM, HLM Joseph A. Marinucci, FM, HLM Tracye McDaniel Carol Kraus Lauffer Ian Bromley, MA, MBA, FM, Barry Matherly, CEcD, FM Secretary/Treasurer Andrew T. Levine FRSA William J. McDermott, CEcD, Kenny McDonald, CEcD Penny Lewandowski Ronnie L. Bryant, CEcD, FM, HLM FM, HLM Todd Greene, CEcD Jeffrey Malehorn Steven J. Budd, FM, HLM Jay C. Moon, CEcD, FM Tom Kucharski, CEcD Scott Martinez, CEcD Robert B. Cassell, CED, FM, HLM John D. Morand, CEcD, FM, HLM Jeffrey A. Finkle, CEcD Brian P. McGowan Kurt Chilcott, CEcD, FM, HLM Ioanna T. Morfessis, Ph.D., HLM President & CEO Rodrick T. Miller John P. Claypool, HLM Edward A. Nelson, Jr., CEcD, Board of Directors Mary Ann Moon, CEcD Dennis G. Coleman, CEcD, FM, FM, HLM Susan Amring, CEcD, EcD Jonathan Morgan, PhD HLM D. Kenneth Patton, HLM Darrell Auterson, CEcD, EDFP Mike Neal, CCE, CEcD, HLM Gary Conley, HLM James O. Roberson, CEcD, FM, David Berzina, CEcD, FM Tracey Nichols James A. Covell, CEcD, FM, HLM HLM Marva Bryan, CEcD Mark O’Connell JoAnn Crary, CEcD, FM, HLM Judie A. Scalise, CEcD, FM, HLM Chris Camacho Diane Palmintera Walter D’Alessio, HLM Bill R. Shelton, CEcD, FM, HLM Robert J. Camoin, CEcD Jonas Peterson, CEcD James A. Devine, CEcD, FM, HLM William C. Sproull, FM Danielle Casey, CEcD Lyneir Richardson Donald G. Dunshee, CED, FM, Wayne Sterling, CEcD, FM, HLM Tim Chase, CEcD, FM Jan Rogers HLM David C. Sweet, Ph.D., FM, HLM Christopher M. Chung Gilberto Salinas Murray A. Elder, HLM Rick Thrasher, CEcD, FM, HLM Amy J. Clickner, CEcD John B. Sternlicht, CEcD, Esq. Harry G. Foden, CEcD, FM, HLM Mark D. Waterhouse, CEcD, FM, Jim Collard, PhD Michael J. Taylor Jay A. Garner, CEcD, CCE, FM HLM Hilary Coman, CEcD Allison J.H. Thompson, CEcD, HLM Rick L. Weddle, FM, HLM Bryan Daniels, CEcD EDFP James A. Garver, CEcD, FM, HLM April Young, Ph.D., HLM Economic Development Journal / Winter 2017 / Volume 16 / Number 1 2 2 LETTER FROM THE CHAIR dear colleague It is a great honor to be IEDC’s newly-elected Chair. I am excited to contribute to this wonderful organization and uphold its standards of excellence in this seminal year. F. Michael Langley, FM I have a great team of dedicated and skilled professionals at my side on the IEDC Governance IEDC Chair Committee. Serving alongside me are: Craig Richard, CEcD, Vice Chair of the Board from Tampa, Florida; Tracye McDaniel, Secretary/Treasurer of the Board from Austin, Texas; Kenny McDonald, CEcD, Chair of External Member Relations from Columbus, Ohio; Todd Greene, CEcD, Chair of Performance Oversight Monitoring from Atlanta, Georgia; and Tom Kucharski, CEcD, Chair of Planning and Business Development from Buffalo, New York. I also welcome our board’s newest members, all of whom I know will make outstanding, insightful contributions to our team. The year 2016 was a remarkable one for IEDC: we celebrated our 90th anniversary, hosted our first Economic Development Week, and broke many records in terms of members and attendance at our conferences. As I look at 2017, I see it as the first year of our next 90 years and I want to “break the mold” in order to expand on our opportunities to raise the profile of the profession and to make a substantial and lasting difference in our communities. In order to achieve these goals, my two priorities as Chair will be to ensure that our elected officials understand and appreciate the contribution of economic developers and to persevere in our work to ensure that all our places and people, regardless of their circumstances, have the opportunity to achieve prosperity. I encourage every economic developer to educate our communities and our elected officials on the impact and value of economic development in their communities. Central to our outreach efforts is this notion: when we are understood and empowered to succeed, the success of our communities is not far behind. There is a natural partnership between economic developers and public officials. I am proud to say that we will be celebrating Economic Development Week again in 2017 during the week of May 8. I encourage you all to think early and often about how your economic development organization can use this week to amplify your voices, and IEDC has fan- tastic resources to help you. I also want to emphasize a continued focus on developing pathways to greater economic op- portunity for all our citizens, regardless of where they were born, what color they are, and what their current challenges, urban and rural. Not one of us has all the answers or solutions to the problem of inequality, but there is strength in our diversity as a profession and collectively we can find and implement solutions, step by step. I look forward to a fantastic year with you. Together, and with your help, we will continue to provide leadership and excellence in economic development for our communities, members, and partners. Sincerely, F. Michael Langley, FM IEDC Chair Economic Development Journal / Winter 2017 / Volume 16 / Number 1 3 3 The IEDC Economic Development Journal TABLE OF CONTENTS Strategic Transportation Investments for Economic Development ......5 Making the Connection Work for You by Glen Weisbrod In a world of transformational changes in technology, trade and workforce requirements, business and economic development interests are interacting with transportation planners in new ways. Open for Business ..............................................................................10 PAGE 5 Industrial Site Readiness by J. Vann Cunningham Communities considering development of a new industrial or business park typically face a fundamental dilemma. How much investment is required to make a site competitive in the marketplace or to what extent should a site be developed before a prospect is identified? Small Business Growth .......................................................................15 A New Priority for Urban Economic Developers by Kimberly Zeuli and Kathleen O’Shea New research from the Initiative for a Competitive Inner City provides compelling evidence that small businesses rival, and often exceed, the impact of large businesses in terms of providing jobs for local residents. This article provides a snapshot of the share of small business jobs in five cities and outlines a small business PAGE 31 growth playbook of five key strategies for city leaders and economic development professionals.
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