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A Tale of Three Cities: Economic Development Strategies

A Tale of Three Cities: Economic Development Strategies

True economic development goes well beyond providing incentives here and there for a shiny new establishment or single employer. While such initiatives are welcome in any community, a city should gather a set of tools to foster economic growth that is renewable and expandable over time. Ideally, a community seeks to bring together businesses that benefit from each other’s presences. A multi-pronged approach for a local government should include:

• reinvestment (such as tax abatements)

• retention

• mitigation (finding additional streams of tax revenue)

• redirection

An economic development strategy should weave together a sustainable fabric for redevelopment with a keen understanding of multiple Texas statutes. In “A Tale of Three Cities,” Randle Law Office takes a comprehensive look as various economic development scenarios.

Economic development illustration with basket at a farmers market.

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