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.
