Preparing Communities for Economic Development
A city that is overly dependent upon a single industry or a single employer – or even a relatively few employers – is at risk. Cities that have thriving suburban economies and economic malaise in the downtown – or cities that have adjoining thriving and declining neighborhoods are facing certain problems. Even higher taxes were acceptable because there was an understanding on the part of the business community about the returns and benefits they would reap. Economic development professionals must learn to manage local expectations at the same time that they conduct their outreach programs. The local economic development professional may be uncertain whether he or she is simply being used to the company's benefit or whether the relocation possibility is real. This means that the company will be treated as a real prospect and much time and energy will be spent to try to win a situation that one suspects may not really be in play.