Economic Development – Page 2

Innovation Vouchers

Problem

Small businesses often do not have the resources to harness expertise in research and development. Meanwhile, scientific, technological and other research facilities are often looking for new projects. Funding the linkage between these two groups would lead to new opportunities for economic growth.

Solution

Assemblymember Buchwald is proposing to issue “Innovation Vouchers” to small businesses to acquire expertise from universities, national laboratories, or public research institutes. The goal of the program would be to connect research facilities to small businesses, helping create jobs and spur innovation.

Small Business Tour

Problem

Too often a lack of communication between small business communities and government has hindered public trust in government’s ability to grow economic progress and solve local businesses’ greatest problems.

Solution

Upon taking office, Mayor Kriseman created the position of Small Business Liaison to better connect St. Petersburg’s small business community to their government and give them a space to voice their concerns. This Small Business liaison helps facilitate small business tours, which have become a regular part of the Mayor’s schedule and has allowed him to see and learn firsthand the challenges facing St. Petersburg’s independent businesses. By creating this partnership between the city of St. Petersburg and the Chamber of Commerce, Mayor Kriseman has successfully eliminated barriers to opportunity and is working to restore public trust in city government.

Denver Shared Spaces

Problem

The sustainability and economic success of nonprofits is often impacted by an organization’s ability to find affordable space, reduce overhead, and find innovative ways to effectively advance their mission.

Solution

Through the Denver Office of Strategic Partnerships, Mayor Hancock helped create the Denver Shared Spaces project in 2009 to maximize nonprofit resources through a shared space model. Resources for the project have been raised by public investment (dollars from various city agencies), and some private investments. This model is an effective tool for increasing efficiency and effectiveness in nonprofit partners by reducing duplicative efforts, sharing overhead costs and creating a space for sharing best practices and collaboration.

Farmland Protection

Problem

Across the country, counties are losing millions of acres of farmland to urban sprawl each year, resulting in limited crop production and diminished economic growth for these communities who depend on farmland as a primary economic source.

Solution

In 2000, Senator Unger sponsored legislation that created the Voluntary Farmland Protection Act, authorizing county commissions to adopt and implement a farmland protection program and appointing a farmland protection board in order to voluntarily protect agricultural lands from overdevelopment. This act provides a unique opportunity for each participating county to design, implement, fund and administer a Farmland Protection Program that aligns with their particular county’s needs and goals, while outlining state-level guidelines as a resource. The protection of farmland through conservation easements provides many benefits for local communities; the ability to provide a local source of agricultural products; the enhancement of tourism; the preservation of historical and cultural resources; and providing open space for rapidly developing areas while protecting natural resources.

High-Tech Business Investor Tax Credit

Problem

Smaller cities throughout Massachusetts have experienced much slower economic recoveries from the recession, making it harder for entrepreneurs in these areas to successfully launch and grow their businesses.

Solution

Senator Eric Lesser proposed legislation this year to offer a tax credit for investors looking to fund high-tech small businesses in small and medium-sized cities across Massachusetts. The tax credit would equal 10% of an investor’s investment in a business, if the business is a small one located in a Gateway City with 75% of its employees working in Massachusetts. This will encourage venture capitalists and other investors to look outside traditional tech centers like Cambridge and help entrepreneurs in other parts of the state get the resources they need to be successful.

Impact Intergenerational Poverty

Problem

Nebraska is still struggling from a slow recovery after the recession, with high poverty and unemployment rates across the state. A state-wide strategic policy blueprint is needed for the legislature to increase the accountability and efficiency of state efforts to mitigate poverty.

Solution

Senator Mello has proposed establishing a bipartisan, interbranch task force to evaluate and identify programs to enable the state government to invest in initiatives that are working to reduce poverty across the state. By using data to fund what works, the legislature will be able to improve the effectiveness of its impact on intergenerational poverty and boost economic growth across the state that benefits everyone.

Economic Development Zones

Problem

The current economic development incentives provided by the City of Birmingham are being utilized to revitalize downtown while making renting and home ownership less affordable for residents.

Solution

This ordinance would ensure equitable distribution of economic development incentives within the City’s authority, to revitalize neighborhoods throughout the city. It would promote a sliding scale that rewards economic development projects in areas with high rates of poverty, specific to each neighborhood/community’s income levels.

Rural Economic Advancement of Colorado Towns – REACT

Problem

Small communities are impacted by job loss more significantly that urban areas because families often leave town in search of new jobs. This puts stress on schools, Main Street small businesses, and health care providers. Slowly, the town begins to struggle to even exist. Small towns also do not have the resources to search for and coordinate the many state and federal programs that may be able to help them solve the problem.

Solution

REACT is targeted at helping towns experiencing substantial job loss. REACT would coordinate non-monetary assistance and award grant money to assist rural communities with job creation or retention. This helps towns take advantage of existing state programs with the state’s help, rather than requiring new sources of funding for new projects that may still not reach towns in need.

The Bronx Community Foundation

Problem

According to the census, The Bronx is the most diverse county in America. However, we have one of the poorest congressional districts, and no Community Foundation to help us direct resources to local organizations and programs to support community members, students, and entrepreneurs.

Solution

We are creating The Bronx Foundation, which allows us to direct resources to local organizations and focus on helping entrepreneurs and Bronxites create jobs, primarily through technology, music, food, health and the arts. Our 3 Es focus of Economic Development, Education & Equity guide us to partner with other local organizations to help students connect with skills and jobs for now and the future, encourage music and the arts, create an Entrepreneurial Accelerator, and continue to amplify existing entrepreneurship programs and workshops. Bringing together the core efforts of these groups, along with a systemic team approach, will allow us to attract additional philanthropic, corporate and entrepreneurial support while directing resources, initiatives and practical solutions to local organizations. Moreover, our collaboration with our four school districts, our three hospitals and five surrounding colleges and universities gives us direct partner organizations to take local efforts to scale.

Rural Infrastructure, Transportation and Innovation Act

Problem

Wisconsin’s construction industry supports 100,000 people in the state, with jobs located in urban and rural areas with public and private contract opportunities. Currently, a disparity exists between large and small construction companies being awarded public building contracts. Since 2015, Wisconsin’s five largest contractors were awarded 25% of the aggregate contracts, as large companies are often able to underbid smaller companies. Small businesses face hurdles when trying to increase their workforce, improve equipment and technology, and cut costs. Another issue facing Wisconsin is a workforce shortage of skilled workers who trained at certified apprenticeship programs, learning from experts in their field.

Solution

This proposal creates tax incentives for Wisconsin construction companies that invest in employee development, business growth, and process updates. Allowing small companies to compete and win contracts could create an influx of revenue in rural communities, while increasing family-supporting jobs, and potentially lowering costs to local governments. Incentivizing smaller companies to equip themselves to compete for larger public projects will increase market competition, while creating construction cost efficiencies; with these efficiencies Wisconsin will save tax dollars on necessary projects. Additionally, if a project is awarded to a general contractor in a rural area and they are able to hire more employees, the entire community will see microeconomic growth. To help communities across the state, we must invest in our small businesses so they are able to prosper equally.

Innovation Vouchers

Problem

Solution

Small Business Tour

Problem

Solution

Denver Shared Spaces

Problem

Solution

Farmland Protection

Problem

Solution

High-Tech Business Investor Tax Credit

Problem

Solution

Impact Intergenerational Poverty

Problem

Solution

Economic Development Zones

Problem

Solution

Rural Economic Advancement of Colorado Towns – REACT

Problem

Solution

The Bronx Community Foundation

Problem

Solution

Rural Infrastructure, Transportation and Innovation Act

Problem

Solution

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