Growing The Economy For The Future

ROI on Tax Expenditures

Problem

In most states and at the federal level tax expenditures (incentives, dedications, exemptions, loopholes etc.) that have not been recently analyzed and updated are draining resources from government budgets. In NM for example, these tax breaks have cost $1 billion of taxpayer money and have not significantly increased job creation.

Solution

Senator Keller is working to bring transparency and accountability to tax expenditures by requiring annual return on investment (ROI) and jobs created reporting. This information would make it easier for impactful programs to be enhanced and wasteful, redundant and out of date programs to be shifted to areas that are more effectively meeting citizen needs and creating jobs.

Innovation Vouchers

January 18, 2020/in Jobs and Entrepreneurship Growing The Economy For The Future Economic Development, Entrepreneurship And Innovation 2014 Challenge Finalist /by actualize

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.

Resource and Development Tax Credit

January 18, 2020/in Jobs and Entrepreneurship, Smart Government Growing The Economy For The Future Economic Development /by actualize

Problem

Historically, research and development incentives in Delaware have supported larger established companies. While these larger companies are vital to the state, smaller businesses and startups usually need more resources as they are starting out to remain competitive and expand their business efforts.

Solution

Rep. Short introduced legislation to reform the R&D Tax credit program in Delaware so that it will drive more of the resources to smaller start-up companies. By refocusing the credit toward smaller businesses and startups, this bill incentivizes innovation and growth in emerging industries that are critical to enhancing Delaware’s competitiveness and increasing the opportunity for job growth. If passed, the bill will improve the business climate for existing small businesses and attract new businesses to Delaware.

Moving Montgomery Forward with Gigabit Speed Networks

January 18, 2020/in Infrastructure Growing The Economy For The Future Infrastructure 2014 Challenge Finalist /by actualize

Problem

The current absence of a high-speed, ultra-secure, and interconnected network prevents Montgomery County from reaching its economic growth potential by investing in a vibrant life sciences community.

Solution

County Councilmember Riemer has proposed that the county government help facilitate the creation of a high-speed, secure, and interconnected fiber network that will be built based on a co-op, public utility model. The proposed network will connect with the County’s own fiber network and will be funded and built by private sector, anchor institutions already in the life sciences corridor and networking firms seeking to gain a foothold there. The resulting infrastructure will attract additional investment, new companies, and high-paying, high-tech jobs to the county to increase economic competitiveness and growth.

Enterprise Zones 2.0

January 18, 2020/in Jobs and Entrepreneurship, Smart Government Growing The Economy For The Future Economic Development /by actualize

Problem

Several parts of Nebraska, including Omaha, suffer from greater unemployment rates than the rest of the state but the state has limited resources allocated to economic development programs.

Solution

Senator Mello authored legislation to reauthorize Nebraska’s enterprise zone statutes to encourage investment and economic growth by giving preference for projects in economically distressed communities. Rather than creating a new economic development program, this innovative idea focuses existing resources where the need is greatest for the largest economic return. By giving these areas a leg up on programs like job training and affordable housing funds, these communities are able to better prepare citizens with the skills and support they need to become self-sufficient and contribute to the state economy.

Columbus Small Business Growth Initiative

January 18, 2020/in Jobs and Entrepreneurship Growing The Economy For The Future Economic Development, Entrepreneurship And Innovation /by actualize

Problem

Many economically disadvantaged neighborhoods are home to entrepreneurs who have the time and energy to help turn their neighborhoods around, but who don’t have access to funding.

Solution

Councilmember Klein convened a group of small business owners, the local Chamber of Commerce, and local non-profits to determine which investments would make the most impact to revitalize disadvantaged neighborhoods and then designed a set of grants and loans to fund streetscape and building improvements, as well as start-up loans to create new jobs.

Best Practice P3s

January 18, 2020/in Smart Government Growing The Economy For The Future Government Reform /by actualize

Problem

As traditional funding from the federal government has become increasingly uncertain, state and local governments are struggling to invest in the roads, power grids, and other kinds of infrastructure that we need to ‘build for the future’ in the changing economy. Without a standard set of rules around private funding for public infrastructure, it becomes much more difficult for both the government and private companies to fill this critical void.

Solution

Public Private Partnerships (P3s) are structures to essentially share resources to reduce the cost of construction, and therefore enable more projects, create the associated jobs, and literally build the kind of modern America we want to live in. Senator Keller is working to develop a standard set of best practices for public-private partnerships in order to untap private funding that can lower the cost and speed up infrastructure improvements while still ensuring accountability to the public.

Bringing TOD and Innovation Business Districts Together

January 18, 2020/in Jobs and Entrepreneurship Growing The Economy For The Future Economic Development, Entrepreneurship And Innovation /by actualize

Problem

In order to make Denver a world-class city, Mayor Michael Hancock is striving to evolve the definition of Transit Oriented Development to an idea of developing transit communities that are walkable, livable places that provide citizens with access to most of their daily needs.

Solution

As Denver continues to develop its mass transit system, Mayor Hancock is also looking to leverage the great redevelopment opportunities around station areas, increasing job and business and changing the mix of traditional uses in these development, thus transforming formerly disinvested neighborhoods. By bringing together the ideas of transit oriented development and innovation business districts, Mayor Hancock is working to create an exceptional transit system with great stations that connect to walkable communities.

The Wind Siting Reform

January 18, 2020/in Climate Change Growing The Economy For The Future Energy /by actualize

Problem

In Massachusetts, it’s currently easier to build a large fossil-fuel energy facility than to get a permit to produce wind energy. Other New England states have more predictable siting laws, making them more attractive to developers.

Solution

The Wind Siting Reform Act streamlines the permitting process for wind energy facilities while preserving local control. It creates a timely and predictable process for developers to follow, which will encourage the development of wind energy facilities in our state.

Community Building Through Public Art

January 18, 2020/in Jobs and Entrepreneurship, Smart Government Growing The Economy For The Future Economic Development /by actualize

Problem

Salem’s downtown pedestrian mall was in need of a variety of improvements; it was tired, in need of maintenance and repair, was not pedestrian friendly, and had vacant storefronts. Without improvements, the area lacked a strong sense of community and economic activity was hindered.

Solution

Mayor Driscoll is leading the planning stages of a downtown redesign based on feedback from residents who identified public art as a means to create a great public space and enhance the economic development potential of this area. The city is starting a formal public art initiative through development of a master plan for public art, adoption of an Ordinance by Council to establish a Public Art Ordinance, and the hiring of the first Public Art Planner. This is a smart investment for everyone because art and culture add vibrancy to neighborhoods, bring people together, attract tourists to visit and stay longer, and serve as an economic development tool.

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