Growing The Economy For The Future

Community Building Through Public Art

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.

The Education and Economic Engine Endowment

January 18, 2020/in Education Growing The Economy For The Future Education /by actualize

Problem

Because many states continue to face budget challenges, many states have scaled back critical funding for education and entrepreneurship.

Solution

State Treasurer Cowell proposes the creation of a multi-billion dollar state-funded endowment using escheat money that pays for community college and university scholarships and invests in high-growth funds and companies. The endowment is literally an investment in the twin goals of educating our future workforce and creating new jobs.

Keep Your Money Local

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

Problem

Cities and counties have millions in reserve and special funds but most of those dollars are invested in large funds run out of state. Local financial institutions know their community and customers better than large banks, and therefore by having access to those funds can more effectively invest in the community.

Solution

County Supervisor Coonerty proposes investing a small percentage of these reserves in local banks and credit unions to keep the money local, creating jobs and more funds for these institutions to lend to citizens to start businesses, purchase cars or improve their homes, all of which help grow the economy.

ETOPIA: Statewide Broadband Expansion

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

Problem

In our expanding digital world, broadband access has become a critical infrastructure for consumers and businesses alike to remain economically competitive.

Solution

Senator Unger is proposing to create an inventory and mapping of broadband availability around the state of West Virginia, to develop a framework for increasing and upgrading internet infrastructure across the state. His proposal also requires intergovernmental cooperation and coordination on finding the best ways to implement these technological improvements effectively. Through increased broadband access, Unger hopes to increase economic competitiveness by ensuring equal access to high-speed internet for all and by attracting more businesses to West Virginia.

West Coast Infrastructure Exchange

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

Problem

The West Coast states face a $1 trillion infrastructure financing gap over the next 30 years. The Great Recession and slow economic recovery have strained the tax revenues of state and local governments, widening the already well-documented infrastructure investment gap.

Solution

The West Coast Infrastructure Exchange (WCX) was created by Oregon, Washington, California, and British Columbia to help redesign the way they plan, build, and finance public infrastructure. WCX works to attract private investment in public projects, share best practices, bundle smaller projects and incorporate climate resilience. This multi-state collaboration will help find innovative ways to fund necessary projects that may not otherwise get completed by relying only on traditional public funding. Through these infrastructure projects, the WCX aims to promote job creation and improve the region’s long-term economic competitiveness over time.

ROI on Tax Expenditures

January 18, 2020/in Jobs and Entrepreneurship, Smart Government Growing The Economy For The Future Tax Reform 2014 Challenge Finalist /by actualize

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.

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