1995-06-14-PEDC - Laserfiche WebLink

Home Browse Search

148 CLOSING/MONITORING: Accountability to the taxpayers requires attention to responsible closing and monitoring of projects which have received economic development support. Such attention can also be an opportunity to raise public awareness and to create a sense of community pride and achievement. The following elements should be part of follow-up activities with assisted company:. a) Make all commitments in writing to avoid misunderstandings b) Establish a time frame for the commitment, ie. if construction is not started withing six months, the agreement is null and void. Time frames help ensure that dry funds do not get tied up with troubled projects and will not be available for others. c) If a loan, loan guarantee, or similar incentive is used, make sure all loan agreements are executed and security positions recorded. d) Hold ground-breaking or ribbon cutting ceremonies. Conduct plant tours or hold a Chamber/Industrial Foundation annual meeting in a new or expanded plant to recognize the successful partnership between industry and the community. Build a broad base of support by inviting business and community leaders, employees and as large an audience as possible. Get good media coverage. Celebrate the company's success and your successes as a community. Everyone in the community has contributed through the sales tax; help them to feel they are part of the success. e) Require a simple annual report from the company identifying number of jobs created or retained, additional payroll and the increase in purchasing from local vendors. Companies can also be encouraged to note their participation in community affairs, such as United Way contributions, support for other non-profit civic and cultural activities. Use this information in newletters, local media, economic development promotitonal activities and annual reports. Use it in setting goals and reviewing progress.