06-B PEDC Budget 2007-2008 - Laserfiche WebLink

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Lamar County - Paris Economic Development Plan General Economic Development Plan It is the goal of the Paris community to diversify the local economy, cause it to grow in size, and significantly improve its quality over the next twenty years. In order to accomplish this, the county needs to have a net gain, from 2007 to 2027, of approximately 3,000 primary jobs. The wage for the jobs created should be about 120% of the county average wage in the year they are formed. Economic development is the activity which increases the size and improves the quality of a local economy through the formation of new primary industry jobs. The Paris community must initiate and fund an aggressive economic development program to prevent economic decline in the future. If the program is successful, the overall size of the economy will grow and its quality will improve. The community focus interviewed by the Researcher agreed. They were asked: "How aggressive should the Paris community be regarding its economic development program?" On a scale from I to 5, with I meaning "do nothing" and 5 meaning "very aggressive program," the participant response averaged 4.8 (very aggressive program). There are three basic programs which the community needs to implement. All are of equal importance and include: · Existing Industry Program - Expansion and Retention · Marketing - Recruitment Program · Start-Up Program - Entrepreneurial Development Due to Paris' geographic location, it is likely a large number of the new jobs which need to be created will be generated from the Existing Industry Program and the Start-Up Program. Existing Industry Program One of the most important yet least expensive economic development programs is the Existing Industry Program. The program is designed to retain and encourage the expansion of contributory businesses already present in the area. This is accomplished by reducing the cost of doing business and expanding the markets as much as possible for these companies. The more profitable a company is in the area the more likely the company will remain and expand in the community. Research has shown, aside from market conditions, the principal reason a company moves from one community to another is "local community attitude." Local community attitude encompasses a wide range of factors from local taxation, fees, and regulatory requirements. Paris Economic Development Corporation Page 9