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Lamar County — Paris Economic Development Plan <br />• Public support of business capital needs is best provided by encouraging private financial <br />institutions to provide somewhat higher risk financing to small and medium sized businesses. <br />Government can be a banker, but the hat does not fit well. <br />• Higher unemployment areas may legitimately be interested in providing tax and other financial <br />subsidies for a variety of economic development projects. Such subsidies should be focused on <br />export-base firms, import- competing firms, or their suppliers, and higher wage firms. Subsidies <br />should be provided upfront with clawback provisions if certain job creation goals are not met. <br />• To the extent possible, local governments should avoid destructive competition for business real <br />estate projects with other nearby jurisdictions. If feasible, economic development efforts should <br />be coordinated across the entire local labor market. The focus of local economic development <br />efforts should be on stabilizing the local tax base and improving overall labor market <br />opportunities for local residents. <br />Paris Economic Development Corporation Page 54 <br />