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TASK I <br />FLEXIBLE INCENTIVE PROGRAM <br />The PACE Group will design a Flexible Incentive Program Guide for the <br />PEDC. Working with the PEDC Board, we will recommend the best approach for <br />evaluating potential projects based on a cost/benefit analysis for existing industry and <br />new firms. We will review other cities such as Athens, McKinney, Carthage, and <br />Henderson, and present findings on the Do's and Don'ts of this suggested Flexible <br />Plan. <br />We will provide weighted options based on jobs created. The Summary Report <br />will provide clear and concise bullet -point recommendations on best practices. It will <br />also include areas to avoid which could cause embarrassment for the PEDC and the <br />City Council. <br />TASK II <br />BUSP4ESS RETENTION AND EXPANSION PROGRAM <br />Critical to any economic development plan is the retention of existing industry. <br />Traditionally the greatest area of economic growth is within the expansion programs <br />of existing industry. Therefore, great efforts must be expended in current industry. <br />Reasons for a strong business retention and expansion program are as <br />follows: <br />• Research has clearly shown that most expansions take place at <br />existing locations or within 50 miles of existing facilities. <br />• Working with existing businesses costs less than recruiting new <br />business locations. The cost per job created is much less for the <br />existing business expansion programs compared to the recruitment <br />of new businesses. <br />• Existing businesses are already supplying jobs, tax base, and other <br />benefits to the community and deserve attention. <br />3 <br />