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<br /> <br />4859-6924-4449\6 <br />In an ever more complex and changing marketplace, it is more important than ever for <br />communities to develop and implement sound economic development procedures and practices. <br /> <br />This handbook has been prepared as a guide to assist local economic development leaders to <br />utilize their limited resources in the best practical manner. Furthermore, this handbook seeks to <br />ascertain methods in which one can better set up a community’s economic development <br />infrastructure to make it more efficient and effective in utilizing scarce resources. The key to <br />successful economic development is communication with local businesses to learn of their needs <br />and concerns and to determine how to best use the community’s resources to address those <br />concerns. <br /> <br />Economic development tools – such as Economic Development Authorities (EDAs), Housing <br />and Redevelopment Authorities (HRAs) and Port Authorities -- can be vital for a community <br />working to build a vibrant business climate and generate significant employment and housing <br />opportunities. <br /> <br />This handbook is intended as a helpful resource to provide you with a better understanding of <br />economic development organizations and the powers they bring to assist a community with <br />development. While the handbook may serve as a resource and a guide, we recommend you <br />work with your legal counsel when creating an economic development organization and enter <br />into related agreements. <br /> <br />Special thanks is extended to Grant Turpin, Jay Lindgren, and the Dorsey & Whitney team for <br />their expertise and their hard work and dedication in crafting this handbook. <br />