Laserfiche WebLink
4 <br /> TO: Mike Ericson, City Administrator <br /> FROM: Tom Denaway, Administrative Intern <br /> SUBJECT: Handbook for newly appointed members of the Hugo EDA <br /> DATE: August 12, 2004 <br /> Overview: <br /> The purpose of this handbook is to provide a guide to the newly appointed <br /> members of the Economic Development Authority for the City of Hugo. This handbook <br /> will first look at what we are seeking to achieve when we do economic development, it <br /> will lay out the tools available to the EDA to fulfill its goals, and finally it will provide a <br /> potential course of action for discussion by the board members. <br /> What is Economic Development? <br /> Economic Development, as defined by the Federal Economic Development <br /> Administration of the Commerce Department, is fundamentally about enhancing the <br /> factors of productive capacity—land, labor, capital, and technology—of a national, state, <br /> or local economy. By using its resources and powers to reduce the risks and costs which <br /> could prohibit investment, the public sector often has been responsible for setting the <br /> stage for employment—generating investment by the private sector. <br />