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What are we doing when we do economic development? <br /> Economic development consists of two primary functions. The first function is <br /> the marketing of a city as a place for business to locate, and the second being the <br /> assistance of a business in their effort to locate in your city. These two functions work <br /> hand in hand, and are almost codependent in their existence. <br /> When a city engages in active economic development it is attempting to foster <br /> business growth. There are a wide variety of forms and tools that this takes but in the <br /> end,they can be divided into marketing activities and financing activities. The purpose <br /> of these actions is to be an enabler, to allow projects come to fruition which would not <br /> without assistance from the city. <br /> The Economic Development Administrations phrases it as the city using its <br /> resources and powers to help reduce risks and costs which would prohibit investment, the <br /> public sector often has been responsible for setting the stage for employment-generating <br /> investment by the private sector. It is the city stepping forward and closing a financial <br /> gap enabling business to develop and grow within the city. <br /> A significant motivation for a city's involvement in economic development is <br /> selfish; it is the city seeking to beat other cities and states. Cities will take an active role <br /> in closing a financial gap,because if they don't another likely will, and they will reap the <br /> benefits. Therefore cities need to be proactive, and competitive in their effort to court <br /> business. <br /> There are a wide variety of organizations available to a city and a community that <br /> seek to become involved in economic development activities. These organizations <br /> include: business organizations, development corporations, and various government <br />