2014.03.11 EDA Agenda Packet - Laserfiche WebLink

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W�S11iY1��0I1 CO1111ty Washington County Board of Commissioners Economic Development Strategic Plan March 1 S, 2014 Draft for Working Grou Review Economic Development: A Washington County Strategic Initiative What is Economic Development? Economic development has different meanings to different people. The County Board believes the International Economic Development Council (IEDC) definition is appropriate for Washington County's unique mix of social, geographic, political and economic qualities: No single definition incorporates all of the different strands of economic development. Typically economic development can be described in terms of objectives. These are most commonly described as the creation of jobs and wealth, and the improvement of the quality of life. Economic development can also be described as a process that influences growth and restructuring of an economy to enhance the economic well-being of a community. The main goal of economic development is to improve the economic well-being of a community through efforts that entail job creation, job retention, tax base enhancements and quality of life. As there is no single definition for economic development, there is no single strategy, policy or program for achieving successful economic development in Washington County. Thus the plan laid out in this document is developed from a comprehensive and broad-based perspective. Through implementation of this strategic plan the County anticipates achieving the following short-term goals over the next 1-2 years: 1. Established a single point of contact for economic development within the County government. 2. Updated County tax -increment financing and tax abatement policies. 3. Expanded County role in marketing the County. 4. Established working relationships with state, regional, and local entities working on business retention and growth within the County. ;RHIR Washington County Economic Development Strategic Plan 2014 Page 1