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Economic Development

Areas of Practice - Economic Development - AICP November 2022 Test

TermDefinition
Fiscal Impact Analysis AKA cost-revenue analysis used to estimate the costs and revenues of a proposed development on a local government. If revenues are > expenditures, development has a positive fiscal impact. If revenues are < expenditures, development has a negative fiscal impact.
Fiscal Impact Analysis Types 1. Average Per Capita 2. Adjusted Per Capita 3. Disaggregated Per Capita, 4. Dynamic
Average Per Capita Method simplest but it is also the least reliable bc it assumed new development cost is the same as existing. Total Local Budget / Existing Population = Average Capital Cost. Then Multiplied by Expected New Population.
Adjusted Per Capita Method adjusts this based on expectations about the new development. This relies on subjective judgment Total Local Budget / Existing Population = Adjusted Capital Cost. Then Multiplied by Expected New Population.
Disaggregated Per Capita Method estimates the costs and revenues based on major land uses; for example, the cost of servicing a shopping center versus an apartment complex
Dynamic Method applies statistical analysis to time-series data from a jurisdiction. determines, for example, how much sales tax revenue is generated per capita from a grocery store and applies this to the new development. req more data and time than other methods.
Economic Development supporting the economy of a community, region, state or nation. This includes: Job Creation Private Business Expansion Tax Base Expansion Wealth Creation Quality of Life Standard of Living
multiplier effect measure the interdependence or linkage between industry sectors within a region, provide an estimate of the "ripple effect" to calculate how many jobs, sales tax etc are anticipated from current development.
Enterprise zones (EZs) geographic areas in which companies can qualify for a variety of subsidies. The original intent of most EZ programs was to encourage businesses to stay, locate, or expand in depressed areas and thereby help to revitalize them.
Community Reinvestment Act (1977) Encouraging banks and savings and loans to meet needs of borrowers to afford for all, banks to show compliance with this act. Goal is to minimize redlining
Empowerment Zones (EZ), Enterprise Communities (EC) and Renewal Communities (RC) Still going on . Subsides to help businesses stay in a communities
New Markets Tax Credit Program program that uses tax credits to stimulate economic development in underserved areas.
American System Plan, 1818 Henry Clay proposes plan to use federal funds for the development of the national economy by combining tariffs with internal improvements such as roads, canals and other waterways.
Erie Canal Completed, 1825 Artificial waterway completed to connect the northeastern states with the newly settled areas facilitating economic development of both regions
National Road Terminates in Vandalia, Illinois, 1839 Begins in Cumberland, Maryland and helps open Ohio to new settlers
Union Pacific and Central Pacific meet, 1869 Promontory Point, Utah 1st transcontinental railroad
Panama Canal Completed, 1914 Opened USA to world commerce
Stock Market Crash, 1929 Begins Great Depression and idea of planning on national scale
Grand Coulee Dam Constructed, 1935 largest concrete structure in US . Provides irrigation, electric power generation and flood control
Hoover Dam Completed, 1936 Created on Colorado River to create and sustain population growth and industrial development in Nevada, California and Arizona
St. Lawrence Seaway Completed, 1959 joint US Canada to open America to seagoing vessels.
Enterprise Zone/ Empowerment Community (EZ/EC), 1993 aims tax incentives, wage tax credits, special deductions and low interest financing to a limited # of impoverished urban and rural communities to jumpstart their economic and social recovery.
North American Free Trade Act (NAFTA), 1994 Purpose to foster trade and investment among three nations by removing or lowering non-tariff and tariff barriers
Created by: cristinemshoff
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