Provided without attribution (my apologies) because my position in the room makes it tough for me to see all of the names. The recommendations are probably the most important parts of this post.
1. Incentives are key. Tax incentives for brownfield reclamation are an example. Be careful about the use of eminent domain for economic development. Economic developers need more business people in their ranks, participating in their conferences and giving them feedback.
Click on "Continue Reading" to see what the room has to offer.
2. E.D. professionals can't separate urban economic development from the overall health of our cities. E.D. has to benefit everyone. We do this by addressing two key areas - education, especially big city schools, and infrastructure, which is deteriorating rapidly. Four things need to become part of economic development. (1) Reconnect urban governments with urban education. (2) Get workforce development and technology back into the economic development arena. (3) Connect education directly to e.d. through mentorship and recruitment programs. (4) Support infrastructure investment even if it means more taxes.
3. Infrastructure repair is key. Make hundreds of billions of dollars available in the form of 40-year, no-interest loans, to counties and cities just for infrastructure development (this is actually an idea of Dennis Kucinich).
4. Focus on technology research using entities like the Keystone Technology Zones. Spend time, resources and social capital to prepare the next generation for technology-based careers. Don't forget the old problems of the issues of race and class that have not gone away and have actually gotten worse.
5. Improve access to capital to support economic development through tax policies and incentives, and other creative programs. Continue public-private partnerships to get corporate investment in our architecture. More on infrastructure... Encourage mayors and other public officials to look to economic development professionals to fill key positions in government or simply for advice.
6. Coordinate economic development agencies with workforce development agencies. Increase partnerships across political and geographic boundaries (i.e. multi-county, multi-state activities).
7. Help local governments understand their own niches and focus their economic development on those areas. Re-examine our notion of "federalism" in this country with the new Presidential administration. Germany, for example, is planning by getting cities to focus on their strengths and not compete with each other for the same resources. Also, we will soon be a majority minority nation and we need to tap into and provide training for the entrepreneurial activity of these minority communities. Infrastructure again... so far, one of the dominant themes.
8. Recommendations for the next President: more money for Job Corps and comprehensive economic development strategy. Examine the CDBG program to see if its working. Nationalize the "Ben Franklin Partnerships."
9. Share ideas and discuss new innovations so that we can figure out how to do more with less since government support for economic development has shrunk.
10. This group should get loosely institutionalized as a group of senior urban economic development professionals so that they can provide policy advice to the new administration. Economic development professionals should also learn more about how finance works.
11. Lobby governing bodies and universities to award full credit and sabbatical opportunities to faculty for technology innovations and start up businesses.
12. Strategy to reduce poverty in urban areas: conduct a summit that partners IEDC with educational, housing, urban planning, and criminal justice visionaries to focus on ALL of the issues facing urban areas. The result of such a summit would be forwarded to the next presidential administration. Look at international development that doesn't neglect trading with developing countries. Mayors need to remove silos from parts of city governments that have been working independently of each other so that EVERYONE knows what all parts are doing.
13. Develop new and more creative financial tools, improve the "transactional skills" of economic development folks, and focus on emerging technology. Expand workforce development and build the bridge between education and jobs.
14. Don't ignore the forces at work. Force 1... the aging of the population provides opportunities for housing development for empty nesters and the elderly. Force 2... the younger generation and all of the children in our cities will be supporting the older generations with their contributions to social security etc. Therefore, look to neighborhood development as the creation of "villages" that link education improvements, infrastructure and housing. Force 3... suburbanization... address the congestion problems by bringing economic development and transportation professionals together. Force 4... globalization.
15. Our workforce situation reflects our system of education. Economic development professionals need to focus on education. Develop programs to help at the earliest possible moments in the lives of at-risk kids so that they're "wired" to compete by the time they get to school. Teach entrepreneurship in primary and secondary schools so that young people can learn that they don't have to work for others. They can work for themselves.
We must compete as regions, not as cities.
Find the next generation of economic development professionals by attracting the best and brightest to the public sector.
16. Be careful about the models that we use. Economic development professionals should use local successes to build on their relevancy so that they continue to be listened to by decision makers. Remember that it's all about people... attracting people, getting people to listen, etc.
17. Meaningful economic development is local and has to remain local. It has to evolve and be able to work in a bureaucratic context, which often puts the brakes on economic development. Many local agencies have to be made more business-friendly so that they can continue to focus on business retention. Understand that getting infrastructure funded does not get infrastructure due to opposition by environmental opposition.
18. Examine and reduce bureaucracy if necessary. Follow the Washington D.C. example where Mayor Adrian Fenty has abolished economic development agencies and the school district bureaucracy and taken control himself. Change our relationship with the international community by examining things such as farm subsidies and immigration policies.
19. Be nimble! Make sure that economic development can respond to issues as they come up. Communicate with folks in the distressed neighborhoods, not only to share plans but also to get feedback so that e.d. professionals know what's facing these communities.
20. Revitalize the base of the urban economy by preparing it to be able to compete in the global economy. Pay attention to the forces that are driving the world: globalization, regionalization, technology changes.
21. Place matters! Strong central places drive regions. Where the jobs are and who gets them matters. Within regions, the business and educational communities must be linked.
22. The youth are coming into the fold of economic development professionals. Economic developers can use their contacts in the universities to find good, young talent.
Housing can be an economic driver in cities and lead to the redevelopment and revitalization of distressed neighborhoods if other social support systems are also considered.
23. People are starting to come around to what urban economic development professionals have been preaching for years - concentration and density are good. E.D. pros must continue this by advocating for long-term planning and form alliances with planners, land-use professionals and architects who are now agreeing with the importance of cities. Remember that the success of cities has been coastal so E.D. pros must study cities like Austin and Albany to see how their success can translate to other middle America cities.
Ok, folks. Digest that for a while.
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