18% of local governments require employees to be hired from the communityStaff writer ▼ | December 19, 2014
Nearly 90% of respondents to ICMA's Economic Development Survey reported local revenues and the general fund as the top funding source for economic development.
Study Economic Development Survey
The survey results revealed that among responding jurisdictions: 61% report that the dollar value for business incentives offered to attract new business has remained the same over the last five years; 73% conduct a cost-benefit analysis prior to offering business incentives; 56% require a performance agreement for business incentives; 75% measure the effectiveness of business incentives; and 90% of those who measure the effectiveness of business incentives use job creation as a metric.
The city of College Park, Georgia, was recently highlighted by ICMA as exemplifying the successful use of business incentives. The city employs a broad array of benchmarks to determine if the numbers provided in business applications are accurate and then puts rigorous measures of effectiveness, penalties, and detailed agreements in place to ensure the success of the business incentive arrangements. ■