IEDC Terms
Triple-Net / NNN Lease
Tenant pays all expenses
Traditional Services
Tend to be lower value-added, less subject to technological changes and less rapidly expanding. Examples include: retail trade, accommodations, food and beverage, amusement and recreation, and personal services
CUED / Council for Urban Economic Development
The Council of Urban Economic Development originated with the 1966 founding of the Helping Urban Businesses (HUB) Club, a loosely-federated group of city development chiefs concerned about the flight of businesses from their cities. In 1971, as more cities and urbanized counties began to join, HUB Council changed its name to the Council for Urban Economic Development (CUED). In the early years of its existence, CUED made an important impact in helping cities to initiate public, private and nonprofit programs to help themselves. Since then, it has developed a wider range of services to build the economic development profession with the tools and techniques it will need to deal with the issues of the 21st century. In 2001 CUED merged with the American Economic Development Council (AEDC) to become IEDC.
EDAC / Economic Development Association of Canada (www.edac.ca)
The Economic Developers Association of Canada (EDAC) is Canada's national organization of Economic Developers pursuing excellence in the field since 1968. The Association's mission is to enhance the professional competence of Economic Development Officers and ensure placement of qualified people in the field of Economic Development; to advance Economic Development as a distinct, recognized, and self-governing profession; and to contribute to Canada's economic well-being.
FRB / Federal Reserve Bank (www.federalreserve.gov)
The Federal Reserve, the central bank of the United States, was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system.
Non-Traditional Financing Methods
The use of SBA loans, low interest loans, government subsidies, grants, and venture capital.
Equity
The value of an asset net of any amounts owed for mortgages, liens, or other financial obligations.
solvency
A measure of the ability to meet debt obligations as they occur
Occupancy Rate
A measure of the percentage of space that is occupied or leased by a tenant (e.g. Class "A" office has a 95% occupancy rate).
Multiplier Effect
A measure, typically regarding employment, that identifies the total employment created for every basic employee created. E.g. a multiplier of 3.0 represents that for every additional basic employee generated by a project, a total of three new jobs will be created (the basic job plus two non-basic jobs).
NASDA / National Association of State Development Agencies
A membership organization which focuses on state economic development agencies and issues. Its core members are state economic development directors and the key managers in their agencies. NASDA welcomes and can accommodate a wide range of public and private officials involved in economic development and has numerous special publications, workshops and other programs which address issues of concern to these various audiences.
Metes & Bounds
A method of describing a parcel of land using measures (metes) and direction (bounds) (e.g. N 23º 00' 23" W, 238.21').
Income Statement
A moving picture of the income and expenses during the accounting period. Also called "Profit and Loss Statement" or "Statement of Earnings"
Zoning
A municipal police power whose purpose is to promote the health, safety, morals, general welfare of the community and protect and preserve places and areas of historical, cultural, or architectural importance and significance. Zoning decisions are based on review of the following: appropriate use of land/compatibility with surround properties, traffic circulation / congestion, adequate light and air, overcrowding / density, adequate transportation, water, sewer, schools, parks, and other public requirements, conserve value of property. Municipalities adopt zoning ordinances which may in general regulate the following: the height, size, and number of stories of buildings and structures; the percentage of a lot that may be occupied; the size of yard setbacks, courts, and other open spaces; the locations and use of building, other structures, and land, and population density.
Ordinance
A municipally adopted law or regulation
Brand
A name, term, symbol, design or some combination used to identify a product and differentiate it from competitors.
NAIOP / National Association of Industrial and Office Properties
A national association with 9,000+ members and an extensive network of 46 chapters that represent the interests of developers and owners of industrial, office and related commercial real estate throughout North America. NAIOP provides communication, networking and business opportunities for all real estate related professionals; provides a forum for continuing education; and promotes effective public policy, through its grassroots network, to create, protect and enhance property values.
National League of Cities / NLC
A national organization representing various issues related to municipalities
Import Substitution
A new locally made manufacturing line that replaces products being imported into the community. Also see Rusty Bucket Economics
Acre
A parcel of land containing 43,560 square feet.
Out-Tract
A parcel of land that was not included in a larger compilation of tracts for the purposes of developing a larger, more comprehensive project. Also see Infill Development
Building Permit
A permit typically issued by the building inspections department allowing construction to begin on a building.
Entrepreneur
A person skilled at increasing the productivity of economic resources by searching for change, responding to it and exploiting it as an opportunity. Tends to develop new technologies through innovation.
Developer
A person skilled in the transformation of raw land or buildings into more financially productive and economically viable enterprises
Broker
A person who is skilled in the facilitation of real estate transactions bringing together purchasers or tenants with land or building owners.
Gatekeeper
A person who stands between you and the decision maker you desire to influence. Often this is the secretary for the executive
Phased News Release
A phased news release accommodates the deadlines and printing requirements of both daily and weekly news publications such that articles on the desired project will all hit the public on the same day. This means you may have to give the information to the weekly business journal on Tuesday and the daily newspapers on Thursday to ensure an equitable release and thorough coverage by all media on the same print day - Friday.
Retention Pond
A physical depression in the land used to retain storm water permanently. Contrast with a "detention" pond which detains water temporarily, allowing a metered outflow of water back to an empty state or "retention pond" level.
Port of Entry
A place on the seacoast, or inland, designated as a point at which persons or merchandise may enter or leave a country under the supervision of custom laws
Erosion Control Plan
A plan generally submitted prior to beginning of construction, which requires the delineation of undisturbed areas of the land, as well as erosion mitigation measures such as silt fencing, and sedimentation ponds.
Land Use Plan
A plan typically adopted by a city that shows the anticipated and desired longterm land use development patterns for all land in the jurisdiction
MCF
Thousand cubic feet. Usage usually reported by month (Natural Gas Term)
Private Sector Model Disadvantages
1. Lack of control over incentives, infrastructure improvements, etc. 2. General limitations in establishing public relations or building public support for a particular project.
Intervention Plan / Crisis Plan
A plan which is implemented to assist a struggling business in a community. It is a pro-active plan to assist local business owners / managers with diverse expertise available from within a community
MPO / Metropolitan Planning Organization
A planning organization representing the interests of a larger area, typically several counties and predominately for use in issues related to transportation.
.gif / Graphic Interchange Format
A platform-independent file format developed by CompuServe typically used for graphic files.
Impact Analysis models
Computer modeling cost-benefit analysis direct analysis economic impact analysis
Incentives Policy
A policy outlining the jurisdiction's position regarding various incentives that might be utilized to attract or retain a business.
Informal Power
"The Establishment", or influential persons of long tenure within an organization or community. Generally more difficult to identify than formal leaders. May have greater influence than formal structure, restricted entry (generally by wealth, status, expertise or charisma) and little turnover
CED Summit
An annual AEDC educational meeting exclusively for professionals holding the CED designation.
Central Business District
(CBD) Generally seen as the traditional heart and core of a community, characterized by higher density of goods and services necessary to support the community at large.
Certified Chamber Executive
(CCE) A certification granted by the American Chamber of Commerce Executives. The CCE program is designed to access the applicants knowledge of the four core chamber management areas - leadership, planning, development and finance and administration. The designation demonstrates: Commitment to the chamber of commerce profession; Dedication to managerial excellence; and Leadership in state/regional/national chamber professional associations.
Location Quotient Formula
(Local Industry Employment / Total Local Employment) / (National Industry Employment / Total National Employment)
External Assessment
(a.k.a. situational analysis or environmental scan) An assessment of economic trends and expectations outside of the local economy at regional, national, international, and global perspectives. Another input might include observations made by credible "futurists" particularly regarding socioeconomic trends.
Government Agency Model disadvantages
1. Changes in elected leadership. 2. Lack of meaningful involvement of volunteers
Key elements to be included in a CEDS plan are
1) analyses of the current background social, demographic, economic data and information; 2) vision, goals and objectives in describing where that region would like to be; 3) action plan in establishing criteria for what is the prioritized and assigned responsibility to be implemented in describing how do we get there 4) evaluation in documenting how we have done by monitoring, measuring and arriving at an outcome that describes what we were, or unable, to implement.
Criteria for selecting an organization to benchmark against include:
1. A stable program 2. Success over time 3. Aggressiveness 4. Similar mission 5. Similar customer needs 6. Lead development organization 7. Regional service area
keys to entrepreneurial success
1. Access to Financing, 2. Access to the Marketplace, 3. Access to Education, 4. Access to Technology.
Private Sector Advantages
1. Activities are not restricted by political boundaries. 2. Allows maintenance of confidentiality. 3. Speaks effectively for the business sector's interests.
The CRA criteria to meet are a "Qualified Investment" that has "Community Development" as its primary purpose to include:
1. Affordable housing for low and moderate income individuals. 2. Community services targeted to low and moderate income families. 3. Activities that promote economic development by financing businesses or farms with gross annual revenues of $1M or less. 4. Activities that revitalize or stabilize low and moderate income areas.
Service Model (Marketing)
1. An intangible product. 2. A high degree of customization to meet individual needs of the user. 3. Close contact between customer and service provider. 4. Selection, training and monitoring of personnel are critical to success. 5. Capacity constrained by labor and resources. 6. Repeat business is more important to financial success than winning new customers.
Typical traits of the entrepreneur include
1. An unusually well-developed ego. 2. Detail oriented and likely to be a perfectionist. 3. Inexhaustible energy, high personal fitness, alertness, ability to endure stress. 4. Nothing is done soon enough and everything is a crisis. 5. Contingency thinkers, looking six months or longer into the future and always maintaining options. 6. Unwilling to surrender the need for complete control, unable to delegate. 7. Above average intelligence, analytical ability. 8. Tend to look at the big picture. 9. Able to conceptualize a problem quickly and arrive at a solution well in advance of others. 10. They are pragmatists. 11. Calculated risk takers, not gamblers. Only takes risks that have a high probability of achieving goals. 12. Strong desire to succeed, great enthusiasm about the product and business, perseverance, creativity and competitiveness. 13. History of personal hardship, experience in leadership. 14. Proto-typical entrepreneur is a first born child, male, and well educated.
Elements of a policy might include
1. Applicability to all types of businesses. 2. Processes for quantifying costs and benefits to the community. 3. Pre-set guidelines for investment and required return. 4. Draws on benchmark research of business requirements and cost profiles. 5. Reflects a true understanding of competitive advantages and disadvantages. 6. Contains procedures for quick responses. 7. Exists before the prospect calls. 8. Allows the community to walk away from bad deals. 9. Contains safeguards to protect the community's investment.
Financial ratio calculations serve at least three important purposes:
1. As a double check to ensure review of important items in the financial statements. 2. For comparison against similar company or industry standards. 3. As an indication of satisfactory or unsatisfactory financial condition
Name the 3 categories Clusters generally fall into
1. Buyer-Supplier Relationships 2. Competitor and/or Collaborative Relationships 3. Shared Resource Relationships
Today the Federal Reserve's duties fall into four general areas:
1. Conducting the nation's monetary policy. 2. Supervising and regulating banking institutions and protecting the credit rights of consumers. 3. Maintaining the stability of the financial system. 4. Providing certain financial services to the U.S. government, the public, financial institutions, and foreign official institutions.
Various BRE types of programs can be implemented to include the following examples:
1. Contact Programs / Business Surveys 2. Industry Recognition Programs 3. Individual Recognition Programs 4. Business Development Programs
Who decides the short list on a site selection process
1. Corporate real estate executives 2. Vice Presidents 3. Site selection consultants 4. *Presidents / CEO's 5. CFO's 6. Human resource executives
Types of Liquidity Rations
1. Current Ratio 2. Quick Ratio / Acid Test Ratio / Liquidity Ratio 3. Receivables Turnover 4. Inventory Turnover 5. Day's Receivable 6. Day's Payable
Name 4 types of potentially responsible parties under CERCLA
1. Current owners or operators of a facility from which hazardous wastes are being released 2. Owners or operators of a facility at which hazardous wastes were disposed 3. Parties that generated or arranged for the disposal of the haardous wastes 4. Under certain conditions, parties that transported the hazardous wastes to a facility for disposal
Problem Solving Process steps
1. Define the problem clearly. 2. Analyze the problem and identify possible causes. 3. Identify possible solutions. 4. Select the most appropriate solution.
Site Selection process for manufacturing
1. Defining the facility. 2. Analyze the market to be served. 3. Decide to do a site search. 4. Perform a freight cost analysis. 5. Define the site search area. 6. Do initial screening using "knockout" factors. 7. Second round screening of detailed information. 8. Site visits. 9. Ranking of alternatives. 10. Due diligence analysis of engineering, legal, and other technical factors. 11. Formal decision. 12. Start-up of new location or facility.
A typical process for creation of a Manufacturers Association could include
1. Determining the facilitating organization. 2. Identifying the community leaders. 3. Establish a founding board. 4. Brainstorming session for basic structure, mission, membership, financing, etc. 5. Endorsement by City Council. 6. Development of a promotion strategy. 7. Kick-off dinner meeting.
A general process for the stablishment of an incubator includes:
1. Establish a working group to initiate development. 2. Assess the small business support network. 3. Analyze the level of entrepreneurial activity. 4. Analyze the local market economy. 5. Real estate analysis and potential site identification. 6. Financing for the facility and tenants. 7. Planning for start-up. 8. Marketing the incubator. 9. Evaluate and re-define goals.
Development Process steps
1. Establishment of the project goals based on development philosophies. 2. Performing a market analysis. 3. Planning and engineering analysis. 4. Financial analysis. 5. Implementation.
Ways to determine linkages include
1. Examination of Input-Output tables. 2. Surveys of business executives. Often evaluated for potential business expansion in a jurisdiction that also helps existing businesses
Business Plan Components
1. Executive Summary 2. Purpose Statement 3. History 4. Business Description 5. Product 6. Manufacturing Process 7. Marketing 8. Location 9. Competition 10. Pricing 11. Distribution & Sales 12. Management 13. Organizational Chart 14. Financial Data
Characteristics of a good visitation team member include
1. Flexibility with employer to allow planned or unplanned interruptions during work hours to meet with prospect. 2. Ability to maintain confidentiality. 3. Possesses a "can-do" attitude. 4. Can have a good time while interacting productively with a prospect. 5. A commitment and dedication over time.
Mobility Indicator factors typically include
1. Historical and projected industry growth rate. 2. Number of establishments. 3. Capacity utilization rate. 4. Change in capacity utilization rate.
Major points of TQM
1. Improve process consistency and reduce errors through an on-going, organization wide effort, led from the top, instilling pride in workmanship at the bottom, using staff teams involved in the process and empowered to make changes. 2. Use measurement tools to track processes and pinpoint problems - compare the best in the industry. Also see Benchmarking. 3. Focus on customer satisfaction. 4. Work with partners. 5. Think long-term and act short-term.
Helpful activities for site selection from ED
1. Information / assistance in obtaining financial tax incentives. 2. Providing general information about location. 3. Contact with local authorities. 4. Education. 5. Assistance with hiring and the labor market. 6. Locating and touring facilities. 7. Overriding item is helping move project forward by providing information and cutting through local red tape.
Project Development / Community Building
1. Infrastructure development, both traditional and broader view. See Infrastructure. 2. Improvements in the local education system. 3. Improvements in labor force readiness. Also see Labor. 4. Participation in land use planning to insure availability of quality land for all types of economic activities. Also see Planning, Community Development. 5. Improvements of local quality of life elements such as recreational, cultural, and health facilities. Also see Quality of Life.
Government Agency Model advantages
1. It allows access from all sectors of the community via elected officials. 2. It ensures direct access to government programs providing incentive and infrastructure improvements
BTS / Build-to-Suit
Construction of a new building designed specifically for a company.
Some principles of professional prospect handling include
1. Maintaining confidentiality if requested. Inform others only on a need-to-know basis. 2. Responding promptly in all instances. 3. Providing what is requested, not what you have available. 4. Delivering what you promise / don't promise what you can't deliver. 5. Listening to the prospect. 6. Making community contacts available to the prospect and handling all arrangements. 7. Coordinating transportation for prospects visiting the community, even if you are not included during drive time.
PARS Steps
1. Notify all interested parties of the process. 2. Distribute Project Advocacy Forms (PAFS) to all who wish to advocate a project. 3. Advocates fill out the PAF by defining the problem and projected outcomes. 4. Collect PAF's from all parties and input each project into a master matrix allowing the ranking of each project. 5. Distribute master matrix of projects and individual PAF's to policy makers for ranking. 6. Collect matrix rankings and tally results mathematically based on the number of responses received in each priority rank. 7. Distribute results and discuss.
Steps of a financial analysis
1. Obtain copies of financial statements from the company, preferably over the past 3-5 years. 2. Evaluate the quality of the statements provided, preferably being audited statements by a reputable accounting firm. 3. Examine and analyze at least the two primary statements, the balance sheet and the income statement. 4. Calculate and review all basic financial ratios.
Orientation topics
1. Organization's mission, objectives and strategies. 2. Existing and potential programs. 3. Responsibilities as a team member. 4. A financial overview.
Smart Growth aspects
1. Planning compact, pedestrian-friendly development-mixed use, where people have transportation choices. 2. Creative range of housing opportunities and choices 3. Fostering distinctive, attractive places with a strong sense of place. 4. Preserving open space, farmland and critical environmental areas. 5. Strengthen and direct development towards existing communities. 6. Directing new highway transportation dollars to existing communities to improve safety for walkers, bikers and drivers, and to promote public transportation
Speculative Building development process
1. Preliminary Research / Qualifying the market 2. Location and building Specifications 3. Financing 4. construction Phase 5. Develop Marketing Plan 6. Completion 7. Sale or lease agreements
Establishment - Items to consider when establishing a Manufactures association include
1. Presence of a dynamic and growing manufacturing base. 2. Recognition by community that a strong manufacturing sector is essential. 3. Presence of a significant number of manufacturing firms (800+) that are well-off and growing.
Consumer Model characteristics (marketing)
1. Product is generally personal use item. 2. The purchase decision is generally made by the user. 3. Mass markets with slight segmentation. 4. Advertising is primary communication medium. 5. Draws majority of funding and best and brightest advertising talent.
Industrial Model (marketing)
1. Products are low profile goods of commerce, institutions and government (e.g. screws, roll steel, plastics). 2. Purchase decision seldom made by actual user. 3. Personal selling is primary means of persuasion. 4. Agents provide high level of customer support service. 5. It is critical to establish effective customer - supplier relationships. 6. Purchasing agents are risk averse.
Developer Costs
1. Site Acquisition Costs - The actual cost of the land plus appraisals, legal and closing fees, surveys, title insurance, environmental assessments and broker's commissions. 2, Planning and Design Costs - The fees of landscape architects, engineers, attorneys, environmental specialists, traffic engineers and any other costs necessary to obtain approved plans and permits for construction. 3. Soft Costs - Project administration, marketing, insurance, selling and leasing commissions, legal and accounting fees, property management, annual permit fees, etc. 4. Financing Costs - Costs of establishing financing, interest costs, etc.
Marketing steps
1. Specifically defining the community economic development goals and objectives. 2. Completely understanding what the community has and does not have to offer. 3. Understanding what types of prospects are more likely to have interest in the community. 4. Developing a marketing message consistent with the goals/objectives and with what the community has to offer. 5. Communicating that message to the target the prospects and allies. Also see Promotion. 6. Effectively and professionally managing the relationship with each prospect. 7. Delivering once the deal is done.
Trouble Signs
1. Stretched accounts payable. 2. Excessive borrowing. 3. Late loan payments. 4. Abuse of the float. 5. Pursuit of non-traditional financing. 6. Unexpected attempts to sell the business. 7. High turnover among upper levels or long term employees. 8. Low employee morale. 9. Frequent employee layoffs. 10. Owner / manager's withdrawal from community events. 11. Manifestation of family and personal problems, e.g. divorce
Main Street Program Objectives
1. Study the reasons downtowns were dying. 2. Identify the many factors that have an impact on downtown health. 3. Develop a comprehensive revitalization strategy that would encourage economic development within the context of historic preservation.
Aspects of an intervention plan
1. The ability to recognize symptoms of a struggling business. See Trouble Signs. 2. Establishing relationships that will allow candid communication between the business and team members. 3. Confidentiality in all aspects. 4. Identifying means of assistance within or outside the community (SBA, SCORE, utility ED programs, etc.). 5. Evaluating liability and limiting assistance to areas of high competence
Objections should describe
1. The key result to be achieved. 2. A numerical measure of progress. 3. A target date for achievement
environmental impact statement must meet the requirements of NEPA to include
1. The probable impact of the proposed action. 2. Any adverse environmental effect which can't be avoided should the proposal be implemented. 3. Alternatives to the proposed action. 4. The relationship between local short term uses of man's environment and enhancement of long term productivity. 5. Any irreversible and irretrievable commitments of resources which would be involved in the proposed action should it be implemented.
Objectives of a Manufacturer's association might include
1. To create an environment that encourages cooperation among firms and the community. 2. To strengthen the city's industrial base and improve its international competitiveness. 3. Enhance the productivity and performance of the city's industrial base encouraging adoption of innovative technologies, industrial processes, and human resource practices.
who makes the final site selection decision
1. Vice Presidents 2. Corporate real estate executives 3. *Presidents / CEO's 4. CFO's 5. Site selection consultants 6. Human resource executives
The mission statement briefly answers questions such as the following:
1. What "markets" will be served? 2. What are the major outputs or areas of service of the organization? 3. What are the major commitments of the organization? 4. What defines the organizations constraints? 5. What function does the organization perform? 6. For whom does the organization perform these functions? 7. How does the organization go about fulfilling the functions?
Questions to identify the Ideal Prospect
1. What type of business do we want? 2. How many employees would we like the company to employ? 3. What skill level would we want the company to need? 4. Would we prefer a foreign or domestically owned company? 5. Would we like the company to use an existing facility or build a new one? 6. What type infrastructure would be important to the company? 7. What type of incentives would the company expect?
Career Fair objectives
1. Work towards long-term betterment of local work force 2. Better inform high school students of career choices and requirements while they still have time to include job-readiness skills in their academic programs 3. Increase communication between area human resource directors and high school guidance counselors 4. Encourage youth to investigate local employment opportunities 5. Improve the skills of entry-level workers for local business 6. Secure for local businesses a steady, well prepared supply of new workers 7. Form a mutually beneficial, lasting partnership between area school districts and local businesses
The NAFTA's major objectives are
1. to eliminate tariffs; to improve market access to goods and services among NAFTA countries 2. to eliminate barriers to manufacturing, agricultural, and services trade 3. to remove investment restrictions; and to protect intellectual property rights.
NACORE / National Association of Corporate Real Estate Executives
1969 as NALAN (National Association of Location Analysts) as a means for corporate executives to share real estate questions and solutions. The organization was incorporated in 1974 in the state of Florida and renamed National Association of Corporate Real Estate Executives (NACORE). In 1988, with members worldwide, it became NACORE International Inc. Changed to CoreNet Global on January 1, 2002 via a merge with IDRC.
Site Selection Factor Rankings
1970's - Following were approximate rankings. 1. Availability of gas. 2. Prevalence of unionism. 3. Site proximity to interstate transportation systems and to support services. 1980's - Following were approximate rankings. 1. Environmental concerns. 2. General living conditions. 3. The availability of service by deregulated carriers. 4. Availability and reliability of electric power service. 5. Shortages of both skilled and unskilled labor. 2000's - Following are approximate rankings. 1. Availability of a major airport. 2. Physical environment. 3. Transportation systems in general. 4. Nearby colleges and universities. 5. Education (K-12) 6. Health care. 7. Cost of housing. 8. Recreational amenities. 9. Cultural amenities. 10. Two-career family economic opportunities. 11. Cost of living. 12. Climate.
Marketing Models
Consumer Model Industrial Model Service Model
Resource Enhancement
A Rusty Bucket Economics term meaning the practice of increasing the use of local wealth and talent. Evaluate existing resources to identify those which are either unused or underused, then use them to support an economic activity increase in efficiency. Also see Rusty Bucket Economics.
Base Map
A base map is the foundation for all other maps. It generally included streets with names, and lotting patterns
Location Quotient
A basic analytical tool, measured on a simple numerical scale to yield a coefficient of how well represented a particular industry is within a local economy. A LQ of less than one indicates that a particular study region has less than its share of a particular industry, while a region study with an LQ greater than one indicates it has more than its share of an industry. It is determined by calculating the percentage of employment in an industry the jurisdiction to total employment in the jurisdiction as a ratio to the percentage of total employment in that industry nationally to total employment nationally
Certification Board
A board of the AEDC which was responsible for various aspects of the CED program to include: 1. Ensuring that the administration of the program is uniform and equitable 2. Developing standards of professional conduct for CED's, to which all CED's are required to adhere 3. Serving as examiners at all exams 4. Reviewing teh maintenance of certification by CED's
Revenue Bond
A bond backed by the projected revenue stream of a particular project. Typically the interest rate is higher than for a G.O. bond.
General Obligation / G.O. Bond
A bond whose payment of interest and principle is backed by the full faith and credit of the issuing organization. Generally used for capital expenditures.
Broader View Infrastructure
A broader view of infrastructure also includes such items as telecommunications technology, libraries, research institutes, colleges and universities, technical and vocational institutions, housing availability quality and cost, physical and mental health facilities, fire stations and parks
Omni Building
A building constructed with windows or visibility around the entirety of the building. Typically these are freestanding buildings, likely on pad sites adjacent to public ROW in front of major developments
Shell Building
A building erect on a speculative basis
Telco Hotel
A building that houses equipment for telecommunications uses including switches, routers, operation centers, and other infrastructure critical to dot-com companies, Internet servers, data firms, fiber-optic cable, and other technology providers. Typical locations are older warehouse buildings or department stores within or near central business districts.
Telco Hotel
A building that houses multiple telecom carriers switching equipment
Semi-finished shell
A building that is complete except for flooring and sprinkler systems, often with concrete apron, lights, doors, parking and landscaping
Call Center
A business location, generally characterized by many people in a large room for the primary purpose of serving or soliciting customers via the phone.
Power Center
A center typically the scale of a community center, but is focused more on Big Box or Category Killer tenants than the smaller in-line retail space.
C.O. / Certificate of Occupancy
A certificate typically issued by the building inspections department allowing the physical occupancy of a building by employees.
Certificate of Occupancy
A certificate typically issued by the building inspections department allowing the physical occupancy of a building by employees.
NAICS / North American Industrial Classification System (www.naics.com)
A classification system adopted by the Office of Management and Budget (OMB) on January 16, 2001 as a replacement for the long-standing SIC due to overall changes in the predominant types of businesses in our contemporary economy. NAICS industries are identified by a 6-digit code, in contrast to the 4-digit SIC code. The longer code accommodates the larger number of sectors and allows more flexibility in designating subsectors. It also provides for additional detail not necessarily appropriate for all three NAICS countries (USA, Canada, Mexico). The international NAICS agreement fixes only the first five digits of the code. The sixth digit, where used, identifies subdivisions of NAICS industries that accommodate user needs in individual countries. Thus, 6-digit U.S. codes may differ from counterparts in Canada or Mexico, but at the 5-digit level they are standardized
Building Class B
A classification used to describe buildings that generally qualify as a more speculative investment, and as such, command lower rents or sale prices compared to Class A properties. Such buildings offer utilitarian space without special attractions, and have ordinary design, if new or fairly new; good to excellent design if an older non-landmark building. These buildings typically have average to good maintenance, management and tenants. They are less appealing to tenants than Class A properties, and may be deficient in a number of respects including floor plans, condition and facilities. They lack prestige and must depend chiefly on a lower price to attract tenants and investors.
FEMA / Federal Emergency Management Association (www.fema.gov)
A federal agency charged with the management of emergency situations throughout the U.S. As it pertains to real estate development, a primary responsibility is the administration of impacts to drainage systems including the identification of the flood plain and floodway.
Direct Analysis
A financial analysis that is limited to the direct revenues and costs of a project within a community, i.e. no multipliers, second generation, or "trickle-down" impacts are included
Building Class A
A classification used to describe buildings that generally qualify as extremely desirable investment-grade properties and command the highest rents or sale prices compared to other buildings in the same market. Such buildings are well located and provide efficient tenant layouts as well as high quality, and in some buildings, one-of-a-kind floor plans. They can be an architectural or historical landmark designed by prominent architects. These buildings contain a modern mechanical system, and have above-average maintenance and management as well as the best quality materials and workmanship in their trim and interior fittings. They are generally the most attractive and eagerly sought by investors willing to pay a premium for quality
Building Class C
A classification used to describe buildings that generally qualify as no-frills, older buildings that offer basic space and command lower rents or sale prices compared to other buildings in the same market. Such buildings typically have below-average maintenance and management, and could have mixed or low tenant prestige, inferior elevators, and/or mechanical/electrical systems. These buildings lack prestige and must depend chiefly on a lower price to attract tenants and investors.
Economic Assessment
A component of the strategic planning process, an economic assessment includes both external and internal assessments.
.mpg / Motion Picture Experts Group
A compression format for video files
Gravity Model
A computer model typically used by retailers to analyze multiple locations for highest probability of success. Inputs include population of surrounding cities or submarkets and distance between cities or sub-markets.
GIS / Geographic Information Systems
A computerized system of mapping various aspects of a jurisdiction through the use of multiple layers of coded information. Significant information is maintained in a database tied to a physical location. Raster Images - Representations by pixels. Vector Images - Representations by lines drawn from point to point.
Double-Tracking
A concept advocating the pursuit of short-term and long-term goals concurrently. If you concentrate on short-term goals only, you likely do little to solve major problems. If you work solely on long-term problems, your support may stagnate or disappear due to lack of apparent successes
Community Life Cycle
A concept describing the evolution of a community through various stages of development represented by Startup, Growth, Maturity, and Decline. An understanding of the community's current position is critical to moving forward with an economic development program.
Trade Show
A convention generally of a particular industry or organization during which an economic development organization can set up a booth or network to display and discuss the benefits of their community or jurisdiction
Tilt-Wall Construction
A cost effective construction method utilizing either pre-cast or cast-inplace concrete panels that are "tilted" up for vertical wall construction of a building
Alumni Data Bank
A database of alumni from a region's colleges and universities who would like to return to the region as attractive job openings develop. It contains confidential data on the participant's experience, skills and financial requirements.
SLC / Subscriber Loop Carrier
A dedicated circuit providing switched service in a remote location.
Quit Claim Deed
A deed which does not purport to convey title nor does it contain any warranties of quality whatsoever. It simply transfers such right, title, and interest as the grantor has in the real estate, if any.
Vacancy Rate
A descriptor designating the percentage of space currently vacant within the subject building
Business Plan
A detailed formal written document which likely has the following purposes: 1. To raise capital for an expansion or start-up project 2. To determine the direction a company is going and how it intends to get there 3. To be used as an internal document to show both short and long term goals of the company
Site Plan
A detailed technical drawing showing in plan view the exact layout through dimensional control, the intended development of a site including the final building shape, sidewalks, parking areas, landscape areas, and driveway connections to public streets.
Strip Center
A development characterized by linear development with multiple in-line tenant spaces. Generally no large anchor tenant.
At-Grade Truck Dock
A dock that allows the truck to back up to the building at the same grade as the surrounding paving, with the dock's unloading surface level with the truck's bed, but above the surrounding paving
Well-Type Truck Dock
A dock that allows the truck to back up to the building via a depression in the land where the resulting unloading position places the truck's bed at the same level as the building's finish floor
Certificate of Origin
A document certifying that a product was made in a particular jurisdiction. Often required when exporting goods out of the country.
Pro-forma Budget
A document showing projected revenues and expenses over 1-5 years in order to evaluate the potential success of a business.
Lien Waiver
A document signed by contractors upon payment for their services and prohibits their filling of a lien on the property for services rendered
Distribution Center
A facility that is a hub for receiving goods from suppliers and distributing goods to retailers of their product.
Back-Office Facility
A facility which is operationally significant to an organization but does not need a high-visibility "curb-side" presence for access to / from customers or clients.
Lease Purchase
A financial arrangement where the user pays a lease amount to the owner, some portion of which is dedicated towards an actual purchase of the asset at the end of the lease agreement.
Venture Capital
A financial means by which new (generally higher risk) businesses get started and existing businesses expand, retool and stay competitive. Investors usually require a role in the management of the firm and a substantial portion of the future profits.
Economic Gardening
A focus on growing local businesses by providing an enriched environment for entrepreneurs.
Builders Risk Insurance
A form of liability insurance used during the construction phase to protect the development group from any liability which may occur on the project site prior to completion of the project.
Appraisal
A formal valuations by a qualified consultant to estimate the value of a property (and/or building) at a particular point in time. Also see MAI
IOM / Institute of Organization Management
A four-year certification program offered by the U.S. Chamber of Commerce.
Quality of LIf
A generically used term representing variables that make a community enjoyable to live in including: education, housing, crime rates, weather, recreation, culture, health, religion, public safety, and community appearance, etc
Trade Area / Retail
A geographic area analyzed by retailers based on the product and customer mix. This could be radius based or polygons created by roads, railroad tracks, or competitive location strengths
Test Boring
A geophysical test performed on a site in order to core a sample of soil structure, providing information to the geotechnical engineer for analysis and foundation design.
Load Bearing Capacity
A geotechnical soil test determining the ability of the soil and its substructure to carry or support a building. A measure of a floor or sites capacity for accommodating weight. Expressed in pounds per square inch.
Variance
A granting of relief from a regulatory requirement (typically a zoning or subdivision ordinance) that waives or reduces that requirement for the applicant in that particular instance due to circumstances peculiar or unique to the request. Zoning variances are typically the domain of the ZBA while subdivision ordinances may be approved by the planning and Zoning Commission or City Council as established by the ordinance.
Gantt Chart
A graphic exhibit with time on the horizontal axis that depicts the time and sequencing involved for each task required to complete a project.
.jpg / Joint Photographic Experts Group
A group compression format for image files.
Brainstorming
A group facilitation approach where multiple ideas are generated by all participants without regard for practicality, appropriateness or implementation limitations.
Brainstorming
A group facilitation approach where multiple ideas are generated by all participants without regard for practicality, appropriateness or implementation limitations.
Clustering / Industry Clusters
A group of businesses having geographic proximity that rely on an active set of relationships among themselves for individual efficiency and competitiveness.
Community Coalition
A group of individuals and organizations who share leadership roles and responsibilities in order to work together to take full advantage of community resources to direct the future of a community.
New Business Guide
A guide to various processes and permits required to start a business in a community. It often includes comprehensive information to assist in the establishment of a new business. Examples include: sources of assistance for licenses and permits needed; sales, state federal and self-employment taxes; workers and unemployment compensation; minimum wage and other labor laws; insurance; venture capital and other financing resources; and training opportunities in business management.
Clustered Power Structure
A hybrid structure, generally found in more mature communities, where several independent organizations, ethnic groups, political subsets (with their own leaders) works with and through a central power structure represented by a relatively small group of leaders who are most influential in the affairs of the city.
SONET Ring / Synchronous Optical Network
A large capacity fiber optic line which circles a service area allowing calls to immediately be rerouted in the event of an interruption.
Default Positions
A lender's position upon default of a loan
Contour Line
A line shown on a topography map that represents a constant elevation of land above mean sea level. Used to graphically represent the slope of the land.
Interim Construction loan
A loan obtained to finance the construction of a project
GPS / Global Positioning System
A location system developed by the U.S. Department of Defense that is based on a constellation of many satellites orbiting the Earth at very high altitudes.
SBA 504 Program
A long-term fixed assets financing program
kWh / Kilowatts per hour
A measure of consumption usually expressed on a monthly basis. kWh is a unit of energy or work equal to that done by one kilowatt acting for one hour. Utilities often bill customers a use charge based on kWh (in addition to the demand charge)
Level of Service
A measure of efficiency in the movement of vehicles through a road system as established by the Institute of Transportation Engineers (ITE) with grades varying from "A" (non-restricted movement) to "F" (frequent stops and inefficient movement) of motor vehicles. Also see Traffic Counts
Bandwidth
A measure of how many "bits-per-second" (bps) of data can be transferred.
Absorption
A measure of how much of a real estate product is absorbed or used within a given year, generally indicated by square feet per year (e.g. Class 'A' office had an absorption rate of 350,000 sq. ft./year in this sub-market)
Mobility Indicators
A measure of industry attractiveness that identifies the likelihood for growth, relocation or expansion.
MUD / Municipal Utility District
A political jurisdiction established to administer and provide services for residents or property owners in the district. Typically this includes water distribution or similar infrastructure
National Main Street Center
A private, non-profit program administered by the National Trust for Historic Preservation. See Main Street Program
Code Enforcement
A process of diligently monitoring and enforcing the health, safety, and welfare aspects of building and housing codes. Typically needed to ensure the maintenance of land uses to continue their economic viability and to lessen any negative impacts on surrounding properties.
Amortization
A process typically outlined in a zoning ordinance which provides for the discontinuance of non-conforming uses or modifications to comply with code requirements over a set period of time.
Moment-of-Truth Processes
A process which produces the same output over and over, in an interpersonal customer service setting like an airline check-in counter or bank teller station. The product is intangible and the quality of the product is often evaluated on the strength of the response to a question or need for service.
Operational Processes
A process which produces the same tangible output, time after time, like a factory, warehouse, or insurance claims processing center
Society of Industrial and Office Realtors
A professional affiliate of the National Association of Realtors, the Society certifies its members with the SIOR - Specialist, Industrial and Office Real Estate - designation.
Ec.D / Certified Economic Developer
A professional certification designation granted by CUED. Prior to merging, AEDC and CUED offered independent certification programs, the Certified Economic Developer (CED) and the Ec.D. respectively. With the merger, all existing Ec.D and CED are recognized as equal and endorsed by IEDC. The Certification denotes a mastery of principal skills in economic development, professional attainment, and commitment to professional and personal growth
MAI / Master Appraisers Institute
A professional designation granted by The Appraisal Institute, an international membership association of professional real estate appraisers, with more than 18,000 members and 99 chapters throughout the United States, Canada and abroad. Its mission is to support and advance its members as the choice for real estate solutions and uphold professional credentials, standards of professional practice and ethics consistent with the public good. The MAI membership designation is held by appraisers who are experienced in the valuation and evaluation of commercial, industrial, residential and other types of properties, and who advise clients on real estate investment decisions.
Lead Broker Program
A program facilitating a prospect's site evaluation process through utilization of a rotating "lead" brokerage firm as the primary contact for the prospects. Brokerage firms financially supporting the EDC are selected on a rotating basis. The managing partner of the firm selects the actual agent. The agent acts on behalf of the prospect (and EDC) by gathering information on and representing all qualified sites to a prospect.
CUPR / Center for Urban Policy Research
A program sponsored by Rutgers University that is nationally and internationally recognized for its analyses of urban poverty and community development, housing, land use, economic development and forecasting, environmental policy, the arts and cultural policy, policy evaluation and modeling survey research, and studies of special-needs populations. CUPR conducts basic, fundamental research on urban growth and development and brings its wide-ranging expertise to bear on the practical applications of its analyses to policy design and implementation.
Member-buy-member
A program that allows all participating Chamber members to purchase at a discount from other participating members.
Shop Here First
A program that encourages residents to shop at local busiensses first before they pursue businesses outside the jurisdiction
CPM / Critical Path Method
A project management tool used to graphically identify the integral relationships and sequencing of events required to implement a project under desired time frames.
Economic Development Review
A publication of AEDC first published in 1966 as the AIDC Journal, changed to AEDC Journal and now the Economic Development Review
Railhead
A railroad terminus, the farthest point to which rail has been laid
Level C (transportation)
A reasonably steady and high flow of traffic with some limitations on movement and speed, particularly at peak hours
Abatement
A reduction in the taxes due by a landowner typically reflected as a percentage on an annual basis
Building Code
A regulatory code referenced during the building plan review stage of a project. Municipal staff requires changes in building plans necessary to comply with the code prior to issuance of a building permit.
FAR / Floor Area Ratio
A regulatory measure of the allowed floor area of a building in relation to the lot size. A FAR of 1.0 would allow a two story building of 20,000 square feet on each floor (40,000 square feet total) on a lot having 40,000 square feet of land area.
Level A (transportation)
A relatively free flow of traffic with few limitations
Annual Report
A report generated once a year by a company that serves many purposes, primarily for the purposes of informing stockholders and analysts of the activities of the company over the past year, its current financial position, and intentions for the future.
Community Center
A retail center generally of 150,00-350,000 square feet including 1-2 anchors and several in-line retailers. The customer market is predominantly the community in which it is located.
Regional Mall
A retail center that generally has over 500,000 s.f. including 2-3 large anchors greater than 100,000 s.f., several junior anchors, and multiple in-line retailers. Characteristically draws from a large region of customers
Category Killer
A retailer strategically focused on a single product or industry (e.g. electronics, footwear, toys).
CO / Central Office
A secure building containing switching equipment for voice and data.
Big Box
A single tenant building typically (though arbitrarily) greater than 40,000 square feet. Often the architecture of the building is devoid of detailing or other aesthetic treatment - a type of retail development
Greenfield Site
A site that currently is undeveloped and has no environmentally sensitive impacts due to current or historic use of the land. See Brownfield Site for contrast.
Flexible Manufacturing Systems
A situation where one factory produces several different products.
Clawbacks
A slang term for provisions of a tax abatement agreement requiring the return to the jurisdiction any incentives granted, based on the fact that the buisness did not meet the minimum thresholds to grant or maintain the abatement
Census Tract
A small, relatively permanaent, homogenous subdivision of metropolitan areas adn selected non-mentropolitan counties, delineated for the purpose of presenting census data.
Corporate Income Tax
A state income tax for corporations. Generally there is a maximum rate. The three factor formula of sales, payroll and property in that state as a proportion of the US total is generally used. Some states will double weight one of three factors. A few states extend the formula to worldwide (non-U.S.) activities
Buffer Yard
A strip of land, together with a specified amount of landscape plantings thereon, and any structures (e.g. fences, walls, berms) which may be required between land uses to eliminate or minimize conflicts between the users or between the use and a perimeter roadway, in order to provide a more appealing streetscape.
Unified Power Structure
A structure represented by a single center of power represented by a company, an individual, or a small group of people who tightly hold power in a community.
Census Block
A subdivision of a census tract (or, prior to 2000, a block numbering area), a block is the smallest geographic unit for which the Census Bureau tabulates 100-percent data. Many blocks correspond to individual city blocks bounded by streets, but blocks -- especially in rural areas - may include many square miles and may have some boundaries that are not streets. The Census Bureau established blocks covering the entire nation for the first time in 1990. Previous censuses back to 1940 had blocks established only for part of the nation. Over 8 million blocks are identified for Census 2000.
Balance Sheet
A summary showing what the company owns and what they owe at a particular point in time. A reflection of how strong their finances are.
Hotel Occupancy Tax / Bed Tax
A tax added to the cost of a room rental as a percentage of the room rent (e.g. 7%). Often this tax is intended to be applied towards the marketing and promotion of tourism for the taxing jurisdiction (e.g. room costs $120/night to rent: $120 x .07 = $8.40/night in occupancy tax to the jurisdiction)
Sales Tax
A tax charged by state or local entities on every retail purchase made in the jurisdiction. Typically reflected as a percentage of the purchase (e.g. Purchase of $100 with 8.25% sales tax would cost $108.25 total; reflecting $8.25 sales tax to the taxing entities).
Freeport Exemption
A tax exemption on business inventories of goods shipped out of the state within 175 days (e.g. Texas) after being brought into or purchased in the state.
Duty Tax
A tax levied by a government on imported goods.
Ad Valorem
A tax on real and personal property (Also see Property) that provides revenue to the taxing jurisdiction. This tax is typically less volatile on an annual basis than sales tax or other use type taxes (e.g. With a tax rate of .422 per $100 valuation: appraised value of $36,000,000 divided by $100 = $360,000 x .422= $151,920 in tax revenue per year to the jurisdiction)
Ad Valorem Tax
A tax on real and personal property that provides revenue to the taxing jurisdiction. This tax is typically less volatile on an annual basis than sales ta or other use type taxes (e.g. With a tax rate of .422 per $100 valuation: appraised value of $36,000,000 divided by $100 = $360,000 x .422 = $151,920 in tax revenue per year to the jurisdiction.)
IRB / Industrial Revenue Bond / Industrial Development Bond
A tax-exempt bond backed by the revenues of a project, issued by a municipal corporation, for and on behalf of a company, for the purpose of financing an industrial project.
Subdivsion Plat
A technical drawing showing the boundaries of a tract of land and the lots, easements, and roadways proposed as a part of the subdivision of land. Typically required prior to issuance of a building permit or extension of utilities.
Concept Plan
A technical exhibit showing in plan view the general layout intended for development of a site including the building shape, sidewalks, parking areas, landscape areas, and driveway connections to public streets
Lot Coverage
A technical measurement of the percentage of a lot covered by buildings proposed by a development
Moratorium
A temporary cessation of all activities, typically adopted by a community by ordinance, to allow time to address a particular issue. E.g. a six-month residential building permit moratorium to study sewer capacity would not allow the issuance of a residential building permit for a six-month period
Vested Right
A term associated with a development requiring a "string of permits" over a long period of time. The "vesting" of a project means that all regulatory codes are frozen in place at a particular point in time for the development. I.e. the development will be allowed to continue to develop or process the "string of permits" based on the regulatory code at a particular point in time.
Lone Eagles
A term coined to reflect knowledge workers such as consultants, free-lance professionals, independent brokers, financial advisors, writers, analysts, and other sole proprietors in the knowledge industry. They can work and live anywhere with only a computer, Internet access, fax and express mail service. Lone Eagles tend to be a strong base economy business.
Destination Use
A term used to describe a land use that is the final destination of a particular trip rather than just a use that might be frequented as you pass by
U.S.G.S. Quadrangle Map
A topographic map provided by the USGS and generally at a scale of 1:24,000. Shows general drainageways and transit facilities. Also see USGS.
Topography Map
A topography map graphically depicts the slope of the land with contours at 1', 2', 5', or 10' contour intervals
Intermodal Facility
A transportation linkage that typically provides an interface for different types of transport, i.e., rail, air service, and trucking
Incubator
A type of development, typically a single building, that houses many small businesses in flexible space at below-market rates who share common operation spaces such as meeting rooms, copying facilities, and receptionist duties. Often the purpose of these facilities is to help grow businesses in a community. (a.k.a. Enterprise Center, Business & Technology Center, Innovation Center)
ROM / Read Only Memory
A type of memory whose contents will not change when the power goes off. Generally set at the factory and cannot be altered or erased by computer programs.
Referendum
A vote by the constituents of a jurisdiction on a particular issue. Referendums can be "binding" or "non-binding"
Warranty Deed
A warranty deed purports to convey title or ownership to real estate and also makes warranties or guarantees as to the quality of title and extent of ownership being conveyed: 1. The grantor warrants that he has title to the real estate being conveyed. 2. That the title being transferred to the grantee is good as against third persons; that is, no one else has any interest in the property. 3. There are no liens or encumbrances against the property. 4. That, upon failure of the title either in whole or in the part, the grantor will compensate the grantee in money for any loss sustained.
Liquidity Ratios
Provides analytical information pertaining to the convertibility of the company assets into cash.
Overlay District
A zoning ordinance district that overlays the underlying zoning district uses. Typically this includes urban design enhancements or other regulatory characteristics unique to the overlay boundary (e.g. Historic Overlay District, Corridor Overlay District).
Brownfield Site
Abandoned, idled, or under utilized industrial and commercial facilities where expansion or redevelopment is complicated by real or perceived environmental contamination.
Workforce Evaluation Measures
Absenteeism Turnover
Fee-Simple Title
Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat
Day's Payable Ration
Accounts payable divided by (purchases times 360).
Day's Receivable
Accounts receivable divided by (net sales times 360).
AEDO
Accredited Economic Development Organization - An AEDC program, adopted in 1994, that is a benchmark process to recognize the profession excellence of economic development entities throughout North America. The program provides economic development organizations with independent feedback on their operations, structure and procedures. The designation certifies that a specific organization has demonstrated ability to effectively run and manage economic activities for that community.
Section 404 Permit
Administered by the Corps of Engineers, Section 404 of the Clean Water Act requires "no net loss" of wetlands through an aggressive program of wetland identification, study and protection
Advanced Symposium
Advanced study for EDI graduates offered by AEDC, first session held in 1965. It was integrated into the Year III program in 1989.
Volunteer-Based Visitation Advantages
Advantages: 1. Entire business community can be canvassed at one time 2. Work load split among many volunteers 3. More media exposure 4. Data collection more statistically correct 5. Generally lowest cost option
Staff-Based Visitation Advantages
Advantages: 1. Monitoring of businesses can be continuous 2. Programs tend to be more future directed 3. Fewer coordination problems, organization is easier 4. No worries that interviewers will double as salesman 5. Trained staff more likely to respect confidentiality 6. Message business leaders receive is consistent and accurate 7. The need to train volunteers is eliminated
Promotion Techniques methods
Advertising Direct Sales Call Direct Mail Telemarketing Trade Shows
Existing Data Analysis
Along with a site visit, information is gathered from ownership records, personal interview, aerial photos, state and federal records of past environmental violations or analyses.
Hard Drive Storage
Also called a fixed disk, it is built into the computer, stores much more information and can be accessed much faster than a floppy disk.
AEDC
Amercian Economic Development Council - A continuation of AIDC through a renaming to AEDC in 1980. AEDC was the largest and oldest economic development organization prior to its merger with CUED in May 2001 to form IEDC.
ACCRA
American Chamber of Commerce Research Association - mission is the promotion of excellence in research for community and economic development. Also performs national surveys to establish the cost of living index.
AIDC
American Industrial Development Council - Founded in 1930 at an annual meeting of industrial developers sponsored by the Chamber of Commerce of the United States. The name was changed to AEDC in 1980.
AIA
American Institute of Architects - A national organization of architects
AICP
American Institute of Certified Planners - A national planning certification accredited by a board within the American Planning Association.
ANSI
American National Standards Institute - ANSI coordinates the development and use of voluntary consensus standards in the United States and represents the needs and views of U.S. stakeholders in standardization forums around the globe. The Institute oversees the creation, promulgation and use of thousands of norms and guidelines that directly impact businesses in nearly every sector: from acoustical devices to construction equipment, from dairy and livestock production to energy distribution, and many more. ANSI is also actively engages in accrediting programs that assess conformance to standards - including globally-recognized cross-sector programs such as the ISO 900 (quality) and ISO 14000 (environmental) management systems.
APA
American Planning Association - APA is a nonprofit public interest and research organization committed to urban, suburban, regional, and rural planning. APA and its professional institute, the American Institute of Certified Planners, advance the art and science of planning to meet the needs of people and society.
ASCE
American Society of Civil Engineers (www.asce.org) - A national organization of civil engineers (public works, i.e. streets, drainage, water, sanitary sewer).
ASLA
American Society of Landscape Architects (www.asla.org) - A national organization of landscape architects. The mission of the American Society of Landscape Architects is to lead, to educate and to participate in the careful stewardship, wise planning and artful design of our cultural and natural environments.
COE / Corps of Engineers
Among many other responsibilities, the COE manages the planning, designing, building and operating of water resources and other civil works projects such as navigation, flood control, and environmental protection.
An Adobe file format that prints the file to a non-editable format in a compressed size.
Pledge Funds (Angel Group)
An Angle group structure - Groups of Self-certifying, accredited investors who combine efforts under one banner. They frequently have a web site and small staff, pay dues, organize an efficient screening and outreach process, and negotiate common terms for pooled capital in subgroups of members.
Non-profit Networks (Angel Group)
An Angle group structure - loose affiliatios of angels meeting every month or two to see presentations by entrepreneurs seeking capital
Community Profile
An accumulation of comprehensive data on a community important to a prospect during the evaluation of a business relocation or expansion. Examples include: location, geography, labor force, transportation, utilities, taxes, services, regulations, education, housing, recreation, education, health care, cultural opportunities, economic base information, business climate, weather, important contacts, etc.
One-Stop Shop / Permiting
An administrative concept generally related to the issuance of permits by a regulatory agency, wherein all the required personnel and processes are located in the same administrative area, allowing the applicant a facilitated interaction in order to receive the required permits in a timely and efficient manner
Retreat
An all-day or even two-day meeting that allows board members and practitioners to get away from the telephone and other distractions to discuss goals, prioritization of projects, organization strengths and weaknesses, political challenges and other policy issues of the organization.
Economic Base Analysis
An analysis comparing the basic and non-basic aspects of a jurisdiction's economy
TIA / Traffic Impact Analysis
An analysis of a projection of the existing conditions and future demands on the transportation network.
Shift-Share Analysis
An analysis of the causes of change for a particular industry within the studied region. It analyzes the reasons for competitive advantages or disadvantages to a region.
Cost-Benefit Analysis
An analysis of the cost of a project to a jurisdiction (fire, police, infrastructure, schools, etc.) with the benefits (tax revenue, jobs, community support, etc.).
EIS / Environmental Impact Statement
An analysis of the impacts of a project on the physical, chemical and biological components of the environment.
Freight Cost Analysis
An analysis of the inbound cost of raw materials and outbound shipping costs to customers to determine the lowest total freight cost for a location.
Input-Output Model / "I-O" Model
An analysis of the interaction of money as it flows between various industries. It identifies the resources utilized by an industry as a proportion of its output. Used to determine the impacts of particular types of developments on various aspects of an economy. It estimates the trickle-down impacts of changes in the local economy.
Fiscal Impact Analysis
An analysis that measures and compares both benefits and costs of a particular project.
Business Screen
An analytical targeting or market segmentation technique evaluating a portfolio of market opportunities in two dimensions: 1. Market Attractiveness - Example factors include growth rate, profitability, absolute size, market volatility. 2. Competitive Position - Example factors include cost structure, distribution system, image, etc.
Comp / Comparable
An appraisal term designating sites or buildings having similar characteristics to the subject site or building being appraised. The "Comps" are identified and valued with any dissimilarities from the subject tract being noted.
Floodway
An area designated by FEMA which can carry floodwater along a confluence determined by the extent that the surface of the water does not raise more than one foot due to encroachment or fill in the floodplain. The Floodway has more restrictions for use than Floodplain.
ETJ / Extra-Territorial Jurisdiction
An area outside the annexed municipal limits of a city, over which a city has the right to annex at some point in time based on certain provisions. The extent of the ETJ can vary by population of the city.
Internal Assessment
An assessment of the strengths and weaknesses of a community and their ability to adequately anticipate opportunities and impacts identified via the external assessment. Also see SWOT Analysis
Manufacturer's Association
An association of local manufacturers in a jurisdiction, organized for the mutual benefit of all participants
Agreement in Principle
An document that outlines the basic "deal points" of an incentive package before it is formalized into legal documents
Global Economy / Globalization
An economy characterized by services, sales and/or product distribution throughout the world.
Diversified Economy
An economy composed of many tax generating and supportive components. Examples include industry, manufacturing, various scales of retail, office, and types or service providers, to include non-market services
EDI / Economic Development Institute
An educational program conceived by the SIDC and jointly developed by SIDC and the University of Oklahoma with AEDC as the accrediting agency. Began in 1962 as IDI and changed to EDI in 1980. Historically a one week per year, three year curriculum, with changes in 2000 to allow fast-tracking of the program due to multiple times and training locations.
Thoroughfare Plan
An element of a comprehensive plan that shows the ultimate size of all significant roadways in the community. Typical designations include the future pavement width and right-of-way widths for each roadway
Gentrification
An evolutionary change in the use of residential land that relocates lower income housing due to redevelopment of higher income housing. Typically has three conditions; 1. Displacement of original residents 2. Physical upgrading of the neighborhood, and 3. Change in neighborhood character
FM / Fellow Member
An honorary designation for a long-time member of the AEDC.
Talent Bank
An identified group of professionals who can help with special technical tasks as well as members of a community who may be willing to help a community with energy driven motivation rather than technical skills. E.g. CPA's for cash flow issues, financial analysts, management specialists, attorneys, nurseries, landscape architects, builders, garden clubs, and Boy Scout Troops
Deeds
An instrument in writing by which the owner of land (grantor) transfers to another (grantee) some right, title or interest in or to real estate.
Delphi Technique
An interactive written process not requiring the presence of participants at a called meeting. Advantages include anonymity of participants, greater freedom of expression or dissention, good educational and perspective broadening for participants. Steps include: 1. Facilitator sends participants written questionnaire. 2. Responses are summarized and analyzed and reported back to participants. 3. Repeat rounds of questionnaire and feedback reporting as needed to identify alternatives. 4. Distribute list of alternatives for ranking by participants. 5. Compile, tabulate, and report findings to participants.
Angel Investor
An investor that are more individual in their interest, likely to be involved in financial support earlier in the process, and are less likely to impose management controls than a venture capital group.
Census
An official count taken every ten years by the U.S. Bureau of Census. Comprehensive household data is collected. This data is often the basis for allocation of voting representation and for the qualification of various federal economic programs.
IDRC / International Development Research Council (www.idrc.org)
An organization of site selection professionals from firms throughout the country. Changed to CoreNet Global on May 1, 2001 via a merge with NACORE.
Contract Procurement Center
An organization that facilitates the collection and disbursement of Requests for Proposals / Qualifications, and bid requests for products and services.
CVB / Convention & Visitor's Bureau
An organization whose general purpose is to market a jurisdiction as a convention or business meeting destination as well as support and encouragement for general tourist or visitor inquiries and visits.
Comprehensive Plan
An overalll plan for a jurisdiction which includes many physical development guidelines such as: land use designations, thoroughfares, parks, trails, and utility systems.
Financial Statements types
Annual Report Audited Statements Balance Sheet Cash Flow Statement Pro-forma Budget Income Statement
Knockout Factor
Any number of criteria established by a company which can eliminate a community from consideration
Board Responsibilities
As adopted from "Ten Responsibilities of a Non-profit Board" by wwww.BoardSource.org, typical board responsibilities may be represented by the following: 1. Determine the organization's mission and purposes. 2. Select the chief paid executive (not the staff). 3. Support the chief executive and assess performance periodically - usually measured against the strategic plan. 4. Ensure effective organizational planning. 5. Ensure adequate resources (funds, time, volunteers, staff, technology, etc.) 6. Ensure effective resource management, 7. Determine, monitor, and strengthen the organization's programs and services. 8. Promote the organization's image. 9. Ensure legal and ethical integrity and maintain accountability. 10. Recruit and orient new board members and asses board performance.
Focus on Quality and Service
Focus on closing the deals they already have rather than always searching for more, pay particular attention to active prospects, help provide a risk reduced relocation transition (service, not cash), and have a customer service approach.
Equity
Assets minus liabilities
Collateral
Assets pledged against default on a loan, e.g. land, building, equipment
Export Promotion
Assistance in penetrating foreign markets to allow or increase the export sales for a company.
Market Research
Assisting in research for potential new markets for a firm's products.
Easement
Authorization by a property owner for use by another, and for specified purpose on the designated part of the property.
CRA / Community Reinvestment Act
Legislation passed by Congress in 1977 that governs bank service to a community and emphasizes that banks should meet the credit needs of their community.
Survey Symbols
BL = Building Line BM = Benchmark -C- = Cable CAE = Common Access Esmt CI = Curb Inlet CMP = Corrugated Metal Pipe DE = Drainage Easement D+UE = Drng. + Utility Esmt. -E- = Electric FF - Finish Floor Elevation FG = Finish Grade FH = Fire Hydrant1 FL = Flow Line FP = Flood Plain FW = Floodway -G- = Gas GTD = Grade to Drain GW = Guy Wire HC = Handicap IPF = Iron Pin Found IPS = Iron Pin Set LP = Light Pole MFF = Minimum Finish Floor MH = Manhole NG = Natural Ground NTS = Not to Scale POC = Point of Commencement PP = Power Pole OVHD = Overhead POB = Point of Beginning RCP = Reinforced concrete pipe ROW = Right of Way SD = Storm Drain SS = Sanitary Sewer -T- = Telephone UDG = Underground UE = Utility Easement WL = Water Line
Biochemical Oxygen Demand
BOD 0 The amount of oxygen consumed in the oxidation of organic matter expressed milligrams per liter
BEAR
BRE/Business Retention & Expansion
Name the components for telecommunications and internet
Backbone CLEC / Competitive Local Exchange Carrier - Resells the ILEC's dial tone. CO / Central Office ILEC / Incumbent Local Exchange Carrier POP / Point-of-Presence SLC / Subscriber Loop Carrier SONET Ring / Synchronous Optical Network Telco Hotel
Community Development Entity
CDE - A CDE is a domestic corporation or partnership that is an intermediary vehicle for the provision of loans, investments, or financial counseling in Low-Income Communities. Benefits of being certified as a CDE include being able to apply to the CDFI Fund to receive a New Markets Tax Credit (NMTC) allocation to offer its investors in exchange for equity investments in the CDE and/or its subsidiaries; or to receive loans or investments from other CDEs that have received NMTC allocations.
CDC
Bank Community Development Corporation
Types of Mapping
Base Map Drainage Map Land Use Plan Sanitary Sewer Plan Soils Map Topography Map U.S.G.S. Quadrangle Map Water Distribution Map Zoning Map
BEDC
Basic Economic Development Course - A prerequisite basic course required before acceptance into the EDI program of study. A week long program designed to serve as an introduction to economic development. A renaming from BIDC.
BIDC
Basic Industrial Development Course - First industrial development course in the U.S., held at Texas A&M University. Name has evolved to BEDC / Basic Economic Development Course.
Important Skills for an Economic Developer
Basic Skills (reading, writing, verbal and math) Community Organization Skills Computer Skills People Skills
Matchmaker / Vendor Fairs
Basically like a trade show but businesses identify their purchasing needs. Purchasing agents visit and look for needs.
Types of Retail Development
Big Box Category Killer Community Center Lifestyle Center Neighborhood Center Outlet Center Power Center Regional Mall Specialty Strip Center
Banana People
Build Absolutely Nothing Anywhere Near Anything
Types of Fees
Building Inspection fees Impact Fees Park Dedication Fees Perimeter Street Fees Plan Review Fees
BOMA
Building Owner's and Manager's Association (www.boma.org) - An international organization of building owners and managers.
5 types of permits
Building Permit Earth Disturbance Permit Foundation Permit Section 404 Permit Sign Permit
Non-Conforming
Buildings or uses of land lawfully occupied at the time of annexation or the effective date of an adopted zoning even though they do not conform to the use regulations of the district in which it currently exists. These uses may continue and can be sold to a new owner, but can never be expanded, increased, etc. without coming into compliance with the district regulations
BLS
Bureau of Labor Statistics (www.bls.gov) - the principal fact-finding agency for the Federal Government in the broad field of labor economics and statistics. Their vision statement is "With the strongest commitment to integrity and objectivity, the BLS will be premier among statistical agencies, producing impartial, timely, and accurate data relevant to the needs of our users and to the social and economic conditions of our Nation, its workers, its workplaces, and the workers' families."
Community Development Financial Institution
CDFI - Certified by the U.S. Department of Treasury. They are also automatically a Community Development Entity (CDE). CDFIs are specialized financial institutions that work in market niches that have not been adequately served by traditional financial institutions.
BREI
Business Retention & Expansion International (www.brei.org) - Business Retention and Expansion International (BREI) is a nonprofit professional association of economic development professionals who are working for the advancement of business retention and expansion as an economic development strategy for communities. Business Retention and Expansion includes, but is not limited to: industrial, retail, agricultural and tourism-type retention and expansion programming. The objective of the Association is to further the development of systematic knowledge of business retention and expansion (BR&E) and BR&E as a credible economic development strategy. As a professional organization, the Association pursues this objective by facilitating scientific research, instruction, publications, meetings, and other activities designed to advance and disseminate knowledge of BR&E. BREI members represent various private and public organizations, universities, private consulting businesses, utilities, and economic development practitioners from local and state governments.
Buyer-Supplier Relationships
Business with linkages of goods, services or raw materials critical to a particular industry
Business Types - two groups
Businesses can be identified by two groups depending on where the majority of their products or services are sold or provided. This terminology is also used in identifying "primary jobs" or "secondary jobs". 1. Primary Business 2. Secondary / Local Business
At-Risk Companies
Businesses showing trouble signs, some more than obvious, that would lead to suspicion that a business was struggling to stay alive.
Competitor and/or Collaborative Relationships
Businesses that produce the same or similar goods and services at a specific level in the value chain.
Shared Resource Relationships
Businesses that rely on the same sources of raw materials, technology, human resources and information even though they may use these resources to produce goods and services for very different markets.
FOB / Free on Board
Buyer pays shipping charges
Community Development Financial Institutions Fund
CDFI Fund - The CDFI Fund was created for the purpose of promoting economic revitalization and community development through investment in and assistance to community development financial institutions (CDFIs).
Certificate of Convenience and Necessity
CCN - A certificate granting the right to provide potable water service to a designated area (Texas).
Certified Community Researcher
CCR - A certification offered by ACCRA. Researchers earn this certification by proving their abilities and skills through a combination of education, career experiences, practical training, and readings from a and readings from a specialized series of monographs.
Community Development Block Grant
CDBG / - Established by the Housing and Community Development Act of 1974, it is a federal grant program administered by HUD generally intended to benefit low and moderate income households through enhancements to housing, infrastructure and other economically beneficial programs.
Bank Community Development Corporation
CDC / A program encouraged by the Federal Reserve Bank (FRB) and the Office of Comptroller of Currency (OCC) for lenders to meet their CRA responsibilities. In economically distressed areas, the CDC program permits banks to make direct equity and other investments in community development corporations, business ventures or community development projects which serve predominantly civic, community, or public purposes. A CDC may purchase, own, rehabilitate, construct, manage, or sell real property.
Finished Shell
Completed buildings with floors poured, site fully graded with paved parking and landscaped
Certified Economic Developer
CED - Established by the AEDC Board of Directors in 1970 as "the highest earned professional designation in economic development". Originated by the AEDC as CID, the first written examination was held in 1971. Name was changed from CID to CED in 1981. The mission of the CED program was to advance and help assure a high overall quality of professional services in the economic development field. Required passing a three-part exam that consisted of an essay situation, multiple-choice questions, and an oral interview. A certified economic developer attained proficiency with the professional competency standards identified and adopted by the AEDC and demonstrated to members of the economic development profession, the business community, the public, and governmental authorities, a commitment and interest in providing only the highest quality professional economic service available. Certification maintenance was required every three years and was achieved through participation in education and other defined activities. Changed to CEcD in 2002 as a result of the creation of IEDC.
Comprehensive Economic Development Strategies
CEDS - A document required to be submitted to the EDA to be eligible to receive EDA funding. The CEDS documents are required to be developed and prepared by a planning process that is diverse, ongoing and participatory.
Comprehensive Enviornmental Response, Compensation, and Liability Act
CERCLA - Adopted by Congress in 1980, generically known as the "superfund" act and intended to clean up abandoned hazardous waste disposal sites. Liability for cleanup is strict, joint and several, and retroactive.
Certified Economic Developer
CEcD - The IEDC professional designation for a Certified Economic Developer after merging AEDC and CUED in 2002.
Corporation for Enterprise Development
CFED - fosters widely shared and sustainable economic well-being. CFED promotes asset-building and economic opportunity strategies, primarily in low-income and distressed communities.
Certified Industrial Developer
CID - Established by AIDC, the first exam for CID was held in 1971. The name was changed to CED in 1994.
Capital Improvement Plan
CIP - A mulit-year financial plan prepared to prioritize the capital expenditures of a juisdiction over a set period of time. Typically this is a five-year plan the the first year being incorporated into the current fiscal year's budget as the capital improvement program.
Chemical Oxygen Demand
COD - The oxygen consuming capacity of inorganic and organic matter in wastewater expressed in milligrams per liter.
CEDS
Comprehensive Economic Development Strategies
CERCLA
Comprehensive Enviornmental Response, Compensation, and Liability Act
CTSM / Certified Trade Show Marketer
CTSM is the only university affiliated professional certification program in the exhibit marketing industry. First and foremost the CTSM program trains candidates in trade show and event marketing. Candidates are required to complete a curriculum of 28 seminars which equals 42 hours of classroom study. Upon completion, candidates earn 4 CEUs through our university affiliate Northern Illinois University Outreach. Candidates also complete a three-hour comprehensive exam which tests them on the basic knowledge skills required of trade show marketers.
Gift Certificates
Can be purchased from the Chamber or at any participating business for reductions in purchase prices or services. The businesses then submit the coupons to the Chamber for reimbursement
Name 2 major types of budgets
Capital Budget Operating Budget
CIP
Capital Improvement Plan
CBD
Central Business District
CCN
Certificate of Convenience and Necessity
C.O.
Certificate of Occupancy
EDFP / Economic Development Financial Professional
Certification program by the National Development Council. Acts as a catalyst and financing specialist who creates new programs to meet the needs of existing and emerging companies.
CCE
Certified Chamber Executive
CCR
Certified Community Researcher
CED
Certified Economic Developer - changed from CID in 1981. Changed to CEcD in 2002.
CID
Certified Industrial Developer
Plan Review Fees
Charged for the review of public works construction
Perimeter Street Fees
Charged to develop streets adjacent to the perimeter of a project. Typically these are proportioned between landowners on both sides of a roadway and the City.
Park Dedication Fees
Charged to offset impacts to the park system of a jurisdiction.
Impact Fees
Charged to offset specific impacts of a development on the capital public infrastructure. Typically separate fees include water, sanitary sewer, and street improvements.
Building Inspection Fees
Charged to review building construction plans.
CAVE People
Citizens Against Virtually Everything
Dry Bulk
Commodities such as grain, coal, steel
Liquid Bulk
Commodities such as oil
Local Promotion
Communication of the economic development program to the citizens, existing businesses, investors, opinion leaders and critics of the jurisdiction being represented.
External Promotion
Communication with the general public, media, professional networks, and strategic allies outside the jurisdiction with particular focus on targeted businesses.
CDBG
Community Development Block Grant
CDFI
Community Development Financial Institution
CDFI Fund
Community Development Financial Institutions Fund
Relocation Assistance Incentives
Community presentation visits at company location, spousal employment programs, temporary executive housing, transportation, children acclimation, childcare, discounts on home furnishings, moving cost reimbursement, guaranteed home sales, bank assistance with home mortgage extensions or bridge loans, complimentary hotel rooms during house hunting visits.
Rail Terms
Commuter Rail Light Rail Railhead Rail Spur
CoreNet Global
CoreNet Global is the world's premier association for corporate real estate and related professionals. As a global learning organization, it is the industry thought and opinion leader. A dynamic, fully developed, global network of corporate real estate and related professionals who create strategic value for their enterprises. CoreNet Global's membership base totals almost 7,000 corporate real estate executives, service providers and economic developers, all within a single category of membership to reflect the industry's focus on integrating the management of corporate assets, the workplace and infrastructure. Membership is held individually.
Incentive types
Corporate Expenses (land, financial, operational, construction) Workforce Development Incentives Relocation Assistance Incentives
CFED
Corporation for Enterprise Development
Site Selection Factors
Cost Factors (market for the products, raw materials sources, labor wage rates and availability, utilities, transportation, taxes, business climate, incentives) Non-Cost Factors (access to specialized suppliers, training facilities, environmental regulations, quality of life and community cooperation) For Retail Prospects (population densities & Income, area growth trends, highly visible sites, traffic counts and competitor locations)
Inventory Turnover
Cost of goods sold divided by average inventory.
Fixed Costs
Costs are basically unrelated to the units produced
Variable Costs
Costs are related to the number of units produced
COG
Council of Governments
Chamber Programs member service samples
Coupon Books Gift Certificates Member-buy-member Member Insurance Shop Here First
CCR's
Covenants, Conditions and Restrictions
EU / European Union (www.eurunion.org)
Created in 1993, it is the largest single economic development player in the world. It is an organization of 15 European countries dedicated to increasing economic integration and strengthening cooperation among its members. The European Union headquarters is in Brussels, Belgium.
IEDC / International Economic Development Council (www.iedconline.org)
Created in May of 2001 by the merger of AEDC and CUED. A non-profit, non-governmental organization dedicated to excellence and leadership in economic development. IEDC is the largest membership association serving economic and community development professionals in the United States.
Street Classifications
Cul-de-Sac Streets Loop Streets Collectors Arterials Major Arterial Freeways
BTU / British Thermal Unit
Quantity of heat required to raise the temperature of one pound of water one degree Fahrenheit (Natural Gas Term)
Final Plat
Defined by surveyed dimensional accuracy showing all lotting, easements, dedications, and property corner monumentation. Upon approval and filing of this plat, all entitlements granted by easement or dedication are consummated.
Goal
Derived from the mission or vision statement, a goal is a specific statement of what an entity would like to be or what they would like to achieve. Goals should be clear and concise and are reached through the accomplishment of specific objectives. Goals are aspirations, objectives are targets. A single goal can give rise to several objectives.
Cash Flow Statement
Describes the ebb and flow of cash over 3-5 years to include: 1. How much cash will be needed. 2. When it will be needed. 3. Whether or not the business should look for equity, debt, operating profits, or sale of fixed assets. 4. Where the cash will come from.
Main Street Program fundamental program precepts
Design Organization Promotion Economic Restructuring
Deep Water Port
Designation as a deep draft seaport by the American Association of Port Authorities requires a minimum channel dept of 25 feet for coastal ports and 20 feet for Great Lakes ports
LEED / Leadership in Energy and Environmental Design (www.usgbc.org/leed)
Developed by the USGBC membership, the Leadership in Energy and Environmental Design (LEED™) Green Building Rating System is a national consensus-based, market-driven building rating system designed to accelerate the development and implementation of green building practices. In short, it is a leading-edge system for designing, constructing and certifying the world's greenest and best buildings. The full program offers training workshops, professional accreditation, resource support and third-party certification of building performance. LEED for New Construction and Major Renovations (LEED-NC), was launched in March 2000 following review by the entire USGBC membership and a national pilot testing program. LEED-NC is designed for rating new and existing commercial and institutional buildings; however, active member committees are developing criteria addressing other project types.
Sustainable Development
Development that meets the needs of the present generation without compromising the ability of future generations to meet their own needs.
Staff-Based Visitation Disadvantages
Disadvantages: 1. The number of businesses that can be interviewed in any designated time frame is limited 2. More difficult to get media attention 3. Analysis of data may not be statistically correct 4. Paid staff increases the cost of the program
Volunteer-Based Visitation disadvantages
Disadvantages: 1. Usually not a continuous process, but rather a one-shot survey 2. Focus more on past than future 3. Rarely able to make substantive changes that may be needed 4. Difficult to coordinate 5. Businesses hesitant to share information with volunteers 6. Volunteer training does not always guard against misinformation 7. Analysis is difficult since data are collected by different people
Incentives for BREs
Dissemination of information on loan programs, employee training and assistance, tax exemptions, grants and other available cost savings opportunities. Also see Incentives.
DINK
Dual Income No Kids
Name three types of deeds
Quit Claim Deed Special Warranty Deed Warranty Deed
EPA / Environmental Protection Agency (www.epa.gov)
EPA's mission is to protect human health and to safeguard the natural environment — air, water, and land — upon which life depends. EPA provides leadership in the nation's environmental science, research, education and assessment efforts. EPA works closely with other federal agencies, state and local governments, and Indian tribes to develop and enforce regulations under existing environmental laws. EPA is responsible for researching and setting national standards for a variety of environmental programs and delegates to states and tribes responsibility for issuing permits, and monitoring and enforcing compliance. Where national standards are not met, EPA can issue sanctions and take other steps to assist the states and tribes in reaching the desired levels of environmental quality. The Agency also works with industries and all levels of government in a wide variety of voluntary pollution prevention programs and energy conservation efforts.
Return on Total Assets
Earnings before interest and taxes divided by average total assets.
Environment ED operate divided into:
Economic Political Natural / Physical Social
Basic Economy
Economic activity within a community with a predominant market that lies outside the local economy
Basic Economy
Economic activity within a community with a predominant market that lies outside the local economy.
Allies
Economic allies for a community typically include the local utility companies, local Chamber of Commerce, Chamber of Commerce for the region, Regional Economic Development Associations, and State Department of Economic Development. Also see Stakeholders.
Services
Economic enterprises that profit from human resources and expertise rather than the manufacturing, distributing, or selling of a physical product
Direct Sales Call
Effective but expensive, best used on highly qualified targeted prospects with known plans for expansion or location
Dual Feed
Electric power service from separate circuits within one substation or from separate substations and/or utility service providers. (aka redundant service)
Elements of master planning include
Elements of master planning might include: Land Use Plan, Park Master Plan, Trail System Master Plan, Master Thoroughfare Land Use Plan, Park Master Plan, Trail System Master Plan, Master Thoroughfare Plan, Affordable Housing Plan, Capital Improvement Plan, etc. Also see Mapping
Non-Basic Economy
Elements of the economy whose predominant economic impacts are within the designated jurisdiction.
Rusty Bucket Economics
Emphasizes an understanding of the local economy and a building of the local economy from within - building on the capacity that already exists. RBE tactics include Value Addition, Import Substitution, and Resource Enhancement
RLF / Revolving Loan Funds
Loans in which seed money is established, then loans are made out of and paid back into the same fund usually for a specified purpose.
Empowerment Zone (www.hud.gov/offices/cpd/ezec)
Empowerment zone designation is a program of HUD which takes an innovative approach to revitalization. It brings communities together through public and private partnerships to attract the investment necessary for sustainable economic and community development. The Initiative recognizes that local communities, working together, can best identify and develop local solutions to the problems they face. By providing tax incentives, grants, loans, and technical assistance, the initiative has helped spur private investment in communities that have experienced severe economic decline. The program provides performance-oriented, flexible Federal grant funding so communities can design local solutions that empower residents to participate in the revitalization of their neighborhoods. (www.hud.gov/offices/cpd/ezec)
Mechanical Engineers
Engineers responsible for improvements including the heating, ventilation, air conditioning and plumbing systems of a building.
Geotechnical Engineers
Engineers responsible for the analysis of soil and substructure to form a recommendation of structural systems necessary to establish the building safely on the subject site.
Structural Engineers
Engineers responsible for the design of systems to structurally support the building.
Civil Engineers
Engineers responsible for the infrastructure improvements to land to accommodate development. Typically this includes improvements to streets, water, sanitary sewer and storm drainage systems
Enterprise Zone
Enterprise zone designation is a program of HUD which takes an innovative approach to revitalization. It brings communities together through public and private partnerships to attract the investment necessary for sustainable economic and community development. The Initiative recognizes that local communities, working together, can best identify and develop local solutions to the problems they face. By providing tax incentives, grants, loans, and technical assistance, the initiative has helped spur private investment in communities that have experienced severe economic decline. The program provides performance-oriented, flexible Federal grant funding so communities can design local solutions that empower residents to participate in the revitalization of their neighborhoods.
Assets
Equal to liabilities plus equity.
Environmental Audit
Evaluation of a site done to determine potential environmental liabilities or issues related to a particular site. Generally these are done prior to acquisition of a site and might include any or all of the following stages: 1. Existing Data Analysis 2. Primary Site Analysis 3. Remediation and Clean-up
Site Selection Types
Expansion Relocation Start-Up
Infrastructure
Facilities and services needed to sustain industry, residential, commercial, retail, and all other land use activities. This can be divided into two categories of infrastructure: Traditional and Broader View
Substation
Facility where the voltage of transmission circuits is reduced through transformers and distributed to customers through numerous circuits.
FRB
Federal Reserve Bank
New Market Tax Credits
Federal tax credits designed to stimulate / increase investments into under-served, low-income communities • $15 billion program enacted as part of the 2000 Community Renewal Tax Relief Act. • 39% Federal Tax Credits are realizable over 7 years: 5% the first 3 years and 6% the last 4 years. • Tax credits created through qualified equity investments (QEI) into an intermediary, known as a Community Development Entity (CDE), which, in turn, invest in qualified active low-income community businesses (QALICB). • A CDE must be accountable to the low-income community (LIC) through an advisory or governing board.
Wharfage
Fee charged for the use of a wharf for mooring, loading or unloading a ship or for storing goods
FTP Site
File Transfer Protocol - A web-based site that allows for uploading and downloading of computer files.
Focus on Product Development / Successful Communities
Focuses on what industries or prospects are best suited to them, they are prepared for these prospects, know their strengths and weaknesses, and have a plan to create the product needed.
Best Practices in Economic Development
Following are characteristics that could represent the best practices in economic development. 1. Long-term Perspective 2. Focus on Product Development / Successful Communities 3. Focus on Quality and Service
Lengths conversions
Foot = 0.3048 meters Yard = 3 feet / 0.9144 meters Meter = 39.37 inches / 1.094 yards Kilometer = 0.621 miles Mile = 5,280 linear feet / 1.609 kilometers
FTZ / Foreign Trade Zone (www.ia.ita.doc.gov/ftzpage)
Foreign-trade zones are designated sites licensed by the Foreign-Trade Zones (FTZ) Board (US Dept. of Commerce Secretary is Chairperson) at which special Customs procedures may be used. These procedure allow domestic activity involving foreign items to take place prior to formal Customs entry. Duty-free treatment is accorded items that are reexported and duty payment is deferred on items sold in the U.S. market, thus offsetting Customs advantages available to overseas producers who compete with producers located in the United States. Subzones are special purpose zones, usually at manufacturing plants. A site which has been granted zone status may not be used for zone activity until the site or a section thereof has been separately approved for FTZ activation by local U.S. Customs officials, and the zone activity remains under the supervision of Customs. FTZ sites and facilities remain within the jurisdiction of local, state or federal governments or agencies.
Types of Power Structures
Formal Power Informal Power Unified Power Structure Segmented Power Structure Clustered Power Structure
Southern Industrial Development Council
Formed in Fort Worth, Texas in 1957, the SIDC was the first regional economic development organization. Changed to SEDC
MAEDC / Mid-American Economic Development Council
Formulated as the Great Lakes Industrial Development Council, they are a regional entity representing the industrial heartland of America.
Unfinished shell
Foundation laid and walls erected. Usually includes a roof, graded site and no finishing touches
National Bureau of Economic Research (www.nber.org)
Founded in 1920, the NBER is a private, onnprofit, nonpartisan research organization dedicated to promoting a greater understanding of how the economy works.The NBER is committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community. The NBER is the nation's leading nonprofit economic research organization. Twelve of the 31 American Nobel Prize winners in Economics and three of the past Chairmen of the President's Council of Economic Advisers have been researchers at the NBER. The more than 600 professors of economics and business now teaching at universities around the country who are NBER researchers are the leading scholars in their fields. These Bureau associates concentrate on four types of empirical research: developing new statistical measurements, estimating quantitative models of economic behavior, assessing the effects of public policies on the U.S. economy, and projecting the effects of alternative policy proposals.
Urban Land Institute
Founded in 1936, the mission of the ULI is to provide responsible leadership in the use of land in order to enhance the total environment.
Types of Leases
Full Service Gross Lease Gross Lease Modified Gross Lease Plus "E" Lease Net Lease Triple-Net / NNN Lease Percentage Lease
Private Sector Model
Funding and policy direction is provided solely by private enterprise (e.g. bankers, lawyers, industrialists, small business owners, accountants, brokers). Less than ten percent of organizational respondents to an AEDC survey were private sector models.
Public / Private Partnership Model
Funding and policy direction provided by both the public and private sectors. Advantage and disadvantage are moderated due to shared emphasis. An AEDC survey found that 80% of the respondents utilized public/private partnership models.
Government Agency Model
Funding and policy direction provided solely by the public sector (i.e. Mayor and City council). Less than ten percent of organizational respondents to an AEDC survey were government agency models
Capital Budget
Funding for items having a long life cycle, typically 20 plus years of service. Examples include: Improvements to streets, storm drainage, water distribution, and sanitary sewer collection systems.
Operating Budget
Funding for items of an on-going nature necessary to provide adequate services to taxpayers within the jurisdiction. A.k.a. maintenance and operations (M&O).
Escrow
Funds held in escrow by a third party as evidence of earnest intent to fulfill all obligations agree to by the grantors and grantees.
Name the 3 Types of Bonds
General Obligation / G.O. Bond Revenue Bond IRB / Industrial Revenue Bond / Industrial Development Bond
Corporate Franchise Tax
Generally a "privilege of doing business in the state" tax
Option on Land
Generally a financial payment to a landowner for the privilege of being given the right to purchase the land under certain circumstances at some point in the future.
Permanent loan
Generally a mortgage backed loan requiring long term payments
Chamber of Commerce
Generally a private organization funded in large part by community businesses, individuals and organizaations interested in supporting and advocating the business growth and interests in a community.
Level B (transportation)
Generally a steady flow of traffic with backups clearing within a single cycle at controlled intersections.
Flex Space
Generally a value oriented lease space with an attractive front façade for front office space and distribution or assembly space behind the offices.
Primary Site Analysis
Generally conducted when Stage 1 indicates possible contamination. Geologists and hydrologists gather and analyze air, water and soil samples.
Dynamic Services
Generally considered the high value-added, high growth industries that are involved in globally competitive markets. Examples include: finance, insurance and real estate, business services, transport and storage, communications, utilities, and wholesale trade.
501.c.6 Tax Status
Generally for non-profit business league, chamber of commerce, real estate board, or board of trade. An association of persons having some common business interest. 1. Less advantageous than c.3. 2. Chambers qualify. 3. Organization may work for the enactment of laws to advance the common business interests of the organization's members. 4. Must be primarily supported by membership dues and other income substantially related to its exempt purpose. 5. Deductions are not allowed for dues used for political or legislative activities. Deductions may be allowed for expenses related to appearing before, submitting statements to, or sending communications to members of a local Council or similar governing body with respect to legislation or proposed legislation of direct interest to the member. 6. Contributions to 501.c.6 organizations are not deductible as charitable contributions on the donor's federal income tax return. They may be deductible as trade or business expense if ordinary and necessary in the conduct of the taxpayer's business.
Dedication
Generally referred to in relation to subdivision requirements. The "dedication" of right-of-way for streets as described on a plat will transfer the ownership of the right-of-way from the current land owner to the City or County in which the plat is filed of record.
Lot
Generally refers to a parcel of land that has been platted of record via the subdivision process. Contrast with a "Tract" of land which generally refers to an unplatted parcel of land.
Tract
Generally refers to a parcel of land that has not been platted of record via the subdivision process
Big Hit
Generally refers to the desire to land one large project meeting a community's needs rather than multiple projects each having a higher likelihood of success.
Tenant-Rep Broker
Generally represents companies or individuals who desire to acquire land / lease space to develop their business or to lease existing space
Owner-Rep Broker
Generally represents land / building owners desiring to sell / lease their property to developers, users, or other investors.
Common Access Easement / C.A.E.
Generally shared by adjacent property owners for vehicular access to public streets via common driveways.
Gross Leasable Floor Area
Generally the area intended for occupancy and used by the tenant including office space, corridors, restrooms, etc., but not including HVAC or building maintenance functional areas
Public Information Officer
Generally the person responsible for dissemination of information from a jurisdiction, to answer questions from the public, and to manage interaction with the media.
Traditional Financing Methods
Generally the use of long or short term loans from full service banks.
Electric Utility Systems - A linked system of generating and providing electric services to customers characterized by the following phases of service delivery.
Generation - The origination of electric power via coal burning, hydro-electric, wind, or nuclear processes. Transmission - The arteries of distribution for the system, typically carrying the highest voltages via larger tower configurations to sub-stations for local distribution. Distribution - The system that delivers power from the sub-stations to the consumers. Retail Providers - The company who ultimately provides the electricity to the consumer and administers the billing and collection for the services provided.
Fiber Optics
Glass fibers that use light to provide high speed data transmission. Provides almost unlimited band width capabilities. Enables redundant networks
Containerized Cargo
Goods shipped in containers which can be directly offloaded from a ship and put on a rail car or truck
Mapping
Graphic representation of various aspects or improvements within a jurisdiction. Often included as part of comprehensive plans.
HUD / Housing and Urban Development Administration (www.hud.gov)
HUD was born in 1965, but its history extends back to the National Housing Act of 1934. Its mission is: A decent, safe, and sanitary home and suitable living environment for every American which includes: • Creating opportunities for home ownership • Providing housing assistance for low-income persons • Working to create, rehabilitate and maintain the nation's affordable housing • Enforcing the nation's fair housing laws • Helping the homeless • Spurring economic growth in distressed neighborhoods • Helping local communities meet their development needs
Name 3 samples of computer memory systems
Hard Drive Storage RAM - Random Access Memory ROM / Read Only Memory
IAMC / Industrial Asset Management Council (www.iamc.org)
IAMC is the world's leading association of industrial asset management and corporate real estate executives, their suppliers and service providers, and economic developers.
ISO / International Organization for Standardization
ISO is a network of the national standards institutes of 148 countries, on the basis of one member per country, with a Central Secretariat in Geneva, Switzerland, that coordinates the system.
Cost-Benefit Analysis
Impact Analyses
Current Planning
Implementation of master planning is done through the ongoing efforts of current planners. Included in this effort are such items as zoning administration, regulatory code writing, subdivision plat review, site plan review, etc
Deregulation of Electric Service
In short, the unbundling of electric services into basically three distinct functions: the producer, transporter and distributor.
Exit Strategy
In terms of a site or building purchaser, an exit strategy is an evaluation of the potential for selling or leasing the asset should this be required or desired in the future.
Certified Development Company
Local development companies that are certified by teh SBA to operate the SBA-504 program in designated geographic areas.
LULU
Locally Unwanted Land Use
POP / Point-of-Presence
Long distance carriers have networks connected to local networks. Connects to Internet backbone.
Product
In the realm of economic development the product is generally considered to be the jurisdiction you represent, e.g. city, county, region, or state
What are the two types of Call Centers?
In-bound and out-bound
Bulk Cargo
Includes commodities such as grain, coal, iron ore, etc., typically stored in specialized vessels for conveyance
Traditional Infrastructure
Includes such public works items as water supply systems, sanitary sewer collection systems, streets and roads, bridges, dams, railroads, drainage and flood control and other utilities
Levels of Senior Housing
Independent Living Assisted Living Nursing Home
Land use plan categories
Industrial office residential retail
CPI / Consumer Price Index
Initiated during world war one, it is a statistical measure of changes in prices of goods and services bought by urban wage earners. Aka cost of living index.
Strategic Planning Process phases
Initiation & Organization Analysis Formulation Implementation Evaluation
Unskilled
Labor generally of a physical nature, though it may also include minimum education and skill levels likely to be held by a majority of the population
Skilled
Labor requiring specific education or vocational training, more highly developed technical skills, and typically higher pay requirements. Workers capable of performing specialized work with a minimum of supervision and/or instruction.
Full Service Gross Lease
Landlord covers all base-year expenses
Plus "E" Lease
Landlord covers all base-year expenses except electricity, which is paid by the tenant.
Modified Gross Lease
Landlord covers base-year taxes and insurance. Tenant covers roof and structure, utilities, janitorial and common areas
Net Lease
Landlord covers roof and structure, taxes and insurance. Tenant covers utilities, janitorial and common areas.
Gross Lease
Landlord covers roof and structure, taxes, insurance and common areas. Tenant covers janitorial, utilities and outside trash removal
Name the Commitment Stages of business recruitment
Lead - A potential business to pursue and initiate information exchange with. Contact - Initial contact has been made, minimal information exchange, need to follow up. Prospect - Contact has been made and interest or receptivity expressed on the part of the business. Investor - Now a member of the community, paying taxes. Ally -Active member of the community, working together with
Leakage
Leakage from the local economy occurs when local residents purchase goods and services outside the local economy.
Clear Span
Leasable space without support columns
Electrical Service Types
Looped Service - Service provided from multiple locations. Radial Service - Service provided from a single location. Redundant Service - Service provided from two or more substations
LICs
Low-Income Communities
MBDA / Minority Business Development Agency
MBDA's mission is to achieve entrepreneurial parity for MBEs by actively promoting their ability to grow and compete in the global economy. MBDA is addressing challenges faced by MBEs by developing programs that provide the "keys to entrepreneurial success":
MEP / Manufacturing Extension Partnership
MEP is a nationwide network of not-for-profit centers in nearly 350 locations nationwide, whose sole purpose is to provide small and medium sized manufacturers with the services they need to succeed. The centers, serving all 50 States and Puerto Rico, are linked together through the Department of Commerce's National Institute of Standards and Technology. Centers are funded by federal, state, local and private resources to serve manufacturers. That makes it possible for even the smallest firms to tap into the expertise of knowledgeable manufacturing and business specialists all over the United States. These specialists are people who have had experience on manufacturing floors and in plant operations. Each center works directly with area manufacturers to provide expertise and services tailored to their most critical needs, which range from process improvements and worker training to business practices and applications of information technology. Solutions are offered through a combination of direct assistance from center staff and outside consultants. Centers often help small firms overcome barriers in locating and obtaining private-sector resources.
Survey Methods
Mail Surveys Telephone Surveys Personal Interviews On-line surveys
Census Bureau / Bureau of the Census
Maintains considerable statistical data to include: U.S. International Trade in Goods and Services, County Business Patterns, Center for Economic Studies, and Trade Statistics.
Primary Business
Majority of product / service is exported out of the local jurisdiction
Secondary / Local Business
Majority of product / services are sold or provided within the jurisdiction
Value Addition
Making things more valuable before they leave the jurisdiction. Also see Rusty Bucket Economics.
Fees
Many fees are charged to offset the costs of administering the review and approval of development projects.
Major divisions of municipal planning
Master Planning Current Planning Neighborhood Planning
KW / Kilowatt
Maximum demand from an electric company expressed in kilowatts. A KW is equal to 1,000 watts. Electric utilities often levy a demand charge. This will be based on a company's KW demand.
Real Property
Means the land and physical improvements on the land (buildings, parking lots, etc.).
Greyfield Site
Old, obsolete and non-profitable retail and commercial sites. Characteristics include outdated buildings and large expanses of parking
Preliminary Plat
Shows all lotting, easements, and roadways, but generally without the calculated dimensional accuracy of a final plat. Not filed of record and therefore does not consummate the dedication of easements or ROW
EDA / Economic Development Administration (www.doc.gov/eda)
Mission is to "Enhance community success in attracting private capital investment and higher-skill, higher-wage job opportunities." The Economic Development Administration (EDA) was established under the Public Works and Economic Development Act of 1965 (42 U.S.C. 3121), as amended, to generate jobs, help retain existing jobs, and stimulate industrial and commercial growth in economically-distressed areas of the United States. EDA assistance is available to rural and urban areas of the Nation experiencing high unemployment, low income, or other severe economic distress.
Earnest Money
Money put down or in escrow towards the purchase of a property which would be given to the landowner should the purchaser fail to pursue the purchase of the property in good faith.
These CDFIs provide a wide range of financial products and services, including:
Mortgage financing for first-time home-buyers, financing for needed community facilities, commercial loans and investments to start or expand small businesses, loans to rehabilitate rental housing, and financial services needed by low-income households and local businesses. In addition, these institutions provide services that help ensure that credit is used effectively, such as technical assistance to small businesses and credit counseling to consumers.
Northeastern Industrial Developers Association
NIDA - A regional entity formed in the 1950's.
National Pollutant Discharge Elimination System
NPDES - The permitting system where major polluters apply for permission to discharge their waste into a body of water
National Rural Economic Developers Association
NREDA is an individual-member, professional organization dedicated exclusively to the advancement of rural development, the development of member proficiency, and achievement of social and human service objectives in rural areas. NREDA's membership base is comprised primarily of, but not limited to, development professionals working for rural utility organizations.
NEPA
National Environmental Policy Act - Passed by Congress in 1969, it requires that any major federal action or policy that has a significant impact on the environment will require the preparation of an Environmental Impact Statement (EIS).
NMTC
New Markets Tax Credit
Nominal Group Technique
Nominal Group Technique - A process allowing the independent generation of ideas followed by round-robin procedures leading to adoption of prioritized solutions. Advantages are equal participation by a broader cross-section of people and generation of a large number of ideas. Steps include: 1. Break into small groups of less than 10 people. 2. Each group member lists and ranks 5-7 most important issues for economic growth. 3. Facilitator asks each member sequentially for first priority and lists on a flipchart. If idea is already listed, member offers next priority, continuing until all members have offered all their priorities. 4. Similar issues are combined into issue sets. 5. Each group member ranks the issue sets, results are tabulated and displayed. 6. All groups reconvene and process is duplicated with groups providing their ranked priorities. 7. Similar issues are combined. 8. Each member ranks the idea sets, results are tabulated and displayed.
Three types of Angel Group Structure
Non-profit Networks Pledge Funds LLC's
NIMBY
Not in My Backyard
NIMTO's
Not in My Term of Office
ASAI / Average Service Availability Index
Number of customer hours available divided by number of customer hour's service
CAIDI / Customer Average Interruption Duration Index
Number of customer hours out divided by number of customers out. Common indices are 50-100
SAIDI / System Average Interruption Duration Index
Number of customer hours out divided by number of customers served. Can vary widely year to year. Indices often range from 15 to 150
Occupational Safety and Health Administration
OSHA's mission is to ensure safe and healthful workplaces in America. OSHA offers an extensive website with a special section devoted to assisting small business as well as interactive software advisors to help employers and employees better understand how to comply with OSHA standards. Free workplace consultations are available in every state to small businesses that want onsite help in establishing safety and health programs and identifying and correcting workplace hazards.
OCC
Office of Comptroller of Currency
NAP / Network Access Points
Officially about 7 NAPS, deals with Internet. Various ISP or Internet backbone providers agree to co-locate for the purposes of connecting clients.
National Development Council
One of the nation's oldest and most respected 501(c)(3) nonprofit organizations dedicated to affordable housing and economic development finance. For nearly thirty years, NDC has provided technical assistance, training, and development services to local and state governments and nonprofit organizations. NDC works in hundreds of communities in almost all 50 states and Puerto Rico to evaluate and structure local economic development and affordable housing projects, leverage private investment, create local development finance programs, and bridge the gap between public sector and private sector investment. With experience about what makes programs work and what makes projects happen, and by providing "hands on" assistance in communities, NDC helps client communities achieve economic development and affordable housing goals.
2 types of Processes
Operational Processes Moment-of-Truth Processes
FDI / Foreign Direct Investment (www.bea.gov)
Ownership or control, directly or indirectly, by one foreign person, or entity, of 10 percent or more of the voting securities of an incorporated U.S. business enterprise or an equivalent interest in an unincorporated U.S.business enterprise
Project Advocacy Ranking System
PARS - A system where all advocates can describe their project in detail in a common format, thereby allowing equitable comparison and ranking by the governing body.
Program Evaluation and Review Technique
PERT Chart - A graphic exhibit with time on the 'x' axis that shows the relationships and dependencies of tasks required to complete a project. Used in project management to show the relationship and dependencies between tasks leading up to completion of a project.
Parts Per Million
PPM - A weight-to-volume ratio of matter found in water
The 5 P's of Marketing
Product Promotion Price Place People
Computer Software
Programs that utilize the computer hardware to provide unique productivity tools for the user.
Micro-Loans
Project specific investment such as loans or grants directly to a business.
Business Manager Associations
Provides a forum for idea exchange, common problem solving and potential new business relationships.
Pounds Per Square Inch
PSI - A measure of the force behind the water distribution system.
Procurement Technical Assistance Center
PTAC - Funded by the Department of Defense, they assist businesses in contracting with local, state, and federalgovernment agencies
Planned Unit Development
PUD - A development concept which allows flexible development standards in order to achieve a more creative, efficient, and aesthetically desirable design and placement of buildings, open spaces, circulation patterns and to best utilize special site features, such as topography, size and shape.
Structured Parking
Parking garages or other structures built to accommodate multi-level parking surfaces.
Surface Parking
Parking that is entirely on the surface of the land
Assessment Ratio
Percent of a property's full market value subject to property tax.
BRE - Contact Programs / Business Surveys
Personal and/or telephone contact with each company at least once a year. Questionnaire forms may aid in the discovery of information and needs of the company. Also see Business Visitation Programs.
Neighborhood Planning
Planning that takes a look at a particular geographic area, typically having uniquely common or shared characteristics. The breadth of the planning effort likely is driven by the constituents in the area and may cover as broad or narrow a perspective as necessary.
Point Source Pollutants
Pollutants coming out of a pipe into a body of water.
Non-Point Source Pollutants
Pollutants generated by the overland run-off of rain water which enters a body of water at multiple natural drainage points
In-bound Call Center
Primary purpose is for customers to call into the center and be serviced by the employees
Out-bound Call Center
Primary purpose is for the employees to call out soliciting new customers.
Arterials
Primary streets with VTPD of 10,000-40,000 and having direct access by major commercial developments
Organizational Models types
Private Sector Model Government Agency Model Public / Private Partnership Model
Nanotechnology
Process of creating and using microminiature, or nanoscale-sized, "machines" by manipulating atoms and molecules using powerful electron microscopes. Nanotechnology promises major advances in nearly every field, including electronics, semiconductors, medicine, information technology, agriculture and the environment.
Resource Conservation and Recovery Act
RCRA - Adopted in 1976 with the following objectives: 1. To improve solid waste disposal practices while protecting environmental health and quality. 2. To regulate hazardous wastes from their creation to their ultimate disposal. 3. To establish resource conservation as the preferred solid waste management approach
Reciprocal Easement Agreement
REA - An agreement between multiple parties of a comprehensive commercial development that allows vehicular access to, through, and between all individual lots in the development and providing access to the public rights of way.
Real Estate Investment Trust
REIT - Authorized as the Real Estate Investment Trust Act by Congress in 1960, it permits the organization of an unincorporated trust or association for the purpose of investing in real estate, real estate mortgages, and other interests in real estate.
Religious Land Use and Institutionalized Persons Act
RLUIPA - A federal statute signed into law September 2000 which provides for vigorous protections of religious freedoms
Right of Way
ROW - A delineation of land, typically for the greater public use, to accommodate public streets and utilities.
Individual Recognition Programs
Recognitions for individuals might include: 1. Small Business Person of the Year 2. Entrepreneur of the Year 3. Small Business Advocate of the Year
Social environment
Refers to housing, health, education, welfare, employment, amenities, recreation, and a crime prevention elements of a community.
Economic environment
Refers to human resources, markets, transportation, utilities, and commerce.
Political environment
Refers to the governmental structure of a community affecting other segments of the environment through the adoption and implementation of regulations and/or laws.
Due Diligence
Refers to the period of time between when a person puts a property under contract and when they close on the property. Generally this "due diligence" period is for purposes such as evaluating environmental aspects of the site, confirming investment expectations, and more closely scrutinizing the various aspects of purchasing the property.
Unique Selling Proposition
Refers to what it is that specifically differentiates your areas tourism program from 10,000 other travel development organizations
Long-Term
Reflects a period of time greater than 12 months.
Current
Reflects a period of time within the next 12 months (e.g. Current Assets).
Growth
Reflects change which may or may not be positive and likely is undirected. Contrast with "development" which is positive and directed change.
Bus Service
Regionally operated bus service connecting labor to employment centers
Financial Statements / Summaries
Reports or summaries that are common to financial analysis professionals
GMP / Good Manufacturing Practice (www.fda.gov/cdrh/devadvice/32.html)
Requirements under section 520 of the Food, Drug and Cosmetic (FD&C) Act. They require that domestic or foreign manufacturers have a quality system for the design, manufacture, packaging, labeling, storage, installation, and servicing of finished medical devices intended for commercial distribution in the United States.
Long-term Perspective
Requires a long-term commitment to build an organization the right way, consistent goals and objectives, consistent funding, and a long-term commitment towards staff.
GATT / General Agreement on Trades and Tariffs (www.gatt.org)
Responsible for overseeing the world liberalization of trade. Also see Global Economy
Types of Profitability Ratios
Return on Sales Return on Total Assets Return on Investment / ROI / Net Profit to Net Worth Ratio
Sanitary Sewer Plan
Shows existing and future collection and treatment systems for sanitary sewer.
Drainage Map
Shows topographic contour lines, watershed or basin delineations, and more detailed plans show the location and size of critical drainage structures
Solvency Ratios
Shows whether a company can pay all of it's debts as they become due. Debt to Net Worth Ratio / Debt to Equity Ratio is a solvency ratio
Profitability Ratios
Shows whether or not the amount of income is adequate.
Small Business Development Center
SBDC - A program of the SBA in cooperation with the private sector, the educational community and federal and state governments. SBDC's offer a broad spectrum of business information and guidance, and assistance in preparing loan applications.
Small Business Investment Corporation
SBIC - An SBA program that licenses private venture capital firms and small business investment companies, makes equity investments and long-term loans to small businesses.
Small Business Innovation Research Program
SBIR - A business development program sponsored by the SBA Office of Innovation, Research and Technology intended to help plant managers. It provides cash awards to small business that develop innovative ideas
Service Corps of Retired Executives
SCORE - An SBA counseling and training service composed of volunteer executives who provide free management and technical expertise
Society of Exchange Counselors
SEC - Founded in 1961 on the philosophy that Real Estate is a People Business; the Society of Exchange Counselors is the nation's premier creative real estate marketing organization. Our worldwide members are leaders in creative real estate and experienced commercial and investment real estate brokers, counselors, developers, asset managers, financiers, investors, exchangors, consultants and educators.
Southern Economic Development Council
SEDC - Formed by a name change from SIDC. SEDC provides useful information and dynamic leadership to economic development practitioners throughout the American South.
State Historic Preservation Office
SHPO - Established under the National Historic Preservation Act of 1966, the national historic preservation program is a partnership between the Federal, State, Tribal and local governments; private organizations; and the public. State Historic Preservation Officers (SHPO) play a critical role carrying out many responsibilities under the Act. Central to this framework is the National Register of Historic Places--the Nation's official list of cultural resources worthy of preservation.
Standard Industrial Classification Code
SIC Code - A numerical coding system used to identify and classify all industries. A unified effort is being made to change to the NAICS classification system. Also see NAICS.
Special Use Permit
SUP - Typically regulated through a zoning ordinance, an SUP approval grants a use entitlement for the property greater than the underlying zoning but based on the analysis of more stringent criteria outlined in the SUP regulation. The SUP allows an additional use of land or structures not allowed by right in the applicable zoning district. The granting of a SUP does not waive the regulations of the underlying zoning.
Special Warranty Deed
Same warranties as a warranty deed but only applies to claims or defects during the time of the grantor's ownership.
Non-Market Services
Service activities that are primarily generated outside the market place under the control and supervision of the public sector. Examples include: education, health services, social services, and public administration
Business Development Programs
Several initiatives are potentially beneficial in developing additional new business for a company. Examples include: 1. Business Manager Associations 2. Export Promotion 3. Incentives 4. Management Seminars 5. Market Research 6. Match-Market Analysis 7. Matchmaker / Vendor Fairs
General Cargo
Shipped loose or in containers, often in consolidated consignments with other goods, requiring special handling. includes goods like machinery, vehicles, lumber, etc.
LLC's (Angel Group)
Similar benefits and attributes of pledge funds but with more formal organization. These manager-led and member-led limited liability companies aggregate a set amount of capital, like a venture fund or real estate partnership. They tend to vote as a group after screening and meeting the entrepreneur.
SINK
Single Income No Kids
Group Dynamics
Sociological and/or behavioral characteristics unique to groups of people
Database Management
Software (e.g. Microsoft Access) that facilitates the compilation of information about a particular subject, it allows the accumulation of diverse interrelated data entries, the sorting of those entries for analysis, the use of the entries for merging into text documents, etc.
Spreadsheets
Software (e.g. Microsoft Excel) that facilitates the manipulation of numeric files, financial data, and any other data that requires mathematical operations or analysis.
Word Processing
Software (e.g. Microsoft Word, WordPerfect) that facilitates the generation of predominantly text files, but accommodates the incorporation of clip art, graphics, data and other software programs outputs.
Presentation Programs
Software (e.g. PowerPoint) that facilitates the development of coordinated graphic presentations. It allows the insertion of text, graphs, charts, pictures or other aids into a consistently formatted presentation.
Desktop Publishing
Software (e.g. Quark Express, Pagemaker) that facilitates the design and development of text copy for reports or newsletters, easily accommodates the insertion of graphics.
List Serve Software
Software used to distribute emails to many parties simultaneously. The list serve software can handle some administrative functions such as allowing people to subscribe on un-subscribe via the software rather than an administrator
Area conversions
Square Yard = 9 square feet / 0.836 square meters Square Meter = 10.67 square feet / 1.196 square yards Acre = 43,560 square feet / 4,840 square yards / .405 hectare / 208.711' x 208.711' Square Hectare = 2.471 Acres Square Mile = 640 acres / 1 full section / 258.999 hectares Section = 640 acres Township = 36 sections
Reliability Measures
Stability of electric power service measured by outages plus dips/surges/spikes in power supplied. System-wide reliability indices are often provided by electric power utilities.
Business Visitation Programs - 2 types
Staff-Based Visitation Volunteer-Based Visitation
IDI / Industrial Development Institute
Started at the University of Oklahoma in 1959. The first class of 38 graduated in 1962. Changed to EDI in 1980.
Main Street Program
Started in 1977 by the National Trust for Historic Preservation, it is a program designed to produce increased levels of reinvestment and jobs while preserving and enhancing the heritage of communities.
Objectibves
Statements intended to identify actions necessary to meet the goals of an organization. Typically they are more detailed as to the desired outcome, often including numerically defined outcomes or performance targets. Should be realistic
Audited Statements
Statements which have been reviewed by an independent accounting firm and certified to meet industry requirements, with exceptions noted.
Freeways
Streets typically carrying high volumes of traffic (60,000 vehicle trips per day) with grade-separated intersections and complete control of access, typically via frontage road configuration
Major Arterials
Streets with high volume traffic of 40,000 VTPD or greater, generally with predominant access provided by side streets.
Economic Restructuring
Strengthening the existing economic base of the downtown while diversifying it. Activities include helping existing businesses expand, recruiting new businesses, converting unused space into productive property, and sharpening the competitiveness of downtown merchants
Segmented Power Structure
Structure represented by two or more groups with parallel and roughly equal authority, each with its own leaders.
Formal Power
Structure that is readily identifiable to include elected and appointed government officials, and leaders of civic organizations, has easy entry and high turnover.
Visitation Teams
Teams that meet to discuss issues related to potential development or expansion in the community.
Ground Water
Sub-surface water that exists on a site. Can be an issue with foundation or footing design.
NAID / National Association of Installation Developers
Supports America's defense communities by working in partnership with active, closed, and closing military bases - and the private sector firms that serve them - to support local economic development.
Temporary Power Pole
T-Pole: A term used to describe a temporary electric service established on a construction site to provide electric power to the site
Transferable Development Rights
TDR - A system of allocating entitlements to development that attempts to equalize the rights among property owners. The intent is to allow the private economy to buy/sell rights as needed to efficiently distribute the ability to develop at increased densities, effectively preserving open spaces typically not suitable for development.
Tenant-in-Common
TIC - Investment format that allows individuals to buy fractional ownerships in specific properties via a private placement offering
Traditional Neighborhood Development
TND - Development characterized by a scope and scale typical of a more traditional development pattern offering and encouraging social interaction, integration of diverse uses, pedestrian activity, and minimizing vehicular impacts.
Temporarily Obsolete Abandoned Derelict Sites
TOADS - A site that has no current on-going use and may have other attributes hindering the immediate productivity of the site.
Transit Oriented Development
TOD - Development, typically having mixed-use characteristics, that is adjacent to or oriented around an inter-modal transit station. Typically this is represented by a light rail stop, bus stop or other collection point of mass transit.
Total Quality Management
TQM - A management technique intended to maintain the highest level of product or service. Encourages management to better ways to manage limited resources.
Total Toxic Organics
TTO - A measure of all quantifiable toxic organics
Discretionary Income
Take home earnings after the basics are subtracted. Basics include food, housing, taxes and medical services. Often used to depict true area differences for relocating employees.
IMF / International Monetary Fund (www.imf.org)
The IMF is an international organization of 183 member countries, established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustment.
ITE / Institute of Transportation Engineers
The Institute of Transportation Engineers (ITE), an international individual member educational and scientific association, is one of the largest and fastest-growing multimodal professional transportation organizations in the world. ITE members are traffic engineers, transportation planners and other professionals who are responsible for meeting society's needs for safe and efficient surface transportation through planning, designing, implementing, operating and maintaining surface transportation systems worldwide.
ICSC / International Council of Shopping Centers (www.icsc.org)
The International Council of Shopping Centers (ICSC) is the global trade association of the shopping center industry. Its 39,000 members in the U.S., Canada and more than 75 other countries include shopping center owners, developers, managers, marketing specialists, investors, lenders, retailers and other professionals as well as academics and public officials. As the global industry trade association, ICSC links with more than 20 national and regional shopping center councils throughout the world.
National Business Incubation Association
The NBIA is the world's leading organization advancing business incubation and entrepreneurship. It provides thousands of professionals with the information, education, advocacy and networking resources to bring excellence to the process of assisting early-stage companies.
NADO / National Association of Development Organizations
The National Association of Development Organizations provides training, information and representation for regional development organizations in small metropolitan and rural America. The association, a public interest group founded in 1967, is the largest and leading advocate for a regional approach to community, economic and rural development and provides a network for its members to share ideas and innovations.
NASVF / National Association of Seed and Venture Funds
The National Association of Seed and Venture Funds is an organization of private, public and nonprofit organizations committed to building their local economies by investing and facilitating investment in local entrepreneurs.
NAFTA / North American Free Trade Agreement
The North American Free Trade Agreement (NAFTA) became effective on 1 January 1994, after formal signing by the heads of state of Canada, Mexico, and the United States and an exchange of letters implementing the agreement. In eliminating trade barriers between these three countries, the NAFTA created an open market of over 375 million people and over US$6 trillion in annual output, about the size of the European Union.
Office of Comptroller of the Currancy
The OCC charters, regulates, and supervises national banks to ensure a safe, sound, and competitive banking system that supports the citizens, communities, and economy of the United States
The CDFI Fund was established by...
The Reigle Community Development and Regulatory Improvement Act of 1994, as a bipartisan initiative.
Sustainable Communities Network
The SCN website connects citizens with the resources they need to implement innovative processes and programs to restore the economic, environmental, and social health and vitality of their communities. It addresses a wide range of issues related to community sustainability, including creating communities, living sustainably, and governing communities. In addition it gives case studies, resources, links to relevant websites, events calendar, and suggested reading
Green Building (www.usgbc.org)
The U.S. Green Building Council is the nation's foremost coalition of leaders from across the building industry working to promote buildings that are environmentally responsible, profitable and healthy places to live and work.
Cross-Professional Networking
The ability of the E.D. professional to identify and connect with professionals of diverse fields such as legal, environmental, education and training, permitting, and international communications.
Boardsmanship
The ability to manage and direct a volunteer board to successfully meet a community's goals while maintaining a positive relationship with and between board members.
Grantsmanship
The ability to prepare, submit, receive approval of and implement grants available to advance the mission of an organization.
Influence / Indirect Power
The ability to sway people who are a part of the formal or informal power structure.
Community Development
The act or process of engaging community members to pro-actively understand and enhance the economic, social, political, environmental, cultural, physical, and educational aspects of a community through the adoption of vision statements, goals, objectives and implementation plans.
Zoning Administration
The administrative role responsible for interpreting the requirements of the zoning ordinance. This includes the permitted uses specifically outlined in the ordinance as well as the district classification of uses similar to but not specifically outline in the ordinance. The Zoning Administrator also provides official opinions of the zoning ordinance.
Economic Development
The adopted AEDC definition was "the process of creating wealth through the mobilization of human, financial, capital, physical, and natural resources to generate marketable goods and services." Other definitions include: • The purposeful intervention into an economy to improve economic well-being. • The process that influences growth and restructuring of an economy to enhance the economic well being of a community. • The creation of jobs and wealth, and the improvement of quality of life.
Natural / Physical environment
The air, land, water, eco-systems and aesthetics, etc.
Receivables Turnover
The annual net sales divided by average receivables. A ratio of four indicates that accounts receivable were paid or turned over four times during the year.
Public Improvement District
The approval of a PID allows a city to levy and collect special assessments on property within the city or the city's ETJ. Eligible improvements in a PID include public works infrastructure, mass transit parking, library, parks, landscaping and other aesthetic improvements, public art, creation of pedestrian malls, safety services, advertising, business recruitment and development.
Gross Floor Area
The area of a floor to the outside exterior walls to include all internal wall space, corridors, closets, utility and HVAC areas.
Prospect Handling
The art and service of attending to the needs of a prospect from initial contact until years after their establishment in a community.
Industrial / Office Park
The assembly of land, under one continuing control, to provide facilities for business and industry consistent with a master plan and restrictions resulting in the creation of a physical environment
Regional Income Multiplier
The average number of times each dollar of inflow changes hands within the economy before it "leaks" from the local respending process in the form of savings, imports or taxes.
Operating System
The basic software that provides a framework for various application programs to access the hard drive, share memory, output to a printer and co-exist in an organized manner.
Community Team
The best team is made up of the people requested by the prospect. Without that direction, members typically include: Mayor, City Manager, E.D. Director, representatives from planning, public works, electric & gas providers, and a local business similar to the prospect in industry and scale of business.
Economic Development Pyramid
The central premise is that targeted industry marketing is integrally related to a hierarchy of other development activities. Marketing and promotional activities are only successful if the research and planning base is solid.
Internal Promotion
The communication with and constant education of your colleagues to include staff members, directors, board members, as well as elected and appointed officials of your jurisdiction.
Business Climate
The community's receptivity to business ventures as reflected in attitudes, comments, news articles, rhetoric and elections of the community leaders. Also includes the ease of regulatory permitting and entitlement approvals
ISP / Internet Service Provider
The company that provides you access to the Internet
Benchmarking
The continuous process of measuring an organization's products, services, and practices against the toughest competitors and/or recognized industry leaders.
Coupon Books
The creation of a booklet of coupons from constituent businesses. Coupon books are purchased from the Chamber by customers then used at the participating businesses for reductions in purchase prices or services.
Financial Analysis
The critical analysis of financial information on a company to evaluate its economic health.
Current Ratio
The current assets divided by the current liabilities. A measure of financial strength, it indicates the relationship of current debt and the ability of the firm to meet it. A good standing ratio is approximately 2:1.
Net Present Value
The current value of a future certain amount of money or income stream discounted at an anticipated rate of return over the life of the investment
In-Fill Development
The development of parcels of land that were not acquired or included in land compilation for earlier more comprehensive developments in the area. Typically the acreages are smaller and may need more flexibility in design standards due to the size of the parcel. Also see Out-Tracts.
Working Capital
The difference between total current assets and total current liabilities. It indicates if adequate funds are available to run the business and its size represents the amount of cushion for current creditors in the event of unforeseen problems.
Economy
The ebb and flow of goods and services into, out of, and within a particular jurisdiction
Marketing
The entire planning and implementation process of communicating the benefits of a product / service (Community) to potential customers (prospects) and delivering those benefits once they buy (select the Community). Understanding the needs of the prospect and fulfilling those needs to the satisfaction of the prospect and the community.
CPU / Central Processing Unit
The essential central section of the computer hardware that controls overall system operation.
Member Insurance
The establishment of a group insurance provider that can provide insurance for all members of hte Chamber. Typically most beneficial for small or home-based busiensses.
Industry Recognition Programs
The establishment of an annual appreciation day or week. Components of the event might include: 1. An appreciation dinner 2. Proclamations and certificates of appreciation 3. Sponsoring employee of the year awards for each business 4. Product displays in prominent public spaces 5. Plant tours and open houses
When was the first CEcD exam?
The first exam for CEcD was held in September, 2002.
Master Planning
The formulation of community vision and values, and the development of long-range reports and plans necessary to implement the desires of the community.
MSA / Metropolitan Statistical Area / Metropolitan Area
The general concept of a metropolitan area is that of a large population nucleus, together with adjacent communities having a high degree of social and economic integration with that core. Metropolitan areas comprise one or more entire counties, except in New England, where cities and towns are the basic geographic units. The Office of Management and Budget (OMB) defines metropolitan areas for purposes of collecting, tabulating, and publishing federal data. Metropolitan area definitions result from applying published standards to Census Bureau data.
Electric Demand
The greatest amount of power required at any single point in time, stated in peak KW demand.
Ceiling Height
The height of a building measured from the floor to the beam (not roof).
Labor
The human physical or intellectual contribution to the value addition chain of a product or service
Marketing / Recruitment
The identification of currently unfulfilled needs and wants, defines and measures their magnitude, determines which target markets the organization can best serve and decides on appropriate products, services, and programs to serve these markets. Also see Five P's of Marketing, and Promotion
Match-Market Analysis
The identification of existing and potential customers and suppliers for local businesses.
NOI / Net Operating Income
The income from all business operations after all operating costs have been paid but before any debt service payments.
Expansion
The increase of building size, employment, or production of an existing business.
TIF / Tax Increment Financing
The incremental difference in tax revenue generated between two points in time, typically a base reference and a targeted or subject point in time. This is used to measure the increased tax benefit of development on a particular parcel of land over a particular period of time. A form of financing improvements within a designated zone backed by the tax increment generated by the development. The tax increment is the difference between the ad valorum tax generated prior to development and after development.
Urban Design
The inter-disciplinary study of architecture, landscape architecture, and planning to advance the design and implementation of built environments sensitive to the human scale and paying particular attention to details creating a "sense of place".
Labor Market
The labor available within a market typically defined by a prospect. Without specification by the prospect, population between 16 and 65 within a defined geographic area.
Percentage Lease
The lease of a property in which rental is based upon volume of sales on the leased property.
ILEC / Incumbent Local Exchange Carrier -
The local telephone company that owns the switches and land lines and typically has been in business since the break up of Bell.
RAM - Random Access Memory
The memory that can be used to store and retrieve, write and read, data or instructions.
Fair Market Value
The most probably price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acing prudently, knowledgeable, and assuming the prices is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised and each acting in what they consider their own best interest; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. Dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
Return on Sales
The net profit after taxes divided by net sales. It indicates the number of cents of profit the company made for each dollar of sales.
Return on Investment / ROI / Net Profit to Net Worth Ratio
The net profit after taxes divided by the net worth. Represents the profit generated by the owners investment in the company showing cents of profit per dollar of investment.
Backbone (internet)
The network of broadband fiber optics between switches.
Cost of Living
The overall cost to reside in an area. Often indexed against the U.S. average (=100). Including transportation, food, goods and services and miscellaneous. The ACCRA organization annually researches these costs across the nation.
Mission Statement / Vision Statement
The overall guiding direction for an entity. It is generally the "mission statement" that is the broadest policy statement of an organization. See also "Goals", "Objectives", and "Strategies" which are implementation approaches to meet the mission.
Building Permit
The permit issued upon review and compliance of all building construction plans. Allows the beginning of construction on the building.
Earth Disturbance Permit
The permit issued which allows grading and the disturbance of the natural turf. Typically includes provisions for erosion control and tree preservation. Also see Erosion Control Plan
Sign Permit
The permit issued which allows the construction of signs on a project
Foundation Permit
The permit issued which allows the forming, plumbing and pouring of the foundation of a building
Grading
The physical reconfiguration of land to accommodate development, generally focused on the goal of providing good drainage patterns for storm water run-off.
Computer Hardware
The physical wiring and machinery that makes up the computer system to include the central processing unit (CPU), monitors, keyboards, network cards, modems and peripheral equipment such as printers and scanners.
Buildable Area
The portion of the lot remaining after the required yards / setbacks have been provided.
Eminent Domain
The power granted to a public entity to "take" property for a greater public purpose. Typically the public entity is required to pay "fair market value" for the property acquired. Also see Condemnation
Condemnation
The power of a governmental entity to take property for a greater public purpose. Generally the government entity must pay a "fair market value" for the property.
Annexation
The process by which a municipality expands its jurisdiction to include lands previously outside the municipal boundaries.
Prioritization
The process of evaluating multiple tasks against the goals and objectives of the organization and ranking the initiatives in order of importance.
Existing Business Analysis
The process of identifying, analyzing and understanding existing businesses within a jurisdiction. Also see BRE / Business Retention & Expansion.
Redevelopment
The process of taking an existing real estate facility and renovating either by demolition or enhancement and rebuilding to establish a contemporary and economically viable real estate development.
At-Grade Crossing
The two roadways cross at the same physical elevation, thus requiring signalization or other control of the traffic through the intersection.
Technology Transfer
The process of transferring a new technology from the lab to the marketplace by establishing links between the technological research outputs of universities and federal laboratories with applications of manufacturers
Economic Impact Analysis
The projection of the total impact associated with growth to local jurisdiction(s) in which the growth is taking place.
Prospect Team
The prospect team can be as small as a single person or may include several people. Generally this might include: Real Estate Manager, Project Manager, Finance Director, Human Resources Director and/or Operations Manager. Bigger projects also likely include site selection consultants and real estate broker
Quick Ratio / Acid Test Ratio / Liquidity Ratio
The quick assets (cash and accounts receivable) divided by the current liabilities. It is a good indicator of liquidity because it does not include inventories as a "quick" asset. A minimum quick ratio of 1:1 is recommended.
Highest and Best Use
The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value
Breakeven Analysis
The sales volume level where profits are zero as represented by S = FC+VC, where S = Breakeven level of sales in dollars. FC = Fixed cost in dollars. VC = Variable cost/unit times units sold.
No Problem Syndrome
The scenario in which the E.D. person, elected officials, or other community representatives answers "No Problem" to questions or issues raised by a prospect without any basis or understanding of the issue
Floor Area Measurement (Office Buildings)
The standard for measuring floor areas in commercial office buildings is established by BOMA.
Quick Assets
The sum of cash and accounts receivable.
Appraised Value
The taxable value of an asset (real or personal property) assigned by the entity charged with appraisals within a jurisdiction. This is the value to be taxed at the jurisdiction's rate in order to generate revenues for the jurisdiction.
Personal Property
The temporary assets contained within a real estate investment (e.g. furniture, fixtures, computers,). A.k.a. FFE - Furniture, Fixtures and Equipment
Debt to Net Worth Ratio / Debt to Equity Ratio
The total liabilities divided by net worth (assets minus liabilities). The most important test for solvency, it is used to measure the extent to which company's operations are financed by borrowed funds, a measure of riskiness. Generally a satisfactory ratio is 2:3.
Grade-Separated Crossing
The two roadways cross at different elevations, thereby allowing free flow of traffic in both directions. Typically this is used for freeways crossing local streets
Computer Modeling
There are many analysis models varying in complexity from locally developed spreadsheets to comprehensive multi-faceted, several level "trickledown" models.
Going-home Side of Road
This term is used to describe the side of the road that has the highest P.M. peak hour traffic volumes. If the majority of people go east to work in the morning and west going home, the west-bound side of the road is the "going-home" side. This would be likely locations for grocery stores because people buy groceries on the way home, not on the way to work.
EDIC / Economic Development Information Coalition
To provide information about economic development practices and programs, the Economic Development Administration (EDA has put together the Economic Development Information Coalition (EDIC). EDIC is made up of the International Economic Development Council (IEDC), the National Association of Regional Councils (NARC), and the National Association of Development Organizations (NADO). They have joined EDA to disseminate information to economic development practitioners serving distressed communities through a monthly e-mail newsletter; quarterly telecasts; 20 community forums held throughout the country; and a quarterly magazine.
TIGER File/Data
Topographically Integrated Geographical Encoding and Referencing, a street network file developed for the 1990 census. A tiger file provides no census data content, but rather geographic information enabling computer mapping, geocoding, crossreferencing, and other critical functions
SAIFI
Total number of customers interruptions divided by total number of customers. Common indices are 93-99.
Financing Methods - Examples include:
Traditional Financing Methods Non-Traditional Financing Methods RLF / Revolving Loan Funds TIF / Tax Increment Financing Lease Purchase Micro-Loans
Level D (transportation)
Traffic approaches unstable flow with waits through cycle at controlled intersections.
Level E (transportation)
Traffic movement which is slow with frequent though temporary, stoppage. Particularly congested during peak hours
Management Seminars
Training for business owners that might include tax laws, regulatory permitting, bookkeeping, and financial management.
Three types of building classifications
Type A Type B Type C
BRE / Business Retention & Expansion
Typically a BRE program is implemented to encourage economic development from within the existing businesses in the community.
Planning and Zoning Commission
Typically a board appointed by the governing body and delegated responsibility to develop and update master plan components, and provide recommendations to the governing body with regard to the appropriateness of various development applications (i.e. zoning changes, plats, site plans).
Executive Session
Typically a closed-door meeting of a municipal / public governing body to discuss items such as land acquisition or personnel actions.
Contingency Costs
Typically a cost estimate for a project will include a "contingency" amount which is generally reflected as a percentage of the construction costs. The purpose is to have funding set aside for unforeseen costs that arise during the construction of a project.
Assessment
Typically a financial encumbrance placed on land benefited by a publicly funded improvement. E.g. a "street assessment" program might construct a new street along the frontage of the property, but then place an "assessment" as a lien on the land to cover their pro-rata share of the cost of those improvements.
Bonds
Typically a long-range interest-bearing certificate used to provide financing for capital improvement projects.
Subdivision Regulations
Typically a municipal ordinance that outlines requirements necessary to subdivide parcels of land into lots. Provides for the dedication of easements and street right-of-way.
Council of Governments
Typically a regional entity charged with the coordination of mulch-jurisdictional planning and transportation issues. Often the COG has formal responsibility regarding recommendations for utilization of federally funded programs.
COLA / Cost of Living Adjustment
Typically an annual adjustment based on increases in the cost of living necessary to keep the employee at the same level of purchasing power as the year before.
Budget
Typically an annual program outlining in detail the revenues and expenses necessary to meet and deliver the products and services desired by constituents of the taxing jurisdiction.
Lien
Typically an assessment filed against real property due to tax liabilities or improvements made without payments received. Tends to go with the land and is settled upon sale/purchase of the land.
Liefestyle Center
Typically an open-air environment with upscale retail specialty stores, dining and entertainment tenants, parking in close proximity to stores, generally no anchors
Drainage Easement / D.E.
Typically intended for drainage facilities or improvements, either above or below ground.
Utility Easement / U.E.
Typically intended for the installation of water, sanitary sewer, electric, phone, and cable utilities
Fast Track
Typically refers to a shortened time for public processing and approval of required zoning and/or development plans and/or building permits in order to accelerate the development of a desired project
Floodplain
Typically the "100 year floodplain" as identified by FEMA. It is the area inundated by water one foot deep on an average of one year out of every one hundred years
Trade Shows
Typically the marketing agency reserves a 10' x 10' booth (or multiple thereof) and mans the booth during a conference of targeted prospects, representing the community and marketing the positive aspects of the community.
Building Official
Typically the person charged with the responsibility of enforcing the building codes for the jurisdiction.
Capital Expenditures
Typically these are expenditures for long term assets and requiring mult-iyear financing. Municipal examples include street, storm drainage, water, and sanitary sewer projects intended to meet long-term master plan implementation, buildings for public use, and major pieces of equipment or machinery with a 5-year-plus life cycle. Also CIP / Capital Improvement Plan.
Pro-Rata Share
Typically used to describe a fair allocation of the cost of an improvement over all parties who benefit
Uniform Resource Locators
URL - The address configuration used to access a particular website on the Internet
BEA
US Bureau of Economic Analysis (www.bea.gov) - The Bureau of Economic Analysis (BEA) is an agency of the Department of Commerce and is located at 1441 L Street NW, Washington DC. Along with the Census Bureau and STAT-USA, BEA is part of the Department's Economics and Statistics Administration. BEA seeks to strengthen the understanding of the U.S. economy and its competitive position by providing the most accurate and relevant GDP and economic accounts data in a timely and cost-effective manner. BEA is one of the world's leading statistical agencies. Although it is a relatively small agency, BEA produces some of the most closely watched economic statistics that influence the decisions made by government officials, business people, households, and individuals. BEA's economic statistics, which provide a comprehensive, up-to-date picture of the U.S. economy, are key ingredients in critical decisions affecting monetary policy, tax and budget projections, and business investment plans. The cornerstone of BEA's statistics is the national income and product accounts (NIPA's), which feature the estimates of gross domestic product (GDP) and related measures. The GDP was recently recognized by the Department of Commerce as its greatest achievement of the 20th century and has been ranked as one of the three most influential measures that affect U.S. financial markets. Since the NIPA's were first published, BEA has developed and extended its estimates to cover a wide range of economic activities. Today, BEA prepares national, regional, industry, Economic Development Terms - Compiled by Greg Last, CED - March 1, 2007 - Page 4 and international accounts that present essential information on such key issues as economic growth, regional economic development, inter-industry relationships, and the Nation's position in the world economy.
United States Geological Service
USGS - Created by an act of Congress in 1879, the USGS stands as the sole science agency for the Department of the Interior. The USGS is the science provider of choice in accessing the information and understanding to help resolve complex natural resource problems across the Nation and around the world.
Level F (transportation)
Unsatisfactory traffic flow characterized by frequent stoppage and traffic jams, waits through more than one cycle at controlled intersections
Deed Restriction / Covenants
Use restrictions placed on land via the inclusion of said restrictions on the deed of ownership for the property.
Shadow Space
Used to describe sub-lease space
Forward Linkages
Used to reference the clients, customers or purchasers of a business products or services
Backward Linkages
Used to reference the suppliers for a particular business
Communication Systems
Various components exist for telecommunications and Internet communication.
Building Classifications
Various grades or classifications of buildings are often used to describe particular locations.
Group Facilitation Techniques
Various methods exist to facilitate group identification and prioritization of ideas and issues related to a particular topic
Staff-Based Visitation
Visitation programs based on execution by members of the economic development staff.
MCF / Million Cubic Feet
Volume measurement (Natural Gas Term)
Volunteer-Based Visitation
Volunteer-Based Visitation - Visitation programs based on execution by volunteers supporting the economic development organization.
World Trade Organization
WTO - is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world's trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business
WIIFM Principle
What's In It For Me?
Remediation and Clean-up
When conclusive evidence of contamination is found, solutions are developed and implemented to mitigate or remove the contamination. Results of this stage may range from no action (in minor cases where contamination is contained) to designation as a Superfund site with considerable mitigation costs.
Merchandise Marts
Where retailers go to buy their inventory
Blog
Writing a personal web diary (log) for all who care to read it.
Zoning Board of Appeals
ZBA - A municipal board appointed by the governing body which has a quasi-judicial authority to review specified requests identified in a zoning ordinance and to review appeals of the opinion of the zoning administrator. Also called Zoning Board of Adjustment.
Board of Adjustments
Zoning Board of Appeals
Basin / watershed
a delineated area of land representing the accumulative confluence of storm drainage runoff to a particular point of collection.
CDFI organizations include
community development banks, credit unions, loan funds, venture capital funds, and micro-enterprise loan funds, among others.
ISO 9000
concerned with "quality management". This means what the organization does to enhance customer satisfaction by meeting customer and applicable regulatory requirements and continually to improve its performance in this regard.
Two systems for water system storage
elevated storage ground storage
Operational incentives
equipment leasing, utility cost reduction and tax abatements
Land relates incentive types
free land, free rent, land write-downs, land leases, public infrastructure
3 promotion audiences
internal promotion local promotion external promotion
ISO 14000
is primarily concerned with "environmental management". This means what the organization does to minimize harmful effects on the environment caused by its activities, and continually to improve its environmental performance.
construction incentives
permit acceleration, fee reductions, non-strike agreements, contractor selection assistance, free office space during construction, dedicated inspection staffing
Landscape Architect
person skilled in the art and science of analysis, planning, design, management, preservation and rehabilitation of the land. The scope of the profession includes site planning, garden design, environmental restoration, town or urban planning, park and recreation planning, regional planning, and historic preservation. Practitioners share a commitment of achieving a balance between preservation, use and management of the country's resources. Also see ASLA.
workforce development incentives
pre-employment screening, on-the-job training programs, customized training programs, job training funds, and technology transfer programs
Outlet Center
retail development including a collection of multiple small tenants representing name-brand products at off-market prices. Generally located along major highways having good access from a large region
Financial incentive types
tax increment financing, special assessment districts, IRB's, cash, grants, loan guarantees, subordinate financing, deferred payment mortgages, interest rate buy-down
RFP / RF!Q typically includes
the objectives of the project, anticipated public process requirements, broad scope of services.
Net Worth
total assets minus total liabilities
Industrial/Office Park objectives
• Consistency within community goals • Efficient business and industrial operations • Human scale and values • Compatibility with natural environments • Achieving and sustaining highest land values
Key factors in Telco Hotel locations include
• Immediate proximity to multiple fiber-optic connections • Twelve foot (12') minimum ceiling height • Fiber-load capacity of at least 125 pounds per square foot • Access to multiple power grids • Space for fuel storage and back-up generators • Space for utility and fiber-optic lines