This was the Boone EDC's PowerPoint presentation for the 2012 Boone County Leadership Class on February 14.

1. 2012 Boone County
Leadership Class

2. What is the Boone EDC?

3. Mission Statement
The Boone EDC works to create a political, social and
educational environment that will create conditions to build a
strong tax base, attract a broad range of better paying
jobs, and spur new retail, residential, recreational, and
cultural opportunities that flow from economic development.
It publicizes Boone County’s many assets and
opportunities, and educates current residents on the benefits
resulting from quality economic development.

4. History of the Organization
• History of Indiana EDC (LEDO)
• Jobs Act of 1982 –Reaganomics
• June 1989
• Public/Private Partnerships
• 87 County LEDOs in Indiana
• Average Budget – $300,000
• Average Marketing Budget - $40,000
• Boone County is 4rd lowest funded EDC in Indy Metro
Region

5. Boone EDC Staff
Dax Norton - Executive Director
• Hired October 2008
• 9 Years Economic Development
Experience
• Graduate of University of Oklahoma
Economic Development
Institute - 2010
• Graduate of Ball State University –
1995
• Resident of Zionsville

6. Boone EDC Staff
Tina Staley
• 20 Years with Boone EDC
• Manager/Coordinator of
Operations and Prospect Services
• Ball State Economic Development
Basic Course – 1993
• Resident of Lebanon

7. Boone EDC Staff
Bryan Brackemyre
• Hired full time 2010
• Director of Marketing and
Communications
• Ball State Economic Development
Basic Course – 2010
• University of Indianapolis graduate
• Pursing MBA from the IU Kelley
School of Business
• Resident of Whitestown

8. Competitors Funding Information
Total
Public Municipal Private
County Operating
Investment Contribution Investment
Budget
Boone $166,000 $106,000 $46,750 $283,300
Hamilton 214,000 114,000 273,000 487,000
Hendricks 325,000 325,000 100,000 550,000
Johnson 100,000 75,000 224,218 324,218
Blackford 175,750 55,750 34,750 210,500
Jackson 129,450 74,450 270,550 400,000
City of
15,000 15,000 285,000 300,000
Columbia

9. Public Private Operating Budget
Total Operating
Budget 350,000
300,000
In order to remain
competitive with our 250,000
competitors, the Boone 200,000
EDC has increased it’s
Operating Budget with 150,000
assistance from the Public 100,000
and Private sector.
50,000
0
2009
2010
2011
2012

10. 2011 Funding Breakdown
Funding: Private Public Utilities
This graph shows the
breakdown between the 11%
Private, Public, and 20%
Utilities investors in the
Boone EDC.
69%

11. 2011 Public Investors
Public Sector
• Boone County
• City of Lebanon
• Town of Jamestown
• Town of Whitestown
• Town of Zionsville

12. 2011 Private Investors
• Bose McKinney & Evans • Browning
• Duke Realty Corporation • Cassidy Turley
• IMPA • Duke Energy
• Lebanon Utilities • Denison Properties
• Ronald L. Lind, CPA • Eagle Flyers, Inc.
• Verus Partners, LLC • Farmers Bank
• American Structurepoint • Hachette Book Group
• AT&T • Home National Bank
• Boone REMC • Katz, Sapper & Miller

13. 2011 Private Investors
• Krieg DeVault • TDS Telecom
• MIBOR • Umbaugh & Associates
• Milestone Contractors • Vectren
• Montgomery Aviation • WF Industrial
• Parr Richey Obremskey & • Whitestown Utilities
Morton • Lyn Lea Estates
• Prologis • Huntington Bank
• State Bank of Lizton • Solutions Air Charter

14. Leadership

15. Characteristics of a LEADER:
Visionary
Educator
Innovator
Motivator
Communicator
Facilitator
Advisor

16. Economic Development:
& Leadership

18. Change Agent:
Characteristics:
1. See a future no one else does and
that vision won’t let them rest
2. They have the courage to bet their
careers
3. Have something about them that
galvanizes people and turns them on

19. Has Multiple Perspectives
Simultaneously
Transcend
Unconventional Boundaries
Innovator
Against
Norms
Oddballish
Preserving

20. Visionary:
1. Deliberative and
Open
2. Flexible
3. Forward-Thinking
4. Organized and
Strategic

21. Dynamic:
A force that stimulates change
or progress within a system of
Process.

22. Case Study #1
SWOT Analysis

23. The Economic Development Process:
The Fundamentals

25. What is your definition of
Economic Development?

26. Economic Development 101:
Definition #1:
The sustained, concerted actions of policymakers and
communities that promote the standard of living and
economic health of a specific area. Such actions can
involve multiple areas including development of human
capital, critical infrastructure, regional
competitiveness, environmental sustainability, social
inclusion, health, safety, literacy, and other initiatives.
Economic development differs from economic growth.
Whereas economic development is a policy intervention
endeavor with aims of economic and social well-being
of people, economic growth is a phenomenon of market
productivity and rise in GDP.

27. Economic Development 101:
Definition #2:
The definition of economic development should be
those activities that cause a net gain of money
flow, called an economic base, into the community.
- Academic Standard

28. Economic Development 101:
Definition #3:
Process that influences growth and restructuring of
an economy to enhance the economic well being of
a community. The desired result is creation of
wealth for a region.

29. Purpose of Economic Development:
1. Increase AV/Diversify and broaden the tax
base
2. Plug the Leaky Bucket
3. Provide the highest possible standard of
living for all individuals

30. What is AV?
The dollar value of an asset assigned by a public tax
assessor for the purposes of taxation.

31. What is Tax Base?
The tax base may refer to that of an individual asset, such as the
tax base of a house, or a pool of assets, such as the tax base of all
houses in a city. For example, the property tax base of a house is
its value. The property tax base of a city is the collective value of
all taxable real estate in the city.

32. Balanced Tax Based Percentages:
1. Zionsville?
2. Lebanon ?
3. Whitestown ?

33. Plug the Leaky Bucket:

34. Plug the Leaky Bucket:

35. Standard of Living:
The level of wealth, comfort, material goods and necessities
available to a certain socioeconomic class in a certain geographic
area.
Includes factors such as:
• Income
• Quality and availability of employment
• Quality and affordability of housing
• Education
• Infrastructure

36. Focus/Foundation:
Recruiting
New Business
Existing Business
Development/
Entrepreneurial
Development
Quality of Life/Workforce
Development/Infrastructure
Leadership/Civic Development and the Role of
Public Policy

37. Keys to Economic
Development Success
• Embrace change
• Develop a unified vision
• Plan
• Create a competitive economic and
workforce advantage
• Tell the Story

38. Embrace Change:
1. Change is inevitable, growth is optional.
2. Change is hard.
3. One of or biggest struggles is when we
overestimate the value of change and
underestimate what we could gain.
4. Some people will never change.
5. Resistance to change is normal.
6. When managing change, be proactive as possible.
7. Communicate! Don’t leave anyone out of the
information loop.
8. The biggest change we can make it within
ourselves

39. VISION
Have a shared vision of the future that is
shared by all organizations/constituencies

40. Vision Statement:
2008 Boone County Economic Development Strategic Plan
“The vision of Boone County, Indiana, is to provide a high
quality of life for a diverse community, respecting the
historically strong farming and rural communities, while
encouraging trail systems, commerce, and attracting innovative
industries that create sustainable job growth, and that also
supports all families and businesses of all sizes, with a strong
foundation of responsive County government to ensure
effective services for all residents.”

41. PLAN
1. Have a plan for how
you will get there
2. Each team member
should be able to see
their role

42. What is Boone County’s
Competitive Advantage?

43. Create a Competitive Economic and
Workforce Advantage
Area Development Survey:

44. How do we get this done?
The Boone EDC’s Role

45. How we get this done?
1. Staff
2. Services
3. Focus

46. Staff:
Skills of the Economic Development Professional:
• Environmental Management
• Finance
(Bonds, TIF, Loans, Grants, et • Education Development
c.) • Engineering
• Geography • Law
• Government Affairs
• Marketing
• Human Relations
• International Relations • Planning
• Construction • Public Speaking
• Creative Writing • Stats
• Economics • Technology Trends
• Real Estate

47. Roles:
• Analyst
• Catalyst
• Gap filler
• Advocate
• Educator
• Visionary/Agent of
change

48. 2. Services and Focus:
Economic Entrepreneurial
Development Finance Development
Attraction
Retention &
Expansion
Boone EDC
Services
Public Policy
Development
Marketing
Product Development

49. Public Policy Development:
Policies that governments undertake to meet broad
Item 1 economic objectives such as price stability, high
unemployment, and sustainable growth.
Policies and programs to provide infrastructure and services
such as building highways, sewers, water systems, technology
Item 2
delivery systems, managing roads, and providing medical
services.
Policies and programs explicitly directed at improving the
Item 3 business climate through specific efforts in business
finance, marketing, neighborhood development, small business
development, business retention and expansion, technology
transfer, and real estate redevelopment and reuse.

50. Public Policy Development:
• Tax Caps
• Local Zoning
• Right to Work
• Economic
Development Funding
• Local Permit Process
• Smoking Bans
• TIF

51. Product Development:
What is Economic Development Product?
1. Human Capital
2. Public Infrastructure
3. Development Infrastructure
4. Funding

52. What is Human Capital
Development?
Skills
Roles People

53. What is Human Capital Development?
• Number 1 Impediment to Economic Development?
Available Skilled Workforce!
• 10,000 Workers Will Turn 65 Each Day This Year
• K-12 Changes
• Adult Skill Enhancement

54. What is Public Infrastructure?

55. What is Development Infrastructure?

56. The Competition:
There are over 15,000 Economic Development
Organizations in North America.
Competing for 200 Major Location/Expansion
Projects each Year

57. Marketing:
Boone County Marketing Flyer
Anson Marketing Flyer
Whitestown Marketing Flyer
Property Brochure

58. Marketing Tools:
1. Boone EDC Website
2. Human Interactions
3. Print Advertisements
4. Trade Shows
5. Sales Trips
• Boone EDC Website
• Denton County (TX)
• Whitley County (IN)
• Siskiyou County (CA)

59. Retention & Expansion
• 80% of all new jobs will come from existing
business
• Relationships, Relationships, Relationships
• Supply Chain

60. Entrepreneurial Development
• Revolving Loan Fund
• Small Business & Entrepreneurial Initiative

61. Economic Development Finance
• Performance Based Tax Credits
• Economic Development Bonds
• Tax Phase-In
• Tax Increment Financing
• IDRB
• 501-C3 Bonds
• New Market Tax Credit
• Historic Preservation Tax Credit
• Grants

62. The Business Attraction
Process

63. New Business Recruitment/Attraction:
MYTH: ALL THAT MATTERS IS ATTRACTING BIG
COMPANIES
Yes, its easy to measure the direct economic impact of big
companies that employ 100+ workers, and its easy to highlight
big companies as a case study for success, but most of the
time, after investing hundreds of hours helping big companies
consider your area for an expansion, they will decide to not
locate. Statistically a community would see such a company
settle into a brand new location once every 11 years. (Adjust
number of years before this happens lower for metro
areas, and higher for rural areas). (2) The reason this
investment of resources is worth it, is because the long-term
payoff when they do locate should be significant.

64. New Business Recruitment/Attraction:
MYTH #2: This is Boone County! Companies will want to
locate here because we are Boone County. You need to
provide less incentives here in Boone County because people
and companies are busting down the door to get in here!

65. The Process:
PROSPECT COMPANIES CAN
GO ANYWHERE!!!!!

66. The Process:
THE COMPETITION IS FIERCE

67. New Business
Recruitment/Attraction:
Developing Product
How does Boone
County go from
developing a product to
attracting a potential
employer?
Incentives Marketing
Research/Data

68. New Business
Recruitment/Attraction
Research/Data
• Up to date Incentives
• Tax Abatement
• Accurate
• Tax Increment Financing
• Relevant (TIF)
• Easily accessible • Grants
• Ease of use • Performance Tax Credits
• Transferrable

69. The Initial Process
The Lead The RFI The Site Visit

70. Prospect Process:
Step 1 Lead Generation
Step 2 Response/Site Eliminations (Top 10)
Step 3 Monitor/Follow-up
Step 4 Site Visits/Site Eliminations (Top 6)
Step 5 Financial Packaging and Incentive/Elimination
(Top 2-3)
Step 6 Negotiation and Decision/Elimination (Final Site)

71. Prospect Process Cont.
• Site Selection Overview
• Process of elimination
• Risk Aversion
• Confidentiality
• More than 15,000 development groups in North America competing
for 100-200 major projects annually nationwide
• Site Selectors use the web
-86% of time to familiarize themselves with community
-85% gather preliminary location data
-63% to find local contact info

72. Prospect Process Cont.
Lead Generation:
• Direct from Company to the IEDC/Indy Partnership/Local LEDO
• Site Location Consultant to the IEDC/Indy Partnership/Local LEDO
• Developers/Realtor
• Utilities
• Direct to the Mayor’s office
• Other

73. THE LEAD

74. Process Cont.:
Response:
• Electronically
• Typically very little time to
gather info 1-5 Days
• Brief description of site
• RFI (2-14 Days to complete)
• A community can/will be
eliminated if information is left
out or vague

75. THE RFI

76. Process Cont.:
Monitor and Follow-up:
• Electronically to lead generator
• Phone call to real estate broker
• Directly to company or site
location consultant
• Thank you for being
considered

77. Process Cont.:
The Prospect Visit:
• The beginning of multiple visits
• First visit usually only site location consultant
team
• Next visit (usually the stage the company
name is revealed) with company
representatives and small group of local
officials – usually not a Mayor
• Final visit with site location consultant, local
elected officials and local negotiating team
• Coordination and scheduling very important

78. Process Cont.:
Financial Packaging and Incentives:
• Incentives do not drive the location
process
• Very competitive incentive environment
• Determine if company may benefit from
public gap financing

79. Process Cont.:
Local Incentives/Public Investment
As of right:
• Tax Phase-in (Real Property and Personal Property
Negotiated:
• TIF Cash Grant
• TIF Bond
• Relocation Fund
• Industrial Development Revenue Bond
• Volume Cap Bonds
• Local low interest loan programs
• Local training grant programs

80. Process Cont.:
Negotiation and Decision:
• Can be a long process
• 50/50 shot
• Give and take
• Some guessing

81. Questions?