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The Economic Development Organization (EDO) Toolkit will be your guide to understanding the work of an economic developer and how to start building strong collaborative relationships with your local and state economic development organizations. Commercial members sell the value of your community daily in hopes of finding that perfect fit for your client.
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In most markets there’s also a local EDO selling the benefits of the community to help reduce the vacancy rate and stimulate new job growth. The effort of the EDO is approved by their board and structured through their attraction and retention strategies aiming to create a vibrant local economy. With new companies filling office space and hiring new employees the tax base increases. This increase in tax base is due to an increase in the amount of people paying income taxes, property taxes, and sales tax.
When the tax base is broadened and diversified, the burden on the individual taxpayer is often reduced. When structured properly the tax burden is spread across a larger economic base, which results in less pressure on individual taxpayers to fund public services and government operations.
This toolkit's goal is to offer insights into the EDO's work and offer strategies and resources to help assist you in your outreach efforts with the EDOs in your market.