The City adopted the Parkville Plan for Progress (the “Plan for Progress”) on September 21, 2010, setting forth a strategic plan for economic development for the City. An Economic Development Incentive Policy was also adopted that provided guidance in promoting new economic development activity in the community that is beneficial to our citizens. The City has utilized economic development incentives authorized by state law to promote new business development. The following documents provide the framework for the program, as well as the City’s statutory compliance with various incentive programs. Included below are financial studies performed on behalf of the City by independent financial consultants that support the need for incentives, as well as projects the benefits to the public.
City policies for granting economic development incentives for a development
The City recognizes the importance of the efficient and effective use of the limited public, private resources, and incentive programs to facilitate responsible economic development. It has adopted plans and policies that guide these decisions.
City policy requires development cost-benefit analysis to protect the taxpayer
In deciding whether to support a project with incentives, each potential use of any single economic development, a “but-for” analysis and “cost-benefit” analysis is required that projects the need for incentives, and the public costs and public benefits for each project. In addition to statutory analysis provided by the applicant, the City hires a financial advisory firm to provide an independent analysis of each project.
City policy for projects requiring a finding of blight.
For each economic development project where a funding of a “blighted area” is required, a blighting study was prepared and submitted by the applicant and/or an independent expert that demonstrated the area met the standard following the state statute.