Page 74 - High Knob Master Plan

RESOURCES FOR ECONOMIC DEVELOPMENT
This chapter includes outline explanations for various financial incentives, loan and grant programs, and economic development tools. These programs are available in Virginia for use by municipal governments—counties, cities and towns—to assist private development and public-private partnerships. Originally compiled by Virginia Department of Housing and Community Development (DHCD), the list shows public sources, as well as some of the most-frequently sought local foundation sources. Municipalities can combine these incentives and tools to support business growth and encourage economic development. HKRI can leverage a variety of available funding sources and tools to implement the recommendations of the High Knob Regional Master Plan.
MEASURING PROGRESS
Municipalities must track local incentive programs to be effective. Programs with demonstrated success will attract more participants.
Track statistics to measure success:
> Number of new businesses
> Jobs created (net)
> Retail tax collected
> Property tax collected
> Meals & lodging tax collected
Consider granting incentives at certain thresholds:
> When business opens
> Level of property investment
> Number of jobs created
> Type of business (and taxes derived from it)
» Restaurant
» Retail
» Arts/Culture/Tourism aligned
74