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Metro Denver Regional Economic Development

Metro Denver Regional Economic Development. Prepared for The Minnesota Legislature January 12, 2011. Who is the Metro Denver EDC?. Nine county, regional E.D. program with over 60 cities, counties, EDCs, chambers of commerce Major voice for the business community

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Metro Denver Regional Economic Development

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  1. Metro Denver Regional Economic Development Prepared for The Minnesota Legislature January 12, 2011

  2. Who is the Metro Denver EDC? • Nine county, regional E.D. program with over 60 cities, counties, EDCs, chambers of commerce • Major voice for the business community • Market: 3.3 million population • Annual budget: $3.0 million • 280 Investors • 94% of funding from private sector • 6% from cities and foundations

  3. Role of the Central Staff • National marketing • Advertising and public relations • Special projects and elections – FasTracks, anti-bus legislation aka “Force of Darkness” • Regional prospect visit coordination • Central data base- economic data • Regional web site – entry point for community and companies

  4. Role of Partners • Regional effort on policy issues • Responsibility for each community to pull together on issues – speakers bureau • Business retention • Participation in prospect handling • Local government interaction • Permitting and relocation assistance to clients • Governance and development of national marketing plan for Metro Denver EDC

  5. Six Strategic Areas National Marketing Tax Reform Transportation DIA/International Flights Existing Business Special Projects

  6. Nine Employment Clusters Aerospace Energy Software/IT Bioscience Financial Services Aviation Hardware/IT Beverages Broadcast/Telecom

  7. FasTracks

  8. Outcomes Double our closure rate – average 55-60% Reduce “cognitive dissonance” with clients Regarded as the only region in U.S. that operates a truly “regional” economic development program “We don’t do retail” focus on primary jobs Can solve regional problems more effectively, transportation, arts and culture, build infrastructure such as stadiums, education and tax policy. i.e. Scientific and Cultural Facilities Tax, Stadium tax

  9. Working with Policy Makers • Polling on key business issues – helped legislature understand the business environment and temperature of it’s citizens. • Business community went to bat for legislature • Very helpful to have business community partner with legislature in crafting key business legislation. • Helped citizens know where business stands and what is needed • Provided a cohesive voice from the business community • Special projects and elections – FasTracks, anti-bus legislation • Real Private/Public Partnerships: worked with legislature on tax, transportation, education policy: Metro Mayor’s Caucus, Tabor timeout, ED incentive bills, FasTracks 60 mile light rail system (2/10ths of a cent sales tax increase)

  10. Challenges • Division of Labor with other business groups: Metro Denver is laser beam focused on economic development- Primary Jobs • Riding Above the Storm -- Broadly bipartisan: Metro Denver works with members and leaders in both political parties and a variety of civic and business groups.

  11. Lessons Learned • Can’t do special side deals – maintain trust • Must have excellent communication skills • Regional meetings – education, strategic planning • In difficult economic times communities will have a tendency to go rogue. Survival mode – regional organization must provide cover. • Policy – Leadership can be difficult. Be clear and open. Don’t make it personal! Business community may not always support legislature – i.e. union bills

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