Officials Learn About Economic Development Principles, Need For Feedback

The world of economic development is big every day for cities and counties alike, with the topic being the focus of a two-day meeting in Jonesboro.

Delta Regional Authority co chairman Chris Masingill said the meeting, which ends Friday, is part of a national goal to build economic development. The meeting was the first one in Arkansas.

Masingill said the project is part of a team concept and he had an opportunity to first learn about economic development 15 years ago. One of the things he said he learned was that mayors and local officials were often left out of the equation. Masingill said mayors are often involved in the day to day operations of the cities with residents “loving and hating you” at the same time. A key goal of the project is making the issue person-centered, Masingill said.

“You need to be frank and open on your feedback. You need to be candid on your feedback,” Masingill told the group.

The Delta Regional Authority and the East Arkansas Planning and Development District hosted the event to give mayors and county officials an opportunity to learn more about economic development.

EAPDD executive director Melissa Rivers said the role that mayors and officials play in economic development is essential. Rivers said EAPDD, which covers a 12 county area, works to be customer driven in its approach. Star City Mayor Paul Carter drove up from south Arkansas to attend the meeting.

“Everyone is concerned with economic development and I am here to learn,” Carter said.

Jeffery Finkle, president and CEO of the International Economic Development Council, spoke about the basics of economic development. He said leadership is a key part of the mix as well as understanding the resources and business climate in an area. Most businesses want some certainty in the business climate, whether through taxes or education, Finkle said.

Finkle suggested that cities have a balanced tax approach, either through property, industrial or sales taxes. He said depending on one tax to fund services was dangerous at best. Finkle said the goal of economic development is to create, retain and expand jobs; create a tax base and to employ and raise wages. A successful town economically has a sustainable tax base, meets needs with income, exports goods and services and imports cash and provides opportunities for personal growth, Finkle said.

A skilled workforce is the top issue for developers around the country, Finkle said, noting cities have to look at themselves as proverbial nations to prepare. Also, communities must look at its positives and negatives, comparing itself to other communities and regions, Finkle said. Another issue is brain drain especially among young people.

“Will there be a job there when they graduate from college,” Finkle asked.

Masingill said economic development is crucial, especially in a region where tornadoes, floods, ice storms and earthquakes are common place. The sight of a natural disaster, in a down economy, would be dramatic in the region, Masingill said. He supports the idea of creating a business emergency operations center in Arkansas to help with the issue.