With a challenging economic landscape and declining revenue, government leaders are focused on addressing short-term issues. maintaining current service levels, allocating resources more effectively, and reducing costs. However, the long-term viability and growth of communities depends on economic development. Governments that don’t develop a strategic plan will be left behind. In this environment, having a trusted adviser to provide expert counsel and analyze the potential impact of initiatives is more critical than ever.
Crowe Horwath LLP’s comprehensive perspective on economic development has been formed by more than 40 years of public and private sector experience and features vital expertise in finance, accounting, and risk management. Our team can help local governments minimize barriers to economic growth, like declining population and dwindling tax revenue, by vigorously pursuing new opportunities that expand tax bases, attract business and investment, and secure the long-term economic health of communities.
Our team has the insight and skills to pursue development opportunities. We evaluate opportunities, analyze costs, and identify the most advantageous sources of financing. Equally important, our rigorous analysis and expert management skills help governments increase accountability and transparency and clearly communicate the benefits of economic development initiatives and incentives, so you can garner and maintain public support. Crowe’s economic development solutions for governments include:
Economic impact assessments. From reviewing land management options to considering the fiscal impact of new or expanded facilities and other proposed developments, Crowe’s short- and long-term fiscal impact assessments deliver an in-depth analysis of relevant components. Our professionals evaluate outcomes like projected employment, earnings, income, and increases to the tax base to identify the opportunities and threats for your community. Economic impact assessments can be used all the time – not just during a recession – because they can help governments determine attractive companies to target, develop long-term plans, and implement growth strategies.
Tax increment financing. Crowe has helped hundreds of communities develop tax increment financing (TIF) from designated districts as alternative funding sources for a variety of capital projects. We understand the complexities of this funding mechanism and can assist governments with accounting, reporting, and compliance. Our successful track record can help you use TIFs to fund redevelopment and community improvement projects. Since the laws regarding TIFs change frequently, our established national network gives clients access to experts in tax, accounting, and risk management who can interpret legislative changes and help you implement the required systems and processes.
Smart-growth initiatives. Crowe can help you find practical and cost-effective ways to strengthen your community by applying smart-growth principles, including focusing efforts on communities that have existing infrastructure and resources; mixing land uses; encouraging stakeholder buy in; increasing opportunities for workforce growth; and growing tax revenue and the property tax base. Crowe can help you identify opportunities, overcome barriers, and secure additional funding sources to help support your community growth efforts.
Public-private partnerships. Governments that forge relationships with the private sector can undertake more ambitious projects and tap into new sources of revenue to aid development. Crowe helps governmental officials take a more proactive approach to forming public-private partnerships, including identifying desirable target companies, analyzing the proper mix and level of incentives, and determining the scope and scale of these endeavors.
Strategy and communication. In the current environment, when public scrutiny and opposition to governmental development projects are increasing, Crowe provides vital strategic and communication services to justify the use of public resources in public-private projects. By increasing the accountability and transparency of public-private projects and clearly communicating the benefits of these efforts, we help governments defuse emerging issues and focus on long-term planning.