Strategically Sound Economic Development Elements 
Economic Development Practitioners work at many different levels on a wide variety of activities, from the federal government to local municipalities and not-for-profit organizations. They craft policies, secure grants, and other financial resources, negotiate public-private partnerships, and manage real estate development projects. 

MCG utilizes eight key economic development strategies to ensure our clients are looking at a project from a 360-degree perspective. This will put them in a position for maximum return on investment (ROI) and while positioning them for growth.
  1. New Business Development/Entrepreneurship
    Business recruitment is by far the most common focus of economic development organizations. Virtually every economic development organization (EDO), small or large, has a focus on recruiting new jobs.
  2. Business Retention and Expansion
  3. Redevelopment
  4. Tax Increment Financing (TIF) Alternatives
    Tax Increment Financing (TIF) is a tool that generates economic development revenue through a special district that captures additional tax revenue generated from various economic development and real estate development projects.
  5. Client Workforce Development/Operations
    Many occupations have become increasingly specialized, and aligning a skilled workforce with employment opportunities has become a vital component of economic development.
  6. Tax Base Expansion & Diversification
    The recent Great Recession put a spotlight on the importance of managing the local tax base. Declining residential and commercial property value has resulted in lower municipal revenue to cover services, payroll, and investment in economic development.
  7. Community Development
    The fields of economic development and community development – the practice of building community through affordable housing, citizen involvement, social integration and poltical empowerment
  8. New Business Development/Entrepreneurship
    Small and emerging new enterprises can create significant employment and wealth generations for communities. These businesses can also help to diversify local economies. Considering the continuing evolution of technology, coupled with high speed internet connectivity, small businesses have the freedom to operation their businesses at the local of choice.
Business retention and expansion (BRE) consists of activities related to retaining and
expanding local employers. The implementation of BRE activities by EDOs is far less
prevalent than business recruitment, despite studies that show that the majority of
job creation takes place through the expansion of existing businesses in a community
rather than those attracted to a community.
The construction or rehabilitation of property that was previously developed has
become an increasingly important economic development objective. 
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