The field of economic development grew dramatically during the 1990s, from experimental attempts to attract employers to a sophisticated set of tools regularly used by state and local governments and local chambers of commerce. This completely new version of the classic Financing Economic Development defines the state of the art for the 21st century. With contributions by highly qualified professionals and scholars, the book offers a balanced and comprehensive survey of the major mechanisms for financing economic development today. It explores the details of all the standard developmental tools, such as Tax Incremental Finance districts, angel and venture capital, and tax abatements, as well as newer tools that have proven effective, including micro-enterprise lending, stadium financing, brownfield financing, and revolving loan funds. Tools for rural development finance are also covered, and in addition to describing the various programs and providing examples of how they work, the book also evaluates their relative effectiveness.
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Part 1. Introduction 1. Local Economic Development and Its Finance: An Introduction, Stephen Malpezzi 2. What Public Finance Do State Constitutions Allow? Ferdinand P. Schoettle Part 2. The Developer Pays 3. Tax Incremental Financing in Theory and Practice, Rachel Weber 4. Adding a Stick to the Carrot: Location Incentives with Clawbacks, Larry Ledebur and Douglas Woodward 5. Development Exactions, Michael T. Peddle and Roger K. Dahlstrom Part 3. Public Financing 6. Enterprise Zone Incentives: How Effective Are They? Alan Peters and Peter Fisher 7. The Efficacy of Local Economic Development Incentives, Rod Hissong 8. Incentives and Economic Development: The Case of BMW in South Carolina, Donald Schunk and Douglas Woodward 9. Revolving Loan Funds, Kelly Robinson 10. Financing Neighborhood Businesses: Collaborative Strategies, Beverly McLean and James Bates Part 4. Special Situations 11. Urban Tourism and Financing Professional Sports Facilities, Ziona Austrian and Mark S. Rosentraub 12. Financing Redevelopment of Brownfields, Peter B. Meyer and Kristen R. Yount 13. Financing Public Investment in Retail Development, William M. Bowen, Kimberly Winson, and Robert Simons 14. Rural Economic Development, John Magill Part 5. Private Finance 15. Use of Bank Credit to Finance Small Businesses, Timothy Bates 16. Business Angels, Adam Bock 17. Venture Capital, David E. Arnstein
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