On April 23, members and representatives from across Northwest Indiana’s economic and development communities gathered at Purdue North Central to listen to experts discuss strategic investment in economic development and exploring ways to build economically competitive communities in Northwest Indiana.
“The purpose for gathering you all here today is to educate community members and group leaders,” says President and CEO of Northwest Indiana Forum Heather Ennis. “Economic development is a very competitive process and putting our best foot forward is critically important.”
Two guest speakers spoke to guests about the various intricacies and knowledge of bringing and sustaining business in Northwest Indiana: Director of the Northwest Region for Indiana Economic Development Corporation (IEDC) Jim Staton and Krieg DeVault, LLP Public Finance Chairman Kostas Poulakidas.
Staton presented many compelling reasons on why businesses could find success in Indiana with many reasons going back to effective financial management.
“We’re the most intensive manufacture state and we have a disciplined state government,” says Staton. “Our state has a balanced budget, low levels of debt and no looming liabilities.”
Staton also mentioned that location and also has played a large part in Indiana’s previous and future successes.
“We’re close to Chicago and that helps us on a national and international level. We’re called the Crossroads of America because we’re in the middle of everything including our three ports and that’s great for business.”
Staton then went on to describe how the IEDC assists business to thrive and succeed not only in Indiana, but on a global level as well.
“We’re here to make the business case for Indiana, we’re currently working to promote in countries like Germany and Japan.”
IEDC works with marketing and outside sales, site selection, incentives and financing, regulatory assistance as well as research duties and media relations.
“With media relations we want to work with you for a coordinated press release from local businesses to worldwide businesses,” says Staton. “We want to connect Indiana with the world.” Poulakidas presented information regarding economic development incentives and strategies with a focus on tax increment financing (TIF), private-public partnerships (P3) and project financing.
“It is very important to developing an economic development infrastructure that supports and sustains itself,” says Poulakidas. “Through this, it brings value and jobs to communities.” When talking about tools like TIF and Joint Economic Development Projects, it was stressed that extensive research and knowledge of exactly what a person wants for their business is essential.
“TIF is an economic development tool and it’s important to research and bring the right tool to each situation and know how to use these different tools and revenue streams,” says Poulakidas. Staton also agrees with this statement.
“It’s important to do tons of diligent research so we can work with you with our own background research and cost comparisons to achieve the best results.”
Despite the variety of topics covered, one theme always remained consistent. By being aware of the fundamentals of economic development and understanding options when it comes to the best practices, community and economic leaders can pursue options that not only benefit local communities, but the entire state of Indiana as well.