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Responsibly offer and promote a diverse portfolio of competitive incentives that influence business investment in favor of a Yakima location.
Incentives alone do not justify a business location decision. However, communities that provide incentives demonstrate they are business friendly, and if used wisely can be effective tools for tipping the scales in favor of the community when all things are equal or making up the difference when a community lags competitively. Incentives are also valuable in “showing the love” to expanding local businesses so that they choose to expand locally instead of expanding or relocating elsewhere.
Tactics – Incentives
- Gather information on current toolbox of available incentives for Yakima businesses (federal, state, city, SIED, RCDR, utilities, WorkSource, etc.)
- Develop template to gather consistent and comprehensive information on incentives
- Gather information on form of incentive (cash, tax credit, services, etc.), eligibility, timing, process to apply/how to access
- Research and write case studies of Yakima companies who have utilized incentives
- Research what Yakima competitors offer for incentives
- Research what we can change internally, by public vote and what may not be allowed by law
- Determine what adjustment could be made to enhance incentive for local employers. This may require legislation for tweak.
- Review lost projects as to Yakima’s weaknesses to determine if new incentive offerings might impact positively
- Research gaps where Yakima falls behind or has higher development and operational costs than competitors
- Package City permitting services as incentive service offering (i.e. timing, payment deferrals, ombudsman)
- Investigate guarantees for turnaround with complete permit submitted
- Research and write case studies for recent Yakima developments with successful permitting experience
- Package Business‐to‐Business (B‐2‐B) coupons, deals and other offerings for new business locating in Yakima
- Design other incentive offering(s) as allowed by law
- Develop and adopt incentive policy to define criteria for projects that align to Yakima’s goals
- Monitor results of incentives to see if they make an impact toward goals; utilize economic and fiscal impact analysis for award‐worthy projects and defendable scrutiny
- Promote incentives to local employers to raise awareness and help businesses fully utilize
- Develop communications and outreach plan
- Implement communications and outreach plan
- Post information on City, YCDA and other Core Working Group organizations’ websites respectively
- Match incentives to business needs and situation during Business Retention & Expansion visits
Core Working Group – Incentives
|Lead||Yakima County Development Association & City of Yakima – Economic Development Department|
|Team||City of Yakima – City Attorney, Planning Department
Greater Yakima Chamber of Commerce
Hispanic Chamber of Commerce of Yakima
Rural Community Development Resources
Supporting Investments in Economic Development (SIED)
|Resources||Washington State Department of Commerce|