GPS 4.0 Community Narrative
Economic Development Impact Studies are most often used to justify the receipt of government incentives based upon the future tax revenues and economic output of a proposed project. The idea that government subsidies can be justified merely be presenting numbers showing the project will generate more taxes than the incentives requested and that companies are “entitled” to a rebate of a substantial amount of these future taxes has become a relic reminiscent of decades old myopic consulting groupthink.
Traditional “impact studies” provide an in-depth analyses outlining project outputs yet all but ignore the omnipresence of social and mainstream media scrutiny and skepticism. Additionally, the prioritization of corporate & social responsibility among taxpayers, institutional investors, corporate boards and elected officials mandates corporations take proactive, long-term and holistic approach to seeking government incentives. One that includes but also goes well above & beyond articulating theoretical future economic impacts on a spreadsheet.
GPS Economic Development 4.0 Community Narratives addresses head on the questions and concerns that are on the minds of public stakeholders informing and shaping opinions rather than reacting to them. When companies emphasize jobs and investments associated in an effort to maximize public subsidies and ignore the pleas among citizens, civic organizations and public officials to discuss how a project will impact their lives, local businesses and communities everyone loses. When companies clearly articulate in their own words economic and tax benefits to a community as well as commitments to philanthropy, environmental stewardship, innovation, education, workforce development then everyone wins.