Guiding Economic Development Strategies

Scenario: This Columbus, Ohio suburb seeks to more accurately forecast property and income tax revenue for alternative development scenarios.

Challenge

  1. Create a tool that local government can use to “test” economic consequences of different planning and zoning strategies
  2. Account for the impact of tax abatements so that officials can better determine the true cost-benefit of development incentives

What CGR Delivered

Expert analytical support and impact analysis, encompassing:          

  • Development of a methodology for forecasting tax revenue likely to be generated by different kinds / rates of development
  • Data and analysis to inform local leaders’ economic development strategies and refine  principles around:
    • matching tax revenues to service levels, and
    • maximizing revenue streams per acre of land development

Result and Impact

  • CGR delivered a “Fiscal Impact and Economic Development Plan” that incorporated significant components of our analytical findings
  • CGR’s work was the catalyst for local government to create a plan to guide development, stimulate new investment and retain / expand existing business activity