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VIEWPOINT
With Amazon's much-publicized selection of the New York City and Washington, D.C., areas for its second headquarters, economic development incentive policies are being scrutinized more than ever. It is vitally important for communities, regions and states to give critical thought to these policies.
Flexibility, reasonability, accountability and transparency are all important factors to consider when taking a long-term view of incentives and entering into a public-private partnership. By asking questions, reflecting on current and emerging incentive-related issues, and taking into consideration the interests of all parties, a community/region/ state can effectively position itself for long-term success.
Having solid policies in place ensures that leaders do not have to start from scratch every time a new project presents itself. Predetermined policies that reflect a geographic area's top priorities create an environment that allows successful public-private partnerships for economic development projects. Due to the financial investment being made, it is vital that policies allow for...