What is local economic development? How does New Boston go about economic development?
As you read on, these two questions which will be answered in this article. Local economic development in the most succinct definition is a process that aims to improve a community’s economic well-being and quality of life; it involves encouraging business growth, creating jobs, and increasing investments in a local area. To perform the preceding actions, New Boston citizens have voted to tax themselves one half percent for two different economic development corporations (EDC) to head up our local economic development efforts.
These two different EDCs are the Special Industrial Development Corporation (SIDC) and Community Development Corporation (CDC). SIDC was formed in 1990 and is a Type A corporation. CDC was adopted in 2017 and is a Type B corporation. Type A EDCs are for industrial and manufacturing development incentivization. Type B EDCs are for more retail, quality of life projects and can incentivize manufacturing. These two EDCs in New Boston use tax dollars to recruit new businesses, work with existing businesses to keep them in our community or to expand, provide quality of life projects such as parks and splash pads.
