Frequently Asked Questions

Economic development and incentives can be cumbersome. Whether a company is ready to expand or needs more information about incentives available in a particular region, Bingham EDA team members are available for consultation.

Why hire a consultant?
While there is no doubt that you know your business better than anyone, there are many factors beyond your business model to consider when making a strategic location decision. Incentives can play a major role in reducing project costs. A thorough labor force analysis can help ensure the new facility has the right workers at the right price, helping you avoid costly turnover. The multitude of details surrounding utility costs, tax structure and local regulations on can also be analyzed, eliminating surprises and costly delays. This type of analysis takes time - time away from your core business that you probably can't afford. In short, hiring a consultant can help you minimize risk and maximize return from your new facility.

How do I choose a consultant?
Look for a well-rounded firm that has experience in all aspects of economic development. Professionals should have a strong resume, built by working on both the private side and the public side of development. Finding common ground between the profit-maximization goals of private sector businesses and the desire of local government to create tax base and jobs is the ultimate goal. A good consultant will strive for a "win-win" situation in which both parties can prosper.

How do I ensure that I receive the incentives I am promised?
Incentive programs are created by state and local governments with the best of intentions - to attract business investment and create jobs. However, like most initiatives that involve public money and input, strong controls must be put in place to ensure that the funds are utilized property. These controls often make it difficult for first-time users to navigate the system. Hiring a consultant that works with these programs regularly can greatly reduce the internal staff time involved, minimize frustration and maximize returns.

I hear the term frequently, but I don't exactly know what it means. What is economic development?
Economic development is essentially the creation of jobs and wealth in a community. When businesses invest in facilities and equipment, they create tax base in a community. This tax base supports public services like safety and education. The jobs created by these employers create opportunities for residents. Competition for these jobs and investment is global. Communities make their own investment by providing incentives to attract these businesses. In a successful project, everyone wins - the community, its citizens and the business.