What is an Economic Development Prospect Really Looking For?

Joe Hines, PE, MBA By: Joe Hines, PE, MBA

Let’s get down to brass tacks!  What is a prospect really looking for when he shows up on your site?  Based upon our experience, we have boiled it down to three common elements for each prospect and/or site selection consultant:

  • First – Elimination of unknowns – what is out there that can trip up their project and cause it to come to a screeching halt if they choose your site.
  • Second – Certainty of Schedule – can they acquire permits in time, can service providers meet there schedule, does the property need to be rezoned, is there a public process involved?  Anything that could potentially delay the project.
  • Third – Control of Development Costs – can they reasonably assess their costs for development of the site, to include costs of grading,  costs of environmental impacts, costs of utilities,  etc.

At this stage, It’s all about REDUCING, MINIMIZING OR ELIMINATING THEIR RISK for moving the project forward.

We’ll talk about these three elements in more detail in the next few posts.