Economic Development Blog

Economic Development Organizations are delivering more value than ever before to corporate real estate executives - as a direct result of training and focus on results.

Managing an EDO (economic development organization) isn’t easy, and, in today’s economy, financing one is even more difficult. Recently, Chris Manheim, President of Manheim Solutions, Inc. and CoreNet Global-Chicago Chapter’s Economic Development Committee Chairman, was an instructor for the International Economic Development Council’s (IEDC) “Managing Economic Development Organizations” in Lousiville, Ky. Chris joined Dr. David Kolzow, President of Team Kolzow, Inc., headquartered in Franklin, TN.

Chris and David first worked together in Chicago back about 1983. At the time, David was working as an management consultant with PHH Fantus and Chris just completed post-graduate studies in Public Policy Analysis at UIC.

One of the training’s main points:  every real estate professional or service provider should be aware of what an Economic Development Organization can do for them. Most of the Chicago Metro counties have an EDO, typically, a public-private partnership. You should consider becoming an investor in these EDOs, your budget permitting. The information and networking will make it more than worth your while.

Here are five things corporate real estate executives should know about how Economic Development Organizations can  assist in accomplishing corporate real estate objectives.

How CREs can use EDOs:

1. Site Information.  Readily available community information on the EDO’s website, including buildings and sites that you may not be aware of.
2. Contacts.  An ‘insider’s’ network of contacts to community officials and leaders.
3. Approvals.  An EDO may be able to ‘fast-track’ municipal approvals for your project, if it produces quality jobs or other bottom-line criteria the EDO is seeking.
4. Financing.  The EDOs typically have revolving loan funds and access to TIF and SSA financing.  (TIF = Tax Increment Financing; SSA = Special Service Area)
5. Government Resources.  The EDO works in partnership with state and federal agencies.

For more information about EDOs, contact Chris Manheim at chris@manheimsolutions.com. Or call 847.691.0008.