Economic Development, Housing

Question 1

Business Location Profile

Answer 1

Identify which types of industries are expanding and what they are looking for.

Question 2

Revolving Loan Fund

Answer 2

seed money established; loans made and repaid; funds re-loaned to next applicant

Question 3

enterprise zone

Answer 3

economically distressed area; businesses who locate or expand in area can receive tax exemptions and credits (state taxes)

Question 4

empowerment zone

Answer 4

economically distressed; designated by USDA and HUD

businesses in zone can avail themselves of federal grants and tax incentives

businesses get credits for hiring people within that zone.

Question 5

business incubator program

Answer 5

support business start up by providing services (free office space, technical assistance, admin support, marketing)

Question 6

Small Business Administration

Answer 6

Agency of Federal

Loan Programs - guarantees loans made by private lenders

Question 7

Microloans

Answer 7

small, short term loans for start up businesses

funds used for purchse of inventory and supplies, fixtures

Question 8

Downtown Development Authority (DDA)

Answer 8

special taxing district, funds used for improvements

established by vote of residents

Question 9

Business Improvement District (BID)

Answer 9

special assessment district in business areas

funds they collect are for infrastructure improvements or services

created by resolution of government

Question 10

Community Development Corporation (CDCs)

Answer 10

non-profits established for specific purpose

Question 11

Community Redevelopment Agency (CRAs) District

Answer 11

districts created based on finding of slum and blight (data)

adopts redevelopment plan

establishes Redevelopment Trust Fund for deposit of TIF revenues

Question 12

Who can use tax increment financing

Answer 12

municipalities, counties, or designated development agencies

Question 13

What are general requirements for establishing a TIF district`

Answer 13

50% of real property is blighted

any new investment must enhance value of property in the district

development to be financed would not occur without TIF help

Question 14

What are other names for TIF District

Answer 14

Revenue Allocation District (RAD)

Tax Allocation District (TAD)

Tax Increment District (TID)

Tax Increment Reinvestment Zone (TIRZ)

Question 15

Who oversees a TIF

Answer 15

Usually local government or quasi-public authority; state makes sure it complies with state laws

Question 16

Capitalization

Answer 16

sum of a corporations stock, debt, and retained earnings

Question 17

Clawback

Answer 17

provision is a special contractual clause included in some contracts in which money paid to grantees can be clawed back if those conditions aren’t met

Question 18

Multiplier Effect

Answer 18

refers to spillover effect the presence of a particular type of job has on additional local economic activity

Question 19

Tax Abatement

Answer 19

reduction of, or exemption from, taxes granted by a government for a specified period

Question 20

“Main Streets” Program

Answer 20

adopting historic designation; prestige and tax exemptions

Question 21

Trade Area

Answer 21

geography that determines the ability of a project of a particular sector type to compete for residents