Glossary Terms - CW - Short

Question 1

Absolute Advantage

Answer 1

Compares 2 economies
1 economy can produce more of a product, simply because it has more resources.

Question 2

Ad Valorem Tax

Answer 2

Tax levied on the value of a taxed item

Question 3

Adaptive Reuse

Answer 3

rehab of old property for new purpose

Question 4

AFDC (Aid to Families w/ Dependent Children

Answer 4

income assistance to low-moderate income families
replaced TANF

Question 5

Amortization

Answer 5

liquidation of debt
via schedule of payments

Question 6

Anchor/Key Tenant

Answer 6

largest tenant
(lease) instrumental in securing project financing
& attracting other tenants

Question 7

Affordable Housing

Answer 7

consumes no more than 30% of household income

Question 8

Angel Investor

Answer 8

provides equity investment to start-ups

Question 9

Assessed valuation

Answer 9

monetary worth of a property for the purposes of taxation

Question 10

Assets

Answer 10

Business property acquired at measurable cost
use is related to business operations

Question 11

BOTS

Answer 11

Process where private company finances, builds, operates infrastructure system
Gov plays regulatory & oversight role
At end of project (15-25 yrs) system transferred back to gov

Question 12

Bankable

Answer 12

person who qualifies for loan at commercial

Question 13

Base Industries

Answer 13

export/primary industries
sell or export products/services outside the community
increase ‘new’ dollars spent on non-base industries

Question 14

Benchmarking

Answer 14

quantifiable measures of economic competitiveness & quality of life
collected on a regular basis
measures region status/progress against comparative region

Question 15

Bond

Answer 15

certificate of debt issued by gov or corporation
guarantees payment + interest by specified date

Question 16

Bond Banks

Answer 16

State agencies
assist local gov in acquiring capital financing through debt issuance

Question 17

Bond Rating

Answer 17

estimation of creditworthiness of a corporation or gov unit
AAA = most credit worthy borrowers

Question 18

Brownfields

Answer 18

abandoned or underutilized commercial or industrial sites
have real or perceived contamination

Question 19

Business Assistance Center

Answer 19

one stop center
streamlines local permitting, licensing, and fee payment processes
facilitates decision-making process

Question 20

Business Climate

Answer 20

attitude of local gov toward business
attitude of labor force & local business networks

Question 21

Business Incubator

Answer 21

nurtures & supports young companies
provides space, technical assistance, equity & long-term financing, employment
Three basic objectives:
1) spur tech-based development
2) diversify local economy
3) revitalize community

Question 22

Business Improvement Districts

Answer 22

legally defined entity where assessment or tax is levied for capital or operating improvements
supplements city funding
created by public law or ordinance

Question 23

Business Recruitment & Attraction

Answer 23

-Traditional approach to ED
-get company to relocate or expand
-smokestack chasing

Question 24

Central Business District

Answer 24

area where highest concentration of businesses are in locality

Question 25

Community Development Block Grant

Answer 25

-Title 1 Housing & Community Devlpt. Act 1974 -Replaces 8 grant/loan programs -communities w/more than 50K entitled to get funding -less than 50k apply for discretionary funds -purpose: broad comm. dev. projects/expand housing to low/mod income persons

Question 26

Community Development Corporation

Answer 26

-non-profit 501 c 3 -obtains fed/private support -governed by locals through BOD

Question 27

Bank-Sponsored Community Development Corporations

Answer 27

-way for banks to contribute to economic revitalization -by investing in biz/real estate that benefits low-mod income

Question 28

Certified Development Corporation

Answer 28

-Originating & administering body for SBA 504 loan program -provides long-term fixed rate financing -to small biz for real estate, machinery, equip to expand /modernize facilities

Question 29

Community Development Financial Institution

Answer 29

-works in market niche not adequately served by traditional fin. institutions -provide mortgage/commercial/etc. to low-income -must engage in comm develop, serve target pop, provide $$, and have comm rep on BOD -non-governmental

Question 30

Community Housing Affordability Strategy

Answer 30

-federally mandated 5 yr low/mod income plan -describes needs/strategies/resources -required for state/local gov to get fed housing $$

Question 31

Community Housing Development Organization

Answer 31

-Fed defined non-profit -provides low-mod income housing -eligible for 15% of HOME funds for housing development & 5% for operational costs

Question 32

Community Reuse Organization

Answer 32

oversees transition of Dept. Energy faciity from gov - civilian use

Question 33

Capacity Building

Answer 33

helps comm based neighborhood organization to design ED strategies -using tech assistance, networks/conferences/workshops

Question 34

Capital Costs

Answer 34

cost of investment in physical improvements/infrastructure/equip etc.

Question 35

Capital Projects Fund

Answer 35

money that accounts for acquisition of capital facilities can be raised through bonds/grants

Question 36

Cap Rate

Answer 36

rate of return that deems investment in development project reasonable

Question 37

Cash Flow

Answer 37

-Statement showing total cash receipts/disbursements -for a specific period in time

Question 38

Clawbacks

Answer 38

punitive steps taken against a firm that breaks contract w/locality

Question 39

Comparative Advantage

Answer 39

-compares economies of regions -produces a product more efficiently leading to higher opportunity cost

Question 40

Competitive Niche

Answer 40

market business/region performs well in

Question 41

Comprehensive Environmental Response, Compensation & Liability Act

Answer 41

sites w/ worst environmental damage put on NPL.

Question 42

Consolidated Plan

Answer 42

combines all planning/ application/performance requirements required for programs that require CHAS

Question 43

Cost Benefit Analysis

Answer 43

evaluates profitability of alternative uses of resources

Question 44

Cost Effective Analysis

Answer 44

compares alternative projects/plans to determine cheapest way to achieve goals

Question 45

Council-Manager

Answer 45

-form of city gov -admin authority = professional manager hired by elected council -mayoral duties ceremonial

Question 46

Mayor-Council

Answer 46

-system of city gov -separates legislative & executive power -mayor can have exec powers or powers dispersed to separate agencies