Glossary Terms - CW - Short Flashcards
Absolute Advantage
Compares 2 economies
1 economy can produce more of a product, simply because it has more resources.
Ad Valorem Tax
Tax levied on the value of a taxed item
Adaptive Reuse
rehab of old property for new purpose
AFDC (Aid to Families w/ Dependent Children
income assistance to low-moderate income families
replaced TANF
Amortization
liquidation of debt
via schedule of payments
Anchor/Key Tenant
largest tenant
(lease) instrumental in securing project financing
& attracting other tenants
Affordable Housing
consumes no more than 30% of household income
Angel Investor
provides equity investment to start-ups
Assessed valuation
monetary worth of a property for the purposes of taxation
Assets
Business property acquired at measurable cost
use is related to business operations
BOTS
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
Bankable
person who qualifies for loan at commercial
Base Industries
export/primary industries
sell or export products/services outside the community
increase ‘new’ dollars spent on non-base industries
Benchmarking
quantifiable measures of economic competitiveness & quality of life
collected on a regular basis
measures region status/progress against comparative region
Bond
certificate of debt issued by gov or corporation
guarantees payment + interest by specified date
Bond Banks
State agencies
assist local gov in acquiring capital financing through debt issuance
Bond Rating
estimation of creditworthiness of a corporation or gov unit
AAA = most credit worthy borrowers
Brownfields
abandoned or underutilized commercial or industrial sites
have real or perceived contamination
Business Assistance Center
one stop center
streamlines local permitting, licensing, and fee payment processes
facilitates decision-making process
Business Climate
attitude of local gov toward business
attitude of labor force & local business networks
Business Incubator
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
Business Improvement Districts
legally defined entity where assessment or tax is levied for capital or operating improvements
supplements city funding
created by public law or ordinance
Business Recruitment & Attraction
-Traditional approach to ED
-get company to relocate or expand
-smokestack chasing
Central Business District
area where highest concentration of businesses are in locality
Community Development Block Grant
-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
Community Development Corporation
-non-profit 501 c 3
-obtains fed/private support
-governed by locals through BOD
Bank-Sponsored Community Development Corporations
-way for banks to contribute to economic revitalization
-by investing in biz/real estate that benefits low-mod income
Certified Development Corporation
-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
Community Development Financial Institution
-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 $$, and have comm rep on BOD
-non-governmental
Community Housing Affordability Strategy
-federally mandated 5 yr low/mod income plan
-describes needs/strategies/resources
-required for state/local gov to get fed housing $$
Community Housing Development Organization
-Fed defined non-profit
-provides low-mod income housing
-eligible for 15% of HOME funds for housing development & 5% for operational costs
Community Reuse Organization
oversees transition of Dept. Energy faciity from gov - civilian use
Capacity Building
helps comm based neighborhood organization to design ED strategies
-using tech assistance, networks/conferences/workshops
Capital Costs
cost of investment in physical improvements/infrastructure/equip etc.
Capital Projects Fund
money that accounts for acquisition of capital facilities
can be raised through bonds/grants
Cap Rate
rate of return that deems investment in development project reasonable
Cash Flow
-Statement showing total cash receipts/disbursements
-for a specific period in time
Clawbacks
punitive steps taken against a firm that breaks contract w/locality
Comparative Advantage
-compares economies of regions
-produces a product more efficiently leading to higher opportunity cost
Competitive Niche
market business/region performs well in
Comprehensive Environmental Response, Compensation & Liability Act
sites w/ worst environmental damage put on NPL.
Consolidated Plan
combines all planning/ application/performance requirements required for programs that require CHAS
Cost Benefit Analysis
evaluates profitability of alternative uses of resources
Cost Effective Analysis
compares alternative projects/plans to determine cheapest way to achieve goals
Council-Manager
-form of city gov
-admin authority = professional manager hired by elected council
-mayoral duties ceremonial
Mayor-Council
-system of city gov
-separates legislative & executive power
-mayor can have exec powers or powers dispersed to separate agencies
