Pardon Our Dust
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In part two of an article series for the Michigan Economic Developers Association, McGuireWoods Consulting senior vice president and director infrastructure and economic development, Chris Lloyd, expounded on the importance of due diligence in winning the war against economic development.
“Because economic development professionals are eternal optimists, we often trust, but sometimes fail to verify,” he wrote.
Lloyd detailed a case where several companies received millions in tax incentives from a state after threatening relocation, but no one had verified the claims of relocation.
“Due diligence is absolutely vital to preserving the trust that citizens have placed in us to help grow the economy,” he said.
Implementing certain policies to independently verify claims and requests from companies is important.
“In the end, you may still come to the same conclusions and be willing to partner with the company,” Lloyd noted. “But at least you have a verified trail of inquiries to protect yourself and your community.”