Economic Development as a Path to Policy Change

Economic development is usually framed as a financing tool — grants, low-cost financing, tax abatements. But the relationships built through that work can do something more valuable: open doors to regulatory and policy change that benefit a project long after the incentives close. Prosody has used those relationships to help clients realign environmental regulations, defuse neighbor tensions, and thread the needle between a growing industrial facility and the community around it. That’s the “Listen. Connect. Solve.” philosophy in practice.

The benefits run deeper than the government’s pocketbook

Economic development primarily exists to incentivize investment through no- or low-cost financing, grants, tax abatements, and the like. But it can be so much more. The contacts and credibility built during economic-development efforts create the ability to influence other regulatory mechanisms in a client’s favor.

For one of Prosody’s clients, that meant working to align state and federal air-quality policy and procedures — a regulatory outcome, not just a financial one. It’s a familiar story to any growing business: sometimes your project butts up against urban expansion and redevelopment. When that happens to an existing industrial facility — leaving it in the middle of a residential neighborhood — there’s little chance you’ll avoid neighborhood impact, no matter how good your intentions.

Defusing the tensions inherent in that situation requires authentic, empathetic engagement with stakeholders at every level — neighbors, local leaders, and government officials. Threading the needle to find a common path forward depends on listening with a problem-solving mindset, defining potential solutions, and working reasonably toward a mutually agreeable end. As we like to say, this isn’t an event; it’s a process — one Prosody has deployed on countless occasions to help clients get what they need while providing the sounding board neighbors rightly demand.

Prosody can’t guarantee that any client gets everything they want. But our “boots on the ground” approach, married to “Listen. Connect. Solve.,” gives you the best chance at the results you’re after.

Related reading

• The New Grant Criteria Aren’t ‘Check-the-Box’
• It’s Always Government Finance Season
• Avoiding Government Finance Program Risks

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