The Parkville Economic Development Council (EDC) is a not-for-profit organization dedicated to promoting responsible economic development in Parkville, Missouri. It was established in response to the adoption of the Parkville Plan for Progress on September 21, 2010, as outlined in Resolution 09-01-10. The EDC’s mission is to maintain and enhance Parkville’s valued quality of life by fostering economic activity and community improvement. This policy serves as a framework to guide the responsible and strategic use of economic development incentives in alignment with community goals.
The Parkville Plan for Progress provides a foundation for the city's economic development efforts. It emphasizes collaboration between various development organizations, business recruitment and retention, and securing public and private resources to foster sustainable growth. A key component of the Plan is ensuring a fair, consistent, and timely development process while offering responsible opportunities for incentives. This Economic Development Incentive Policy was created to provide structured guidance on how incentives should be used to attract investment while safeguarding the interests of the city and its residents.
This policy establishes general principles for evaluating the necessity and effectiveness of economic development incentives. Incentives should not be granted automatically but rather considered in the context of economic conditions, public priorities, and the potential benefits to the community. By ensuring incentives are applied selectively and strategically, the policy aims to maximize its impact in attracting and retaining businesses, encouraging sustainable growth, and maintaining fiscal responsibility.
Economic development incentives should be used when they are essential to attracting businesses, encouraging development, and fostering economic growth that benefits the community. Their use should be particularly emphasized during economic downturns when stimulation is needed but should be more limited in times of strong growth to ensure responsible fiscal management. The type of incentives utilized will vary depending on the specific project, and they should be structured to provide only the level of support necessary to achieve the desired investment and community benefits. Incentives should always be applied with a balance between private interests and public good, ensuring that taxpayer resources are used effectively.
The method of financing incentives plays a crucial role in determining their viability and potential risk to the city. General obligation bonds, which place the city’s general fund at risk, should only be used in cases where there is a compelling public interest. Public credit enhancements, such as annual appropriation guarantees, should be applied selectively to minimize exposure to financial risk. Whenever possible, public revenue bonds should be used to take advantage of tax-exempt financing that can lower costs and improve project feasibility. Additionally, projects that involve substantial private investment and pay-as-you-go financing should be prioritized, ensuring that incentives are performance-based and aligned with long-term economic sustainability.
To ensure incentives support broader community goals, it is important to engage with key stakeholders, including other taxing districts, from the early stages of the development process. The level of involvement may vary depending on the scope and nature of the project, but maintaining open communication with impacted entities is essential. Furthermore, all projects receiving incentives should be consistent with the city’s master plans and zoning regulations. In cases where an amendment is necessary, the project must demonstrate a clear public benefit that justifies the change.
When determining whether an incentive should be granted, several factors must be considered. Projects that leverage additional funding sources, such as state or federal grants, are particularly valuable as they bring in external resources to support local development. The track record of the developer is also an important consideration, as a history of successful projects can indicate a higher likelihood of long-term success. The level of public investment required, especially in infrastructure improvements, should be weighed carefully to ensure that the benefits outweigh the costs.
Additionally, the location of the project is a key factor. Developments that align with priority growth areas or enhance connectivity within the city provide greater overall value. Economic and fiscal impacts should also be assessed, ensuring that the project generates sufficient public revenue and serves as a catalyst for further investment. The potential for job creation and workforce development is another critical consideration, as projects that bring new employment opportunities contribute directly to the local economy. The level of financial risk to the city must also be minimized, with clear safeguards in place to protect public funds. Finally, projects that contribute to the redevelopment of underutilized properties, improve compliance with modern building codes or provide additional public benefits should be given higher priority.
For any project receiving incentives, a development agreement should be established to outline the scope, expectations, and conditions for receiving and maintaining the incentives. These agreements serve as a safeguard to ensure that projects meet their intended objectives and adhere to the commitments made to the community. By clearly defining performance benchmarks and accountability measures, the city can ensure that incentives lead to meaningful and lasting economic benefits.
While this policy provides a general framework, each incentive request must be evaluated on a case-by-case basis. Market conditions, public priorities, and funding availability will all influence decision-making, and flexibility is essential to ensure that incentives are used in a way that best serves the city’s long-term interests. This approach ensures that economic development incentives are applied strategically, responsibly, and in alignment with Parkville’s vision for growth.