Rep. Darrell Pollock (R-146, Lebanon) has filed MEDC's Regional Economic Development District bill that will allow economic development professionals and city and county leaders to use a broader, regional approach to economic development projects that benefit an entire region. The bill is HB 688.The legislation will allow smaller communities to band together to achieve more than they can achieve on their own. If successful, this legislation will allow city and county governments to cooperate in forming districts, similar to transportation development districts, for economic development purposes. Like transportation development districts, the entire region would benefit from projects undertaken by the districts and financing would be provided by taxes generated within the district. An example of a practical use for this approach is a regional airport or convention center that may attract industry to an entire region.
The MEDC has included this legislation in our legislative package for 2007 and we are excited Rep. Pollock has decided to champion this legislation for us. Rep. Pollock was instrumental in sponsoring and passing the local economic development sales tax in 2005.
