2. GFMEDC sales tax proposal - Laserfiche WebLink

Executive Summary In January 2006 the Greater Fargo Moorhead Economic Develop- ment Corporation embarked on a community-led strategic planning initiative driven by the need for a new vision for growth in the region - a vision that cen- ters on high-paying jobs for Greater Fargo Moorhead residents and better positioning the community to compete and win on a global playing field. This document represents the synthesis of over eighteen months of research, discussion, and deliberation that culmi- nated in the creation of the Greater Fargo Moorhead Growth Plan. With this plan we will make Greater Fargo Moorhead a national leader and a model for other communities to take charge of their own, and the nation's, economic future. The Greater Fargo Moorhead economy has performed solidly in recent years. However, economists predict slowing growth, and in some instances decline, in population, in- migration, income, and employment. These economists cite the region's mature economy and lack of an emerging growth sector that will drive future economic growth as the major reasons for decline. While growth in the past has been organic, in the future it will be the result of strategic investments in high-growth industries in which the community is com- petitive or can build the capacity to be competitive. Success will also rely on attracting mi- grants to the community and retaining those who are already here with high quality, high wage jobs. Part I more distinctly describes the economic review and analysis that led to this assessment and resulting intervention. Creating a new vision for growth in the community involved the ideas of dozens of busi- ness and community leaders, educators at the primary, secondary and higher education levels, and members of the public sector. Research and planning began with experts in industry, research and academia examining broad sectors of the U.S. and global economy with the greatest potential for growth and high-paying jobs: industries in the life sciences, physical sciences, and information technology. Through extensive research and discus- sion, three specific technologies emerged as most promising: embedded systems, vac- cine development and biomedical device technologies. All three (and any others that will be identified in the future) are characterized by high wages, high job growth and a solid base of existing competency in Greater Fargo Moorhead. Part II defines these targeted growth sectors in greater detail and presents some of the careers and salaries associated with them. Site selection for Greater Fargo Moorhead's traditional economic base revolved around cost-driven factors like taxes and wages, and access to interstate highways. Site location for businesses in emerging growth sectors are driven by different criteria, specifically ac- cess to a critical mass of intellectual infrastructure. Throughout the process, strategic planners identified five critical components to better position Greater Fargo Moorhead to compete with winning communities: