2020 TSEP Success Report

TSEP Success Report - 2020

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TYPES OF ECONOMIC DEVELOPMENT In economic development, one size does not fit all. It is an umbrella term that encompasses encouraging and promoting many types of development activity, each with its own needs, challenges, and opportunities. 8

TSEP has been engaged in industrial development since its creation in 1983, and starting in 1990, it eventually added commu- nity, international, real estate, and infrastructure development as well. In 2014, downtown development was added as a core activity, with the integration of Tiffin Tomorrow, the hiring of Amy Reinhart, and then Main Street certification in 2015. In 2016, workforce development was added with the creation of the first strategic plan. In 2017, technology-based development was added with the initial work on the Ohio Partnership for Water, Industrial, and Cyber Security (OPWICS). Entrepreneurship and rural development became core activities in 2019, with the creation of a Development Manager focusing on those areas and the hiring of Audrey Flood.

INDUSTRIAL

COMMERCIAL DOWNTOWN WORKFORCE

Industrial development is where economic develop- ment started as a profession, with a focus on attracting manufacturing, logistics, wholesale, and other indus- trial companies and helping them grow. They tend to be larger employers and make larger investments, generat- ing significant income and property tax revenue.

Also known as entrepre- neurship, small business development focuses on creating an ecosystem that promotes more start-up and small business activity and growth in a commu- nity. It includes counseling, assistance in obtaining capital, the development and promotion of small business programs, and other various resources. Commercial development is important to quality of life, and includes retail, restau- rants, office, healthcare, and other service businesses. Commercial development is the primary generator of sales tax in Seneca County and is also critical in creat- ing a community where people want to live. SMALL BUSINESS

Downtown revitalization is a larger term that includes downtown development – both economic and com- munity – as well as activities designed to draw people downtown (marketing and events), strengthen existing businesses, and make it visu- ally more attractive.

Workforce development en- compasses project-oriented employee recruitment and training assistance, helping them attract, develop, and retain the necessary talent. It also includes long-term efforts to build a pipeline of available talent to en- able business growth and expansion.

COMMUNITY

RURAL

OTHER

Rural development is the intentional focus on assist- ing villages and townships identify their assets, advan- tages, and priorities, and developing and implement- ing customized approaches to facilitating and promot- ing desired development within that context. It also involves assisting rural businesses and helping re- vitalize village downtowns.

There are a number of other types of economic development with which TSEP is involved. These include the development of industrial parks and buildings, infrastructure, programs, policies, tech- nology, international busi- ness, as well as managing the organization.

Community development focuses on public-use pro- jects like parks and recrea- tion, education and schools, housing, the environment, transportation and infra- structure, healthcare and safety services, and other as- sets, resources, and facilities that generate no positive, net tax revenue but are criti- cal for quality of life.

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