Local Economic Development and the City

Bovaird, Tony

doi:10.1080/00420989220080481

Cited by 17 publications

(8 citation statements)

References 69 publications

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“…According to some policy analysts (Bartik 1990;Bovaird 1992), state and local governments use development policies to correct private market failures, such as involuntary unemployment and underemployment, and restructure a local economy. The increasing use of development programs in the 1980s perhaps attributed to the rise in unemployment in certain localities.…”

Section: Data and Specificationmentioning

confidence: 99%

Tax Increment Financing: Municipal Adoption and Effects On Property Value Growth

Man

Rosentraub

1998

Public Finance Review

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Tax increment financing (TIF) has been adopted widely by municipalities in the United States as an economic development tool. Despite the large number of state initiatives and TIF's increasing popularity, few statistical studies have been conducted to examine the direct effect of the TIF program from an economic perspective. This article analyzes the effect of TIF plans on property value growth by comparing pre-TIF to post-TIF property value changes in a first-difference model. The empirical results from a panel of Indiana cities indicate that the TIF program has increased median owner-occupied housing values in a TIF-adopting city by 11% relative to what it would have been without TIF. This finding suggests that the TIF program effectively stimulates property value growth in an entire community.Over the past few decades, state and local governments have provided various tax and financial incentives in an attempt to stimulate local economic development. One of the most popular local development tools is tax increment financing (TIF). TIF has been used primarily as a means to pay for the public investments or improvements (i.e., water and sewer lines, streets, lighting, parking lots, land procurement, etc.) needed to attract economic development or retain businesses that are seeking to expand. The TIF program largely freezes the assessed valuation of all parcels in a designated area (the TIF district). Property taxes levied on this frozen tax base continue to accrue to local taxing bodies. Taxes produced from the increases in AUTHORS' NOTE: We thank Norman Walzer, John Mikesell, Kurt Zom, Bob Kirk, and two anonymous referees for their very helpful comments on an earlier version of this article. We are indebted to the Center for Urban Policy and the Environment at Indiana University (Indianapolis) for financial and other support. Any remaining errors are our own.

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Section: Data and Specificationmentioning

confidence: 99%

Tax Increment Financing: Municipal Adoption and Effects On Property Value Growth

Man

Rosentraub

1998

Public Finance Review

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“…Indeed, all three categories of councils are heavily involved in these initiatives. Table 1 strongly bears out the results of earlier studies on the continued popularity of local council involvement in sites and premises policy (Mills and Young, 1986;Sellgren, 1987Sellgren, , 1989Sellgren, , 1991Bovaird, 1992). The provision of sites as a policy seems to have stabilized in terms of the numbers of councils involved (Armstrong and Izadi, 1994).…”

Section: T H E D a T A S E T U T I L I Z E Dmentioning

confidence: 61%

A comparison of the economic development policies of county, metropolitan and non-metropolitan district councils

Armstrong

Izadi

1994

Applied Economics

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“…This occurs against a backdrop in which the central state itself is dealing with an ongoing redefinition of its powers and role within advanced capitalism (Pooley, 1991;Tickell and Peck, 1992). As the discussion of Newcastle's experience reveals, these redefinitions have exposed the scope for clashes of local priorities with state and national agendas (Bovaird, 1992).…”

Section: The Emergence Of the Entrepreneurial Citymentioning

confidence: 99%

Entrepreneurial Approaches to Urban Decline: The Honeysuckle Redevelopment in Inner Newcastle, New South Wales

1996

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Global changes in production and consumption, and the resulting competition between places for investment flows, have encouraged the emergence of the 'entrepreneurial state'. This paper focuses on the Honeysuckle redevelopment in Newcastle, New South Wales. This case study of active entrepreneurialism, aimed at promoting Newcastle's interurban competitiveness through material and symbolic reconstructions, reveals the changes wrought by an entrepreneurial approach to the style and content of city government and politics. The Honeysuckle Development Corporation operates at the juncture between federal, state, and local government engagement with capital in the attempt to address the local impacts of economic restructuring. It provides an important case study of the shifting parameters of the relationship between various tiers of the state, and between these tiers and the interests of capital in contemporary urban redevelopment. It also addresses the problematic questions of sustainability, accountability, and equity in urban entrepreneurialism, while providing a long-overdue empirical study of Newcastle.

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Local Economic Development and the City

Cited by 17 publications

References 69 publications

Tax Increment Financing: Municipal Adoption and Effects On Property Value Growth

Tax Increment Financing: Municipal Adoption and Effects On Property Value Growth

A comparison of the economic development policies of county, metropolitan and non-metropolitan district councils

Entrepreneurial Approaches to Urban Decline: The Honeysuckle Redevelopment in Inner Newcastle, New South Wales

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