Economic Development Corporations
An economic development corporation (EDC) is established via an ordinance of your local Mayor and Council creating a non-profit corporation whose mission is to assist in the commerce and economic development of the community by broadening the local tax base. An EDC can be an umbrella organization where Improvement Districts and enterprise zones can be administered and managed.
An EDC works to assist small businesses, spur real estate development, and retain jobs in your community. An EDC can make loans, provides capital, offers training for business owners, and aids in securing grants and alternative funding.
By working with local government and developers the EDC may become the development arm for a public/private partnership; coordinating investment, grants, tax incentives and actual construction.