One of my roles at Decklan Group is navigating businesses through the confusing processes and paperwork governments require for a particular project. Whether you need a Conditional Use Permit (CUP) just to operate (anyone try to open a car dealership or home based business lately?), or a Tax Increment Financing (TIF) application with required attachments that will make your head spin; the time commitment alone can be daunting.
You may be asking yourself, “how much time can these applications really take?” Instead of giving you a canned “ballpark” figure, I thought I would use one of our current clients as an example. This particular manufacturer built a new building in a city owned business park utilizing various financing incentives, purchase agreements, and grants, this client has a total hour figure towards the upper end of average. These are the tasks navigated by Decklan Group on behalf of the client;
- City owned property purchase
- Wetland Mitigation
- Wetland Mitigation Grant
- Forgivable Loan Application
- Revolving Loan Application
- Tax Abatement Application
- Tax Increment Financing Application
- Conditional Use Permit
All of these forms require accuracy, patience, conversations with countless stakeholders, and multiple public hearings and/or meetings. Can you guess what this project added up to? If you guessed somewhere in the neighborhood of 125 hours you were spot on! Now keep in mind that 125 hours was someone who knows the application process, has the political connections needed, and is very familiar with all of the requirements involved. How long do you think it would take the average small business owner who has never done something like this in their life? You can probably appreciate why many of these incentives never get used, and why a very sad number of projects that would rely on them never come to fruition.
There are literally billions of dollars set aside by the federal, state, regional, and local governments to help spur economic development. Sadly, much of the money goes unused because of the frustrating, confusing, and time consuming processes required to obtain it. Don’t leave money on the table out of frustration. If you had legal questions you would call a lawyer, tax questions an accountant, health questions a doctor, why not an economic development professional for economic development questions? We happen to know one of the best, get in touch here. Your time is much better spent running your business.