Policies and Strategies Policy 1
Support targeted industry clusters–identified in the 2013 Economic Development Strategic Plan–that have the capacity to create high-wage jobs and sustained economic growth. EP1.1
Dedicate county resources to attract businesses to the Priority Investment Districts (PIDs), Primary Employment Areas (PEAs) and economic submarkets in order to promote synergies. Implement development tools and incentives such as predesignated Tax Increment Financing (TIF), Business Improvement Districts (BIDs), and targeted industry incentives (e.g., real estate tax abatements for targeted tenants, and use of grants and/or loans).
EP1.2
Promote networking and talent bridges to connect companies in targeted industry clusters with top talent being generated or attracted by universities and federal labs in the county.
EP1.3
Establish competitive places for business development with cutting-edge digital infrastructure, high-quality amenities and services, and physical environments that facilitate walkable, mixed-use environments.
EP1.4
Revise the County Code to create a streamlined development review process and standards for the Priority Investment Districts and Primary Employment Areas to encourage business development at these locations.
EP1.5
Market the county’s competitive advantages by launching a proactive marketing and branding campaign.
EP1.6
Establish a Technology Innovation workgroup to explore ways to deploy and utilize advanced digital infrastructure and technologies as an economic development tool in targeted industry clusters. Industry clusters have become a mainstay in regional economic analysis with the finding that individual industries do not operate in a vacuum. With their synergistic relationship, clusters achieve individual and mutual benefit by settling in close proximity and creating identifiable, high-quality business environments that spur innovation, boost productivity, and attract investment.
102 PLAN Prince George’s 2035