Site Selection: Phase 2 - Review
Phase 2
Review
Once your business plan is finalized, the next steps are reviewing requirements and identifying the communities that are best suited to your needs. Contact with the state and local economic development organizations begins. This is the lengthiest phase where you are gathering data on communities and real estate. The goal is to narrow down the selection to at least the top 2 states.
Steps in Phase 2 - Review
- Review requirements and identify communities
- Start due diligence on real estate
- Contact states for additional information (i.e. RFI)
- Develop financial model - identify costs and incentives
Things to remember:
- Non-disclosure agreements are recommended before disclosing project details to states.
- Research incentives on the State and Local economic development agency's website(s).
Useful Templates
- Jobs & Investment Template - Economic Development agencies utilize this information for their cost-benefit model when awarding incentives
- IEDC Data Standards - template to gather community data (www.iedconline.org/web-pages/resources-publications/site-selection-data-standards)
- Manufacturing Incentives Matrix - State Economic Development Contacts & Site Locator Tools
Recommended Reading
- Legal Aspects of Reshoring Site Selection by Don Cannada, Butler Snow LLP
- Engaging State & Local Economic Development Agencies by Gray Swoope, President & CEO, VisionFirst Advisors, LLC
- Location Matters 2015 - The State Tax Costs of Doing Business (www.taxfoundation.org/article/location-matters-2015)
Useful Websites
- International Economic Development Council (IEDC) (www.iedconline.org)
- LoopNet - Commercial real estate listings (www.loopnet.com)
- Google Earth - mapping tool (www.google.com/earth)
- Reshoring Initiative's Total Cost Estimator tool (www.reshorenow.org/TCO_Estimator.cfm)
- U.S. Cluster Mapping Tool (www.clustermapping.us)
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