Best Practices in Incentives Procurement
December 4, 2024
Securing economic development incentives is a key element of a successful site selection strategy, but it requires careful planning, negotiation, and long-term compliance. The right incentives can offset costs, accelerate project timelines, and support long-term growth, but the process is often complex and full of potential pitfalls. From the earliest stages of research through contracting and compliance, industry experts agree: transparency, strategic timing, and thorough due diligence are essential for both companies and communities.
Clarity and Transparency in Incentive Offers
Dianne Jones, Managing Director, Business and Economic Incentives, JLL
Incentives don’t make a bad location good, but they can elevate a good location into a great one—if presented clearly and transparently. Dianne Jones emphasizes the importance of laying out incentives in detail from the outset, avoiding vague offers that can become mired in bureaucracy. The best incentive offers include projected annual benefits, draft agreements, compliance examples, and any associated fees, setting the stage for a partnership based on mutual understanding and trust.