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Maximizing Economic Incentives with David Hickey

Maximizing Economic Incentives with David Hickey

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 In this episode of the Industrial Insights podcast, Justin Smith interviews David Hickey from Hickey & Associates about the complexities of economic incentives in site selection. They discuss the various factors influencing site decisions, the misconceptions clients often have about incentives, and the importance of compliance and administration in capturing these incentives. David emphasizes the role of utilities in economic development and the current trends in industrial development, particularly in relation to power demand and sustainability. The conversation highlights the need for strategic planning and early engagement in the incentives process to maximize benefits for businesses. Key Takeaways Incentives can strengthen business cases but won't fix bad locations. Clients often have unrealistic expectations about incentives. Understanding the local business climate is crucial for site selection. Compliance is a significant factor in receiving incentives. Utilities are becoming key partners in economic development. Economic development strategies should focus on retention and expansion. The California Compete Tax Credit is a competitive program. Many incentives are underutilized due to lack of awareness. Timing is critical when considering incentives for projects. The demand for power is a growing concern for industrial users. Chapters 02:49 - Understanding Client Mindsets and Expectations05:25 - Navigating Incentives: The Role of Brokers08:18 - The Importance of Compliance in Incentive Programs11:28 - California Competes Tax Credit: A Competitive Process14:25 - Utility Incentives and Economic Development23:07 - Utility Partnerships and Performance Targets24:57 - The Role of Utilities in Site Selection27:29 - Community Engagement and Power Demand30:38 - The Semiconductor Boom and Infrastructure Needs34:25 - Incentives and Economic Development Trends37:09 - Navigating the Fiscal Cliff of Incentives42:03 - Timing in Strategic Decision Making Episode Resources Connect with David Hickey https://www.linkedin.com/in/davidphickey/https://www.hickeyandassociates.com/ Connect with Justin Smith https://smithcre.com/https://www.lee-associates.com/jbsmith@leeirvine.comhttps://www.linkedin.com/in/justinbsmith

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