2009 Kentucky Revised Statutes Subchapter 10 Kentucky Economic Development Partnership 154.10.125 Content and effect of strategic economic development plan.
154.10-125 Content and effect of strategic economic development plan.
(1) The strategic economic development plan shall include, but not be limited to:
(a) A review with reconfirmation or modification of stated goals; <br>(b) An analysis of the current world economy and its impact on the economy of
Kentucky and the nature of the competitive environment within which <br>Kentucky's workforce and businesses must compete;
(c) An analysis of broad trends of economic change; <br>(d) The identification of the position of Kentucky's workforce, businesses, and
communities relative to the external economic environment;
(e) A statewide and regional assessment of Kentucky's economic strengths and
weaknesses;
(f) An analysis of the sustainability of Kentucky's economy over time; and <br>(g) Identification of strategies, objectives, and actions to be taken to improve
Kentucky's competitive position with focus given to human and natural <br>resources development, infrastructure, capital, technology, entrepreneurship, <br>modernization, quality of life, and institutional development.
(2) Under each strategy, a discussion shall be provided of the objectives to be
established within a set time frame, including: <br>(a) Programs to be established and administered; <br>(b) Funding required; and <br>(c) Public policies to be pursued.
(3) In the development of the initial strategic economic development plan, the board
shall be guided by, but not limited to, the following principles: <br>(a) Economic development shall be a partnership of government, private
business, local communities, and education;
(b) Growth of jobs and incomes shall come from new business creation in
Kentucky, existing Kentucky businesses, and attraction of new business to <br>Kentucky;
(c) Economic development and environmental protection are compatible
objectives;
(d) Strategies for economic development shall focus on:
1.
Systems, not programs;
2.
Regions and sectors, not individual businesses;
3.
Decentralization;
4.
Participation by users;
5.
Helping communities to help themselves;
6.
Activities that will make Kentucky products globally competitive;
7.
Education and assistance, as well as financing;
8.
Financing as an investment;
9.
Retaining and growing Kentucky businesses;
10. Creating high value job opportunities to all who have prepared
themselves; and
11. Encouragement of private sector investment.
(e) Economic development strategies approved by the board shall remain flexible
to keep Kentucky competitive in a rapidly changing environment.
Effective: July 14, 1992
History: Created 1992 Ky. Acts ch. 105, sec. 13
,
effective July 14, 1992.
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