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key. to s..u.....ccess.._and that making investme.n_..ts to create_a_high-.quality_physical <br /> environmentiust,ra sed costs and drove away business. That's why <br /> communities focused on physical infrastructure below market-rate financing <br /> and tax,holiday_s for big industrial and commercial projects, and marketing <br /> and incentives..._to attract ind_ustry..._.The result was_ofteniow-wage jobs and <br /> companies th.a.t_were._Just as.._likely.._to.leave. after_a decade for even cheaper <br /> pastures.. <br /> I.n___the New E.conom.y,_the path to raising._wages._and q.u...ality.o..flife is_in. <br /> ensuring..a._technot icatly .a.dyance.d infra.structu.re,.b. ...o..sting....the skills of the <br /> region's_workforce, creating fast and responsiv_e.government,._ensuring a high <br /> quality-of life - includir9_a high-q_u_a_lity,physic aIenvironment that is attractive <br /> to_.knowl.edge.._workers .and.._develo.ping a responsive, efficient_government. <br /> This is not to say that_fiscal_dlscipli.n...e should not..be a cornerstone of <br /> government n__the New Econ-P.M.Y.-But a low-cost_environme...n.t with._a._poo.r <br /> quality-of life is not-the ticket to success. <br /> In the New Econom communities need to shift their focus from <br /> providing tax breaks and other subsidies to i <br /> _Lnvesti <br /> :ftgfin the skills,of <br /> the workforce a vibrant infrastructure for technological innovation, <br /> and a superb <br /> ualit of life. <br /> R..a...ther t.h_.an simply t..ry...ing to.._cut costs or react to_each new economic <br /> gyration,_communities_shout_d. instead invest in the foundation areas for <br /> gro_wth__in the New Econom-y._A progressive, innovation-oriented metropolitan <br /> area policframework_for the New_Economy should rest on five <br /> cornerstones: <br /> 1. Building_a_n Orga_rnzation That Can_Support_Economic Developments Formatted:Bullets and Numbering <br /> - m _ Nu <br /> 2.__,_Creating a,Community._that Fosters Investment <br /> --g.14 Existing._Business Base <br /> 4__.._Attracting_._New,..l nvestment <br /> 5_......Creatinn__a.Sirong_Workforce <br /> Strategic Plan for Economic Development Page 18 of 21 <br />