Opinion: The Rule of 75
By Daryl Smith Executive Director, Carroll County Economic Development Corp.

Do you know what the "Rule of 75" is? Most people don't. Yet, it is very important for us. The "Rule of 75" in economic development states that at least 75% of all new jobs in an area come from the businesses and industries already there. Why is that important? It gives us direction. It reminds us to concentrate on our present employers and not take them for granted. We need to help those businesses and industries in any and all ways that we reasonably can. We want them to succeed, grow, and create new jobs here.

Some have asked why our Carroll County Economic Development Corporation assists with actions like tax abatement requests for businesses and industries in the county. Why would we help bring those kinds of requests to the Carroll County Council and Commissioners? It's simple. It follows the "Rule of 75." Those requests are in support of our present businesses and industries. They are a way that we can assist our area employers. We want our present businesses and industries to be successful. We also want them to stay here. They provide employment for residents of the county, add to the county's tax base, and support community endeavors in many, many ways. Why wouldn't we want to help?

Unfortunately, too many times we take our present employers for granted. We assume they will always be here. We hope they will remain. However, nothing can be taken for granted in today's world of mergers, acquisitions, and plant closings. People in Muncie always thought Borg Warner would be there. People in Anderson always thought Delco Remy and Guide Lamp would be there. People in Carroll County probably felt the same way about Globe Valve, Sayco, Walton Manufacturing, Pioneer Seeds, and others. When those places closed they left an empty feeling and a hole in our community. Our employment fell, our tax base took a beating, and we lost population.

White County Economic Development Director, Connie Neininger, echoed a similar theme last week during the annual luncheon there. Supporting and keeping local businesses and industries is a top White County goal, too. Just like shopping locally, supporting our county businesses and industries makes sense. It's good for them, and it's economically good for the county, too.

The Carroll County Economic Development Corporation will bring additional issues and items forward to be discussed or considered for action in the future. Some will be to help encourage new businesses to locate here. But with the "Rule of 75" in mind, other proposals will be presented to assist