The Economic Development Corporation of Wayne County, Indiana, (EDCWC) was organized in 1993 to replace earlier efforts by the Richmond Chamber of Commerce and City of Richmond.
The organization is under contract for economic development services with the Wayne County Commissioners and most of the county’s towns, and has a volunteer Board of Directors. To ensure equal representation of the county, board members are appointed as follows: three board members are appointed by the Wayne County Commissioners, three by the Mayor of Richmond, three by the town councils from Centerville, Cambridge City and Hagerstown, and three by the Richmond-Wayne County Chamber of Commerce.
The county economic development income tax (EDIT), approved in 1992, funds the corporation and economic development projects. EDIT generates about $2.3 million a year. Half of that revenue is being used by EDCWC to develop new industrial parks in Wayne County and for operating expenses. The other half of the tax is returned to the various communities in Wayne County to fund economic development projects of their choosing.
The EDCWC staff consists of the President and CEO, Manager of Business Retention and Expansion, Manager of Community Development, Manager of Business Attraction, Life Science and Special Projects Coordinator and an Office Administrator.
- The Manager of Community Development works closely with small communities in Wayne County, assisting with economic development projects and offering grant research, writing and administration services.
- Business retention and expansion is vital because 80-90% of new jobs are created by existing business. At the EDCWC we act as a liaison between business and programs and services that are available to them on a local and state level. Local assistance includes tax abatements, the city and county revolving loan funds and training money. State assistance programs include training programs/grants, loans for equipment purchases, trade show assistance for companies interested in exporting and getting into international markets, and energy programs. We work closely with the Indiana Economic Development Corporation and Workforce Development offices to keep up on what is available to businesses. We stay in touch with local businesses through personal visits, phone calls, newsletters and developing relationships with businesses.
- For business attraction, the EDCWC’s marketing plan includes several different strategies. We use printed materials including brochures and advertising in trade publications, a web site, billboard, videos and face-to-face marketing which include call trips and attending domestic and international trade shows. Target markets include the automotive industry, plastics industry, food processing, biomedical, information technology and advanced logistics. These same industries are targeted by the entire state. Indiana has an excellent transportation network with our interstate system that makes it very attractive to automotive suppliers, food processors and logistics companies. Because of competitive utility costs, Wayne County attracts a large number of plastics and injection molding companies.