IEDC Terms

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Absorption

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A tax on real and personal property that provides revenue to the taxing jurisdiction. This tax is typically less volatile on an annual basis than sales ta or other use type taxes (e.g. With a tax rate of .422 per $100 valuation: appraised value of $36,000,000 divided by $100 = $360,000 x .422 = $151,920 in tax revenue per year to the jurisdiction.)

Advanced Symposium

Advanced study for EDI graduates offered by AEDC, first session held in 1965. It was integrated into the Year III program in 1989.

AEDC

Amercian Economic Development Council - A continuation of AIDC through a renaming to AEDC in 1980. AEDC was the largest and oldest economic development organization prior to its merger with CUED in May 2001 to form IEDC.

AEDO

Accredited Economic Development Organization - An AEDC program, adopted in 1994, that is a benchmark process to recognize the profession excellence of economic development entities throughout North America. The program provides economic development organizations with independent feedback on their operations, structure and procedures. The designation certifies that a specific organization has demonstrated ability to effectively run and manage economic activities for that community.

Agreement in Principle

An document that outlines the basic "deal points" of an incentive package before it is formalized into legal documents

AIA

American Institute of Architects - A national organization of architects

AICP

American Institute of Certified Planners - A national planning certification accredited by a board within the American Planning Association.

AIDC

American Industrial Development Council - Founded in 1930 at an annual meeting of industrial developers sponsored by the Chamber of Commerce of the United States. The name was changed to AEDC in 1980.

Allies

Economic allies for a community typically include the local utility companies, local Chamber of Commerce, Chamber of Commerce for the region, Regional Economic Development Associations, and State Department of Economic Development. Also see Stakeholders.

Alumni Data Bank

A database of alumni from a region's colleges and universities who would like to return to the region as attractive job openings develop. It contains confidential data on the participant's experience, skills and financial requirements.

Amortization

A process typically outlined in a zoning ordinance which provides for the discontinuance of non-conforming uses or modifications to comply with code requirements over a set period of time.

Angel Investor

An investor that are more individual in their interest, likely to be involved in financial support earlier in the process, and are less likely to impose management controls than a venture capital group.

IEDC Terms

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