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Economic Development Finance

ISBN-10: 0761927093
ISBN-13: 9780761927099
Edition: 2005
Authors: Karl F. Seidman
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Description: A presentation of private, public, & community financial institutions, policies & methods for financing local & regional economic development projects.

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Book details

List price: $180.00
Copyright year: 2005
Publisher: SAGE Publications, Incorporated
Publication date: 6/22/2004
Binding: Hardcover
Pages: 520
Size: 7.00" wide x 10.00" long x 1.25" tall
Weight: 2.596
Language: English

A presentation of private, public, & community financial institutions, policies & methods for financing local & regional economic development projects.

Karl F. Seidman is Senior Lecturer at MIT's Department of Urban Studies and Planning and an experienced economic development practitioner.nbsp; His MIT courses have completed over forty technical assistance projects for development finance organizations and prepared twelve economic development plans, including an award-winning revitalization plan for Boston's Hyde Park Commercial District.nbsp; His professional experience includes the design, management and evaluation of economic development finance programs, the financing and supervision of complex development projects, and the preparation of economic development plans and strategies.nbsp; Mr. Seidman's accomplishments include:nbsp;nbsp; Authoring laws that established two Massachusetts business finance agencies Building a $120 million state real estate finance and development authority Preparing over fifteen local and regional economic development plans; and Participating in the national evaluations of federal and foundation economic and community programs.nbsp;nbsp; Mr. Seidman holds a Master's degree in Public Policy from Harvard's Kennedy School of Government and a Bachelor's degree in political science from Amherst College.nbsp; He is the author of over thirty-five consulting reports, articles in professional journals, a guide to urban commercial revitalization practice and the editor of a practitioner's guide to defense conversion.nbsp; nbsp;

Introduction
Capital Availability and Economic Development
The Growing Field of Economic Development Finance
The Purpose and Design of This Book
The Role of Finance in the Economic Development Process
Capital Availability and Capital Market Imperfections
Capital Market Operations, Market Imperfections And Capital Supply Gaps
Capital Market Imperfections and Their Implications for Economic Development Finance
A Framework for Expanding Capital Availability
The Basics of Business Finance
Financing Business Enterprises: The Role of Equity and Debt
Defining Debt and Equity
Comparing Equity And Debt Capital
Key Terms And Issues In Equity And Debt Financing
Hybrid Financing
Financing and the Stages of Firm Development
Data On Small Business Capital Sources
The Use of Equity and Debt in Hypothetical Firms
An Introduction to Business Financial Statements
Accounting Concepts and Accrual Accounting
Financial Statements: The Balance Sheet
What Do We Learn From The Balance Sheet?
Financial Statements: The Income Statement
What Do We Learn From The Income Statement?
Connecting the Balance Sheet and Income Statement
Analyzing Business Financial Statements
A Framework For Firm Evaluation
Assessing Economic Development Benefits
Business Plan Evaluation
Analyzing Financial Condition And Performance
Financial Projections
Cash Flow Analysis
Constructing A Cash Flow Statement
Cash Flow Analysis For Crystal Clear Window Company
Determining Debt Service Coverage
Ratio Analysis
Profitability And Operating Results
Short Term Liquidity And Cash Needs
Capital Structure And Debt Capacity /
Beyond Ratio Analysis
The Final Test: Preparing and Evaluating Financial Projections
Chapter Five Working Capital Finance
The Importance of Working Capital Finance
Three Meanings Of Working Capital
Business Uses Of Working Capital
Permanent And Cyclical Working Capital
Forms of Working Capital Financing
Line Of Credit
Accounts Receivable Financing
Factoring
Inventory Financing
Term Loan
Sources of Working Capital for Small Businesses
Underwriting Issues in Working Capital Financing
Underwriting Issues in Working Capital Financing Case Study: Crystal Clear Window Company
Fixed Asset Financing
Fixed Assets and Business Operations
Differences Between Fixed Asset and Working Capital Finance
Implications For Firms
Implications For Lenders
Fixed Asset Debt Instruments
Term Loans
Mortgage Loans
Leasehold Improvement Loans
Leasing
Sources of Fixed Asset Financing
Fixed Asset Financing Gaps
Case Study: Phoenix Forge
Real Estate Finance
The Real Estate Development and Finance Process
Predevelopment Phase
Construction And Development Phase
Occupancy And Management Phase
Financing Process
Real Estate Financial Statements
Development Budget
Operating Pro-Forma
Determining Supportable Debt And Equity
Real Estate Debt Instruments
Pre-Development Financing
Construction Loans
Permanent Mortgage Loans
Mini-Perm Loans
Bridge Loans
Underwriting Real Estate Debt
Sources of Real Estate Financing and Capital Availability Problems
Financing Gaps For Development Projects
Case Study: City Plaza
Policies To Perfect Private Capital Markets
Loan Guarantee Programs
Loan Guarantees and Capital Availability
The Myriad Forms Of Guarantees
Advantages And Disadvantages Of Guarantees
Small Business Administration 7(a) Program
State Loan Guarantee Programs
Capital Access Programs
Issues in the Design and Management of Guarantee Programs
Guarantee Program Policy Levers
Program Challenges And Best Practices
Case Study: Massachusetts Emerging Technology Fund
Bank Regulations And Development Banks
The Critical Role of Banks in Economic Development Finance
The Community Reinvestment Act
History And Overview Of The Community Reinvestment Act
Using Cra To Expand Capital Availability
Cra's Impact On Bank Lending
New Challenges For The Community Reinvestment Act
Community Reinvesment And The Insurance Industry
Bank Community Development Corporations
Bank Cdc Regulations
Bank Cdc Experience
Commercial Banks as Development Finance Institutions
Challenges To Creating And Operating A Commercial Bank
Special Operating Requirements
Case Study: Wilmington CRA Campaign
Institutional Models for Economic Development Finance
Revolving Loans Funds
The Revolving Loan Fund Model
Revolving Loan Funds Characteristics and Performance
Rlf Characteristics
Rlf Performance
Design Issues for Revolving Loan Funds
Targeting Policy
Financial Policies
Capital Policies
Underwriting Criteria
Development Services
Relationship Building Policies
Management Challenges and Best Practices
Best Practices In Rlf Management
Venture Capital and Equity Investment Funds
The Private Venture Capital Industry
Fundraising
Investing
Exiting Investments
Implications For Development Finance
The SBIC and SSBIC Programs
State Government Venture Capital Policy
Community Development Venture Capital
Industy Profile
Industry Trends And Challenges
Addressing Venture Capital Challenges
Strategy Challenges
Operating Challenges
Capitalization Challenges
Community-Based Financial Institutions
Community Development Loan Funds
CDLF Characteristics
CDLF Financing Roles
CDLF Operating Challenges And Needs
Community Development Credit Unions
CDCU Characteristics
CDCU Lending And Development Roles
CDCU Operating Challenges And Needs
Microenterprise Finance
Three Models of Microenterprise Finance
Peer Group Lending
Individual Lending Model
Training-Led Model
An Overview of the US Industry and Its Performance
Program Performance
Program Outcomes
The Economic Development Role Of Microenteprise Development
Design Issues and Management Challenges
Best Practices in Microenterprise Finance Development
Marketing
Training
Technical Assistance Services
Case Study: Lawrence Working Capital
Federal and Municipal Government Finance Tools
Federal Economic Development Programs
The Uses of Federal Economic Development Programs
Small Business Development Administration
Programs Delivered By Banks And Financial Institutions
Programs Delivered Through Sba-Approved Intermediaries
Department of Housing and Urban Development
Community Development Block Grants
Section 108 Program
Economic Development Initiative
Community Development Financial Institution (CDFI) Fund
Cdfi Certification
Core/Intemediary Program
Small And Emerging Cdfi Assistance (Seca) Program
Native American Cdfi Technical Assistance Program
New Market Tax Credit Program
Economic Development Administration
Planning Grants
Local Technical Assistance Grants
Public Works And Economic Development Program
Economic Adjustment Assistance Program
Funding Process
Health and Human Services
Case Study: Financing an Inner-City Supermarket
Municipal Finance Tools
An Overview of Municipal Debt
Economic Development Uses of Municipal Debt
Industrial Development Bonds
IDB Case Study: New Boston Seafood Center
Tax-Increment Financing
The Tax Increment Financing Process
Economic Development Uses Of Tif
Issues In Tif Debt Financing
Assessment District Financing and Business Improvement Districts
Business Improvement Districts
Case Study: Downtown Orlando TIF District
Managing Development Finance Institutions
Program Planning and Design
Defining Development Goals and Targeting Strategy
Growth Fund Example
Assessing Demand
Growth Fund Example
Analyzing Capital Market Supply and Identifying Financing Gaps
Growth Fund Supply Analysis
Implementation Needs and Resources
Implementation Needs For The Growth Fund
Finalizing Program Strategy and Design
Case Study: Expanding an Urban Microloan Program
Managing The Lending And Investment Process
The Investment Process and Key Management Principles
Principles For Sound Investment Management
Marketing and Project Identification
Marketing Approaches And Audiences
Effective Marketing Practices
Project Screening
Best Practices For Investment Screening
The Underwriting and Commitment Process
Best Practices In Investment-Decision Making
Investment Servicing and Monitoring
Servicing And Monitoring Options
Best Practices For Servicing And Monitoring
Case Study: Portland Development Commission Industrial Site Loan Fund
Raising And Managing Capital
Capital Management and Development Finance
Pricing Loans and Investments
Managing and Funding Losses
Raising New Capital
Grants And Equity Capital
Debt Sources
Managing Capital
Asset Sales And Securitization
Financial Modeling of Development Finance Institutions
Components Of The Financial Model
Creating The Model
Case Study: Raising New Capital for the Manufacturer's Fund
Conclusions Part Seven Conclusions Part Seven Conclusions
Economic Development Finance Practice and Its Future
Glossary
References

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