Fiscal, budgetary, and spending devices are utilized to implement policy decisions and shape the growth of parishes and municipalities. Economic incentives are important tools that better position a jurisdiction to compete for new business investment while promoting and retaining existing businesses since these commercial enterprises form the economic foundation of a community or parish. A parish or city comprehensive plan must also be implemented through budgetary spending priorities that align with the community’s overarching goals. Thus, a community’s capital improvement plan (CIP) is a useful method to implement measures to reduce flood risk and coastal hazards.
The following are CPRA’s recommendations for incorporating risk reduction principles into future economic investments as well as into economic development policies and incentives:
Parish and Municipal Governments:
Develop a parish wide CIP and align CIP funding priorities with the flood risk reduction goals of their comprehensive plan; include a reference to an existing plan or initiative for each project in the CIP to ensure continuity of planning processes; consider tax incentives (such as preferential assessment programs, tax abatements, or tax credits), transfer of development rights, or market-based incentives (such as real estate disclosure) to promote development in lower risk areas.