Economic development is a tool used by local government to build and sustain an economically viable community. This is primarily accomplished by diversification of the local business base through economic development efforts focused on business creation, attraction, retention, and expansion.
Having a diverse business base is important so that if one business sector declines, the other sectors still produce much-needed tax revenues. Local governments use these tax revenues to provide fire and law enforcement services, parks, roadways, recreation programs, and other public goods and services that are essential for a sustainable quality of life.
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