Podcast 212: How Incentives Really Influence Site Selection with Taylor Stepp

Episode 212 of the Econ Dev Show Podcast is out. Listen now.

In this episode of the Econ Dev Show, Dane Carlson talks with Taylor Stepp, Founder and President of Strategic Development Partners, about the real role incentives play in economic development deals. 

Drawing on experience working with corporations and communities across the country, Taylor explains how incentives influence project internal rate of return, why applicability and customization matter more than flashy packages, and how responsiveness and speed from local governments can win projects even when incentive dollars are smaller. 

The conversation also explores how communities can structure clearer processes, communicate timelines, and position themselves to compete more effectively for major investment.

10 Actionable Takeaways for Economic Developers

1. Customize incentive packages to the company’s actual needs rather than sending the same template to every prospect.
2. Understand how incentives affect a company’s internal rate of return and capital approval process.
3. Focus on incentives that directly address a company’s cost pressures such as taxes, training, or infrastructure.
4. Clearly document permitting, zoning, and incentive approval timelines for prospective projects.
5. Reduce friction in the development process by outlining every step required for project approval.
6. Communicate quickly and consistently with companies and consultants during the site selection process.
7. Treat incentives as part of a broader relationship signal that shows how committed the community is to the project.
8. Avoid including incentives that are irrelevant or unusable for the company’s business model.
9. Prepare internal stakeholders so approval processes move efficiently when a real project appears.
10. Compete on speed, clarity, and problem-solving, not just the size of the incentive package.

Episode Links

• Strategic Development Partners
• Taylor Stepp, CEcD | LinkedIn
• Strategic Development Partners | LinkedIn
• How to Spot a Community That’s Ready for Your Investment - Area Development
• Midwest becomes hotspot for semiconductor manufacturing and supply industries - Area Development
• Fun: Heritage Drums — Taylor runs a national drum shop, Heritage Drums, where they rehabilitate and ship drums across the country.

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