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EDC President Jim Coleman Presents To Blue Ribbon Commission On Structural Deficit

Jim Coleman, President & CEO, PGCEDC (center); Pradeep Ganguly, Executive Vice President, PGCEDC (left) and Earl Adams, Jr. Blue Ribbon Commission Chair (right)Upper Marlboro, MD, February 22, 2016 - Today, EDC President and CEO Jim Coleman spoke before the 'Prince George's County Blue Ribbon Commission on Addressing the Structural Deficit' in Upper Marlboro about the strategies the Economic Development Corporation is taking to contribute to the removal of the County's fiscal deficit. Mr. Coleman pointed to the results of the EDC's 'We Care' business retention and 'Operation 535' business attraction initiatives as indicators of the positive direction that is expected to expand the County's commercial tax base. An increase to the commercial tax base has a significant impact on the fiscal deficit by generating more revenue for the County.

"The EDC launched its 'We Care' initiative last summer, recognizing that we can't take any of our employers for granted," said Mr. Coleman. "But the biggest opportunities that we present to current employers, local job seekers and potential companies are that Prince George' County has 14 federal agencies, top talent and financing programs that make it the best place in the world to do business. That is what I call the Value Proposition of Prince George's County."

Since the 'We Care' initiative was launched in July 2015, the EDC Business Development Team has met with 258 of the top companies in Prince George's County. Ninety-nine percent have confirmed that they are staying in Prince George's County, retaining 144,903 jobs. Sixty-three percent of these companies confirmed that they are creating new jobs over the next six months, totaling 5,192 new jobs that will be created for the residents of Prince George's County.

The Blue Ribbon Commission on Addressing the Structural Deficit was established by the County Council last year and charged with recommending policies to the County Council and County Executive that will address the County's structural deficit - the imbalance caused when normal government spending exceeds tax revenues on an annual basis.

"I think that you are looking at a renaissance in the County and great opportunity," said Commission member Jim Estepp, Jr., President and CEO of the Greater Prince George's Business Roundtable. "With all of the projects and potential projects looking to come to Prince George's County, Jim Coleman is doing a very good job and really sees the big picture. He is able to work, company by company, to bring the businesses and the talent, collectively, to Prince George's County to see that our opportunities for growth are truly realized."

To further help the County's existing businesses to grow and create more jobs, the EDC will host 'IRS Procurement Opportunity Day' on Tuesday, March 1st. at EDC Headquarters, 1801 McCormick Drive, Suite 140, Largo, MD 20774. The event will show local small businesses how to gain access to $10 Billion in Procurement Opportunities from the U.S. Department of Treasury and IRS. This event is free and lunch will be provided. Space is filling up very quickly, so please register today by sending your RSVP to Crystal Ballard at (301) 583-4650 or cballard@pgcedc.com.