Business View Magazine - Nov 2023

16 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 11 private sector to support growth can be found in Southern Idaho where the region struggled to attract and retain business. Funds for economic development were limited, and there was little knowledge about how to market the region and coordinate various communities’ efforts. In 2001, the cities of Twin Falls and Jerome offered funding to help launch a regional public-private venture, the Southern Idaho Economic Development Organization (SEIDO). Since then, eight other cities in the region have joined the partnership. SIEDO participants also include local, regional, and state governments; community economic development leaders; business support organizations; chambers of commerce; the College of Southern Idaho; and Business Plus, a nonprofit organization of private businesses that support regional growth. Fifteen years later, Southern Idaho’s “Magic Valley” has attracted capital investments exceeding $1 billion from more than 35 new and existing businesses and has created more than 5,000 direct and indirect jobs. Major companies such as Chobani Yogurt, Clif Bars, Mulhollland Manufacturing, DOT Foods, and others have moved into the area. In 2015, the U.S. Department of Commerce recognized Southern Idaho as one of 12 Federal Manufacturing Communities in the country, opening new sources of federal funding and giving the region’s efforts national prominence. Conclusion P3s are nontraditional approaches that require new thinking, according to ICMA’s “Public-Private Partnerships (P3s),” and they can present local governments with unique challenges that need to be carefully managed. While all local governments can use these creative approaches to decrease operating costs, increase efficiency and productivity, and improve the overall economic health of the community; professionally managed communities are particularly adept at utilizing these financing options.