Economic Development Efforts Grind to Halt Nationwide

Palm Coast and Flagler County’s efforts to bring new businesses to the area hampered by new Fed regulation.

Palm Coast, Florida – April 1, 2009 – Economic Development efforts throughout the country have ground to a halt. Economic Development negotiations usually operate under a cloak of non-disclosure. Companies contemplating a move do not want their names published before negotiations are completed. Hence, public announcements of potential economic development efforts resort to the use of project code phrases such as Palm Coast and Flagler County’s recent "Project Continental." New Federal regulations hinder this process.
To avoid the possible confusion of two or more economic development efforts using the same code name, the Obama administration created the Federal Economic Development Project Code Administration Agency (FEDPCAA) to allocate project names. No new economic development efforts can move forward until the new agency is fully activated. Unfortunately, the existence of the new agency was unknown until last week. The enabling legislation was found buried on page 873 of the new stimulus package. Efforts to staff the new agency are stalled as all applicants to date were found to have past income tax problems.
Meanwhile, states and municipalities are unable to move economic development efforts forward for lack of new project code names. There is some concern at the local level that the Palm Coast Data agreement (Project Continental) might have to be unwound. Apparently, two other economic development efforts (one in Massachusetts, the other in Chicago) used the same "Project Continental" code name. Once it reaches its staffing goal of 5,690 employees, FEDPCAA will determine which one of the three "Project Continentals" will be allowed to prevail. The other two will have to go back to the drawing board with newly issued code names. Two other local projects code named "Sprint" and "Precision" have been put on hold until their project names can be affirmed as unique by FEDPCAA.
EDITORIAL COMMENT: I’m sure this is causing a lot of angst among those who have yet to notice the dateline of this news story (April 1). This story is a pure hoax. I hope you enjoy your April Fools’ Day as much as I am enjoying mine……….. Toby
5 replies
  1. Joe Johnson
    Joe Johnson says:

    My Palm Coast Property

    Toby, thanks for the great article. Just wanted to let you know that I sold my unit at Tidelands for my full asking price (more than what I paid)..and The Hammock Beach Club offered to extend my two year membership another two years at no charge. Love this place! have a great april fools.

  2. Liinz
    Liinz says:

    Real Estate Takes off

    Real estate has taken off with home prices reaching all time highs and bidding wars eruping on every property. Please send me all your listings.

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