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ORGANIZATION DYNAMICS <br />Greater San Marcos will need to expand organizational capacity to support the <br />implementation of the Strategy. In addition to increased staffing and funding, future <br />action requires coordinated and committed participation from a r <br />organizations such as city and county governments, chambers of c <br />industry, and educational institutions. Activating economic development will involve <br />aligning new capacity with existing programs in an efficient str <br />individual organizations’ efforts move the Strategy forward without overlap. The <br />following section recommends what an effective organizational structure will look <br />like. <br />Rebranded Corporation <br />It is critical that the new regional community and economic deve <br />organization is designed as a public-private partnership. Market Street has never seen <br />a community and economic development strategic program succeed t <br />partnership of this type. Relying on either the public or priva <br />fund and/or implement a strategic plan would doom it to failure. <br /> <br />The rebranded regional economic development organization (EDO) should obtain <br />status as a 501(c)(3) corporation. This type of nonprofit corporation (as an <br />“educational foundation”) allows for the receipt of funds from public and private <br />entities and government granting programs, enabling a broader range of investors to <br />participate in economic development. The Internal Revenue Service has approved <br />strategic community and economic development activities as a “public purpose.” <br /> <br />Greater San Marcos Economic Developmentis the preferred name selected by the <br />Steering Committee for the reworked Greater San Marcos organizat It is <br />important that the organization’s name reflects its regional programmatic mandate. <br />While the new EDO is referred to as “Greater San Marcos Economic <br />Development” (GSMED) throughout this report, the Steering Committee will <br />make the final decision on what to name the new organization. <br />Implementation Plan 7 <br />September 2009 <br /> <br />