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Historically, the economy of Price and surrounding areas has had a strong relationship with the development and production of energy resources, such as coal mining. As energy uses and needs change, and new resources are utilized, reliance on the economy of energy production can create difficulties for the community. Diversity into the various fields of business and manufacturing are the growing trend for successful economic pursuits in Price.
It is the city's intent to achieve the most desirable results in economic development pursuits. To this end, an economic development plan should be prepared and followed by the city in order to achieve the results desired by the community. The preparation of the plan should be the oversight of a city economic development advisory committee, which would work in concert with the goals and efforts of the Carbon County economic development program.
Initially, the city economic development committee and plan should focus on:
A. Encouraging the attraction and development of business and industry that offer Price new jobs and diversified economic vitality;
B. Continuing and improving upon assistance programs and funding for the retention and development existing businesses;
C. Promoting tourism to Price and regional attractions; and
D. Improving the image of the community as a great place to live, work and play.
A second city motto, selected by the general plan advisory committee and intended for use in economic development pursuits, is:
Price City, A Place of Value
City economic development marketing materials and promotional programs should focus on the use of this motto in showcasing the city and its opportunities.
An effective tool for assisting new business ventures and the expansion of existing businesses is found in the Price City economic vitality fund, administered by the city. Granting loans of up to ten thousand dollars ($10,000.00), the city's program emphasizes the need for loan recipients to improve local property values, generate employment and increase local economic activity. This program should be continued and strengthened when possible. (Ord. 2004-001, 2004)