The Act, which passed in December 2000, offers 14 innovativeincentives to transform the District's economy by encouraging hightechnology companies to locate and stay here. Introduced byCouncilmember David A. Catania (R-At Large), NET 2000 provides targetedassistance to qualified companies in work forcedevelopment, affordable facilities and targeted financial incentives.
"I don't think it's too late," says Kathy Lang, vice president ofinnovation with the Staubach Co. and a member of the board ofdirectors' DC Technical Council. "The information technology industry isgoing to go through various cycles. The purpose of the legislation ismeant to help develop ongoing support for entrepreneurialinfrastructure. It's not a one-time band-aid approach. I think it's partof the overall process in the long and short term."
Brian McMullin, a member of Staubach's technical practice, says thelegislation is arriving just in time. It offers opportunities forhigh-tech firms to demonstrate financial stewardship.
"Venture capital companies are being much tighter with funds," McMullinsays. "This will help deal with issues of security deposits and help theoperations be more efficient. It keeps their core resources in thebusiness rather in real estate."
"It's meant to attract companies and it is also meant to attractcompanies in existence to consider putting offices in the Districtbecause of access to a great young work force," Lang says. "There is atremendous group of emerging companies dedicated to the District. It's amatter of market demand. Officials in government are supportingmarket-driven issues to help support growth of its companies."
Catania started working on this issue in January, 2000. In May, heformed the New E-Conomy Advisory Group composed of District-based high-tech CEOs. The group is responsible for identifying the barriers oflocating and staying in the District and developing the proposalscontained in the legislation.
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