A truer version is available to any city with the guts to invest in its own neighborhoods. Incentives can go to widely distributed locals, not concentrated multinationals. Grants or loans can be distributed in thousands of small packages, not one big package. This maximizes private sector leverage if we insist that recipients come up with matching funds. An even better and easier method is to simply lower taxes across the board.
Local people are quick to reinvest money in their homes and businesses.
Quality increases and the tax base with it. Today's public officials, however, have no particular interest or faith in constituents.