Economic development simulation is an important component of policy crafting. The possibility of testing potential solutions and selecting the most applicable is the basis of successful development. The article deals with the Yantai Urban Economic Development Assessment simulator, which is based on a multi agent-based (ABM/MAS) simulation model that is comprised of the resource consumption function minimization algorithm. The aim of the simulation is to rank industries in conformity with resource consumption, influence on the environment and income paid into the budget of the city. The simulator allows the administration of the city to elaborate justified decisions about the promotion of successful enterprises and the closing of unsatisfactory ones.