In general, what these two want from one another is mutual economic benefit. Businesses want communities to provide them with workers and with demand for the things the businesses produce. Without these things, businesses cannot survive. Communities want businesses to provide jobs and to provide high quality goods and services for relatively low prices.
While these are the main things that each wants from the other, there other things that are wanted. Businesses want communities to refrain from passing laws that tend to hurt the businesses. Some businesses even want subsidies from the places where they locate. Communities, on the other hand, want businesses to act in ways that are ethical and do not harm the community. They also tend to want things like donations from businesses to local causes.