Agenda - 05-18-2010 - 8b - Laserfiche WebLink

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Tie Efforts to University and RTRP Activities The 2003 study by Michael Lugar suggests that counties within RTRP have been competing against each other rather than coordinating efforts. The result has been deflated land values due to excessive industrial sites, and few concentrated hubs of activity outside the Research Triangle Park. Recent efforts suggest that Orange County has the potential to become such a hub, as the County and University collaborate on the development of Carolina North. The targeting efforts should come through careful analysis, much like that done for the solar cluster, and include an assessment of University resources and regional efforts. Rather than replicate or try to compete for hubs in nearby counties, Orange County should seek to build off their existing strengths and coordinate with these counties. It is essential that concentrated efforts be coordinated to conserve economic development resources. The development of Carolina North or the potential development of the Economic Development Districts presents the opportunity to change the direction of Orange County's economic development. Rather than getting the occasional spin -off from RTP, mixed with a range of local businesses, Orange County can develop a true "hub" as part of a larger cluster within the Triangle. Capitalizing on University resources can truly tie the developments to the research happening in RTP. The identification and organization of such hubs is beyond the scope of this report, but the numerous cluster analyses can provide a starting point for identifying promising sectors and determining means of supporting these specific sectors. Create a Support System for Start -up Firms While UNC faculty and students start up dozens of ventures annually, few stay in Orange County (see PLAN 773 report, Ben Houck). While it is clear that the University provides support for these ventures through capital investments and significant technical assistance, these investments are not tied to the future of Orange County. Many of these ventures have become high growth companies that have gone on to hire many employees (CE], 2009). The county should capitalize on this entrepreneurial hub and provide additional support to those who remain in Orange County. There are numerous possibilities for endeavoring on this effort, including venture capital funding and incubation programs. There is potential for great synergy with the University in this arena. With the Launching the Venture business plan contest, University experts pick the highest potential firms (CEI, 2009). Providing incentives or matching funds could encourage these promising firms to stay in Orange County. Invest in Real Estate Product A lack of real estate product is Orange County's foremost hurdle in attracting large, relocating firms. Without ready -to- develop sites, the County will rarely make any site selection committees short list. Therefore, real estate investment must become an important priority for the County. Infrastructure development, as detailed in the Buckhorn case below, is of paramount importance. Orange County has no industrial parks or certified sites. Creating a certified site can set the sites apart from similarly priced sites, indicating that the much of the site preparation and evaluation has already been completed. Public - private partnerships, speculative real estate projects and shell buildings also provide real