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

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Prospective companies need to know what to expect between the time of searching for a site and the start of operations. This can be accomplished by establishing a clear process for company evaluation and compliance review. Moreover, standard formulas for determining incentives, such as the net present value formula used by Austin, achieve a means for determining the inducements that Orange County can offer to prospective companies. Author's Note: Over the course of the semester 1 have heard qualitative comparisons between the Triangle region and Austin. As I had the chance to travel to Austin in October for personal reasons, I took the opportunity to reserve interviews with personnel from the Greater Austin Chamber of Commerce, visit the campus of UT Austin, and visit the Austin Technology Incubator. However, the research is tailored a bit to match the requests of the Advisory Board. It is my understanding that during the County Commissioner's November retreat, a request was made to investigate the "incentive" process used by Austin. This introduces the point of departure in that this documentation of a case study is not a discussion of the commercialization process of UT Austin and the City's subsequent retention practices. Indeed, Austin has made a significant effort in retaining companies spun-off from the university. Instead, the narrative below investigates Austin's response to later -stage firms. I also understand arguments for not comparing these two regions. For example, the Triangle is known as a hub for biotechnology while Austin is known for software and information technology. However, Austin has made a concerted effort in recent years to attract biotechnology firms, although their "major missing ingredient" is a medical campus such as the campus at UNC- Chapel Hill. Also, Austin does not have an adjacent entity which attracts businesses away from the city, such as what Raleigh and RTP are to Orange County. Austin is the home of state government, a university campus, and established industries. It is the central hub of a 5-county regional partnership. And finally, the powers given to a city government in Texas may not be similar to the powers given to a county government in North Carolina. These shortcomings aside, the research intends to present the structured incentive process employed in Austin. The Commissioners of Orange County can benefit from understanding how the process has evolved in recent years to address issues of social equity and public disclosure. Final recommendations will be made to add to an understanding of how government can proactively address companies with interest in locating in Orange County. 981Page