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

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W ORANGE COUNTY Economic Development Comm;s Letter From The Chair, Orange County Economic Development Commission 18 May 2010 To Our Distinguished Board and County Manager, The Orange County Economic Development Commission (EDC) wishes to thank the Board of County Commissioners and County Manager for receiving Investing in the Future, the EDC's Six -Year Economic Development Strategic Recommendations and the companion white paper, private Investment, Jobs, and M'ealth Creation: An Overview of Economic Development Strategies, Best practices, and Activity Driving Orange County Economic Development Outcomes. This white paper is offered in response to Commissioner requests for summary information and data used to inform the EDC's recommendations. It is a privilege and honor to the County Commissioners information and resources we believe are needed for effective data - driven policy development and decision- making impacting the ability of Orange County to attract, grow, and retain businesses, jobs, and increased standards of living for our citizens. Background In October 2009, the EDC Chair embarked on a series of face -to -face conversations with individual Comity Commissioners and others involved with economic development activities. A common thread across these conversations was the desire for the EDC to provide the County Commissioners with an actionable plan that the County Commissioners could follow, which would lead to the growth of community- supported economic development in the County. Building on Orange County's Comprehensive Plan 2030's Objective 1.8 to "explore policies to use in attracting and encouraging development of companies and enterprises that will build and expand upon the County's economic base ", the EDC took on the task of examining economic development through the eyes of economic development professionals, potential investors, and regional experts. As part of this effort, the EDC sought to learn more about the concerns of business from its perspective. In addition, we sought information about on economic development strategies, policies, and tactics practiced in our region, particularly those practiced by surrounding counties. Rationale The direction, sources, and activities undertaken by the EDC were driven by ten fundamental assumptions shared by the preponderance of economic development professionals and experts driving decisions and activities in our region: • Orange County is committed to policies and decisions based on best practices • Orange County desires to increase share of regional private investment and job creation, while decreasing reliance on non- private institutions (such as government and public universities) as the County's primary employers • Orange County desires to increase tax base diversity and increase its percentage of non- residential tax revenues • Orange County desires to increase in- County employment and commerce, while decreasing the commuter rate for resident workers and consumers • Economic development is the primary investment tool local government is able to use to increase wealth and economic prosperity for its citizenry and to fund social programs needed to support those who have not or cannot participate in either — Although education frequently is thought of as a primary tool, it's value to retaining residents is realized only if there are sufficient local jobs attractive enough to keep graduates from leaving the County following completion of educational opportunities offered by/in Orange County I I P a g e