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

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have access to a variety of economic development tools in order to engage businesses and gain their commitment to locate in the County. Depending oil whether the business is a start-up or an expanding enterprise or whether the entrepreneur is building a family or high- growth business, their needs vary widely; thus the tools available to Orange County economic developers must be equally diverse. Therefore, the EDC recommends timely adoption of a Unified Development Ordinance capable of supporting permitting timelines of 90 days or fewer, capitalizing a pilot fund for business retention and recruitment, and re- capitalizing the small business loan fund.. These three tools will position Orange County to meet the strongest pinch points for the majority of businesses, particularly entrepreneurial ventures and businesses in the 10 —100 employee range. Knowledge Getting the best return possible oil this proposed investment in infrastructure and economic development tools requires a solid foundation of knowledge. Taking advantage of UNC resources, the EDC recommends amassing data matching regional clusters and industries with Orange County assets, assessing viable finding mechanisms that meet both short- and long -term fiscal needs, and evaluating tactical information on infi-astructure, regulatory, and structured financial incentives capable of increasing Orange County's business attractiveness and marketability in the region and state. An equally important component of knowledge acquisition is exchanging best practices and experience with economic development professionals, business leaders, and university research and development talent across the Triangle. Being part of the Research Triangle Regional Partnership, Orange County has access to strategies, practices, and data developed by an economic development organization cited by the US Deportment of Commerce as being the best of the best. Financlal bnpact In order to begin reversing Orange County's fiscal position by way of increasing the commercial tax base, we believe that an investment of $525,000 in Fiscal Year 2010/2011 is needed. This will provide tools that can be used immediately to support local entrepreneurs and established businesses and ensure that the Commissioners, staff, and advisory board members have access to current information necessary for effective data - driven policy development and decision - making. Fiscal Years 2011112 — 2 01 412 01 5 The road to long -tern cash neutrality and fiscal sustainability, requires multi -year planning and investment. Therefore, although our current budget request focuses on Fiscal Year 2010/2011, our strategic recommendations encompass a six -year period from Fiscal Year 2010/2011 through Fiscal Year 2015/2016 and map the critical path for achieving EDD certification, UDO establishment, ongoing start -up and established business support tools, and ongoing data - driven decision - making. Based on information obtained from staff, surrounding counties and municipalities, and UNC economic development professionals, we approximate a total investment of $2,300,000 spread across six years, excluding the county's investment in water and wastewater infrastructure. Although the total investment is modest, compared with investments made by surrounding counties in economic development, we believe that it is sufficient to transform non - performing land into revenme- producing commercial property capable of funding education and other programs valued by Orange County residents. Without this investment, Orange County will be unable to increase nom- residential tax revenues, which will cause continual decline in service provision and quality long into the foreseeable future. While Paper To assist the County Manager and Board of Commissioners in their deliberations, the EDC has condensed research findings in the companion paper, "Private Investment, Jobs, and Wealth Creation: An Overview of Economic Development Strategies, Best Practices, and Activity Driving Orange County Economic Development Outcomes ". In 20 pages plus appendices, the EDC has summarized data acquired over the past 12 months from a variety of sources including local economic development professionals and business investors; the North Carolina Department of Commerce and its regional economic development partnerships; area Chambers of Commerce; leading trade publications addressing the needs of site selection specialists, relocating businesses, start-ups, and entrepreneurs; and leading experts from several UNC centers of research. The information detailed in this document summarizes information describing: • Summary of Economic Development Challenges 31Page