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

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When comparing economic development tool chests, the five counties are similar except for two major differences, funding levels supporting economic development and the availability of investment assistance in the form of cash grant incentives. When overlaying recent business retention and attraction activity, the impact of these tools become apparent. County,- Level Economic Development Best Practices Detail The following sections delve into more detail on the specific efforts of surrounding counties that have a history of attracting or are positioned to attract entrepreneurs, businesses, and investors away from Orange County. Alamance County Although not as formally structured as Chatham County's economic development effort, Alamance County's economic development policies have long influenced Orange County's ability to attract and retain businesses. Education and median income is lower than that of Orange County; however, the land values and costs of living also are lower. With Mebane straddling the Orange and Alamance County line, the area has seen an increase in residents who take advantage of Orange County schools while working nearby at businesses located in Alamance County that take advantage of their lower tax structure and regulatory burden. As Alamance County's economic development activity increases, Orange County is likely to continue to bear the cost of many Alamance workers choosing Orange County as home but working elsewhere. Taking further advantage of Orange County's policies, Alamance County and its municipalities have made concerted efforts to attract destination retail development. The most recent example of this trend is the $60,000,000 Tangier Outlet mall under development that abuts the Orange County line. In addition to retail, Alamance County and its municipalities have long courted distribution, logistics, and manufacturing enterprises attracted to the Triangle and Piedmont- Triad. Much of the County's economic development activity is channelled through the Economic Development Administration of the Alamance Chamber of Commerce, with additional support on a municipal level by the cities of Burlington, Graham, and Mebane. Together, the Alamance BOCC and local governments support a variety of incentives, ranging from cash grants that are negotiable but based primarily on the capital investment associated with the project. Terms and conditions for grant payments also are negotiable and are codified in written performance agreements between the company and the local government. Other incentives include utility upgrades /extensions and/or rate incentives, expedited regulatory processes, and/or various fee /charge waivers for site/building development costs —all of which are considered and offered based on the specific project requirements. Examples of recent incentive packages include $1,000,000 approved by the Alamance County Commissioners in 2008 for Sandvik, an existing company. In 2009, Alamance County coin inissioners awarded a $50,000 incentive package awarded to German polymer -maker Indulor if it pays property taxes 151 Page