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

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through the end of 2011 and creates 20 jobs by the end of 2013. This package was matched by another $50,000 incentive package awarded by the City of Graham. Currently, both Alamance County Commissioners and the City of Mebane City Council are considering incentives designed to attract Tri Vantage, an expansion of existing Glen Raven, Inc. operations, which entails the construction of a new 100,000 sg.ft. consolidated distribution center representing a total investment of $8.2 million and employing approximately 35 people. The company has requested $200,000 from Alamance County and another $80,000 from the City of Mebane. Looking towards the future, Alamance County also is expected to benefit from the Piedmont - Triad's Clusters of Opportunity capital investment fund which has been established to promote several clustes, including logistics and distribution, nanotechnology, regenerative medicine, and furniture. Established in 2009, the fund exceeded $1.3 million as of December 2009 and is projected to generate $6.5 million+ over the next five years. To facilitate development, UDOs have been established at the county and municipal level. In addition, there are numerous business- and shovel -ready sites from which to choose, including a 104,000+ square foot speculative /shell building located in Mebane. Many sites are either smaller locations in and around the municipalities or former manufacturing and similarly large- footprint buildings. As a result, Alamance is an attractive, highly marketable location for businesses utilizing lower -cost and less - skilled labor. Chatham County Chatham County has garnered attention over the last few years due to its success in attracting economic development activity and investment as its population grows from Chapel Hill and Cary outmigration. In addition to establishing a stable economic development infrastructure and established UDOs at the county and municipal level, Chatham County has mapped a well-defined path for itself by targeting seven industry clusters --most of which leverage Orange County and other Triangle assets, especially UNC. These clusters are architectural and engineering services, technical and research services, basic health services, pharmaceuticals, information technology services, higher education and hospitals, and renewable energy. Supporting this effort, is a robust economic development strategic plan developed by UNC's Center for Competitive Economies (C3E) on contract from Chatham County's BOCC. In addition, in 2009, Chatham County's BOCC allocated $250,000 to establish a revolving loan fund to help finance loans to entrepreneurs in Chatham County. This loan fund is overseen by the Economic Development Corporation, is administered through a partnership with the Center for Community Self -Help in Durham, and targets minority- and women -owned businesses, youth entrepreneurs (ages 18 -35), and businesses within the targeted industry clusters from Chatham County's strategic economic development plan. In addition to a lower tax structure, Chatham County also offers financial incentive grants to new and expanding businesses that meet certain criteria for project investment and job creation. Moreover, County regulations allow for fast -track permitting. The County offers at least seven business -ready sites totalling 1300 acres and has begun seeing improvements in areas such as education, median income, and reduced poverty rates. As a result, many of Chatham County's demographics compare favorably with Orange County's, including a poverty rate that was lower than that of Orange County 28 in 2008, although it rose above Orange County's rate in 2009. Durham County Overall, Durham's costs of doing business remain low compared to other technology centers in the United States. According to the 2007 Milken Institute Cost of➢oing Business report, North Carolina has the 20th lowest operating cost for business. Construction cost factors as prepared by R.S. Means Company are approximately 75% of the national average. The cost of living as calculated using the American Chamber 2810.3 %vs 13.9% (2008), US Census Bureau State and County Quick Facts 16lPage