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

Browse Search

of Commerce Research Association numbers historically place Durham 10% below the national average With 80% of Research Triangle Park being located within Durham County, the entire county continues to be a popular location for university spinoffs, non- academic entrepreneurs, and incoming domestic and foreign business, alike. Awash with a wide mix of space representing a full range of price points and site amenities, Driving this effort is a four -year $2,400,000 initiative sourced through the Greater Durham Chamber of Commerce, which leads Durham County economic development efforts. This well- funded and public policy - supported initiative is dedicated to achieving the following: • Increase employment by more than 9,000 jobs. (Includes direct, indirect and induced jobs) (Durham's goal for direct jobs is to average 10% above the Durham average wage.) 50 new and/or expanded businesses • Increase private capital investment by $1 billion • Create $737 million in new local earnings • Increase disposable personal income from new jobs created by $626 million • Increase Net Personal Consumption Expenditures by $570 million Expand deposit potential for area financial institutions by $169 million Durham's targeted clusters include life sciences, electronics and software, nanotechnologies, pervasive computing, advanced medical care, analytical instruments, nanoscale technologies, informatics, vehicle component parts, enviromnental product design and manufacturing, and financial services. Durham County's economic development efforts are both inward - and outward - facing. In addition to establishing a leadership role focused on retaining and growing existing businesses, the Chamber has established supporting programs, with the cornerstone based on increasing the connection between business and universities, particularly in the area of technology transfer from academic to private sector. To encourage business attraction, growth, and retention, both the City and County of Durham utilize a common UDO and offer a host of incentives which augment state and federal programs. These incentives, which include five local or local /state, four state or state /federal, two federal, and one private sector programs, are enumerated in Appendix V. These are in addition to the local, state, and federal programs aimed at environmental and historical assistance, also included in Appendix V. As for real estate product availability, Durham's properties range from Class A office space to manufacturing space. Offering rates from $3.00 /sq.ft. to $25.00 /sq.ft., entrepreneurs and businesses wanting to locate directly in the Park can find office space as low as $9.00 / sq.ft., Having adopted a uniform development ordinance applicable to both the City and County of Durham in 2006, the permitting process is predictable and consistent, with planning fees and processes being clearly laid ou?9. Wake County Wake County Economic Development is housed within the Greater Raleigh Chamber of Commerce. In addition, it is financially supported by Edge4, a program by which 90+ private businesses, including RTP's largest corporate residents invest in Wake County and RTRP economic development efforts 30 3 Currently, Wake is marketing numerous properties, including office space ranging from $15 /sq.ft to $23 /sq. ft. In addition, Wake includes 1,800 acres in RTP and offers additional industrial parks and two additional certified sites located elsewhere in the county which already have undergone the following: " hlto: /Avw"v.ci.durham.ne.usl departments /planninglodflolannino fees 0701090 f Durham City-County Comprehensive Plan Economic Development Element: http*Umm ci durham nc us /depadmentsl lap nninot comp—planidep_06.pdf 30 htt0:Mwww.raleigh- wake.orgloaae ledge- inveslor- directoiy 31 hftp'ihvuai recaarchhianglP nrglnnlnadcttJasvelattare19009 09 him 171 Page