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opportunities as they arise. Through these negotiations, Orange County will be in the position to better
<br />understand the specific needs of prospective businesses as well as better understand which County assets
<br />are most attractive against neighboring counties. This information will be used in conjunction with data
<br />gathered from contracted research into UNC spin -off opportunities, RTRPlOrange County cluster
<br />analysis, and funding mechanisms, among others.
<br />It also remains important for Orange County to continue to cultivate our joint program activities with the
<br />Research Triangle Regional Partnership where many of these opportunities originate. Current staff
<br />utilizes the support from the RTP for research, domestic, and international marketing and industry
<br />expertise. Increased participation not only improves our knowledge of current practices but also helps us
<br />identify potential candidates of which Economic Development staff otherwise would not be aware.
<br />The Third Leg: Current Data, Analysis, and Knowledge
<br />Getting the best return possible on this proposed investment in infrastructure and economic development
<br />tools requires a solid foundation of knowledge. Taking advantage of UNC resources, the EDC
<br />recommends amassing data matching regional clusters and industries with Orange County assets,
<br />information on viable funding mechanisms that meet both short- and long -term fiscal needs, and
<br />additional tactical information on infrastructure, regulatory, and structured financial incentives capable of
<br />increasing Orange County's business attractiveness and marketability in the region and state.
<br />Lastly, with the research completed from a $25,000 investment in FY 2010 -2011 and from experience
<br />gained through the provision of economic development services supported by business retention and
<br />recruitment funds as well as by an expanded small business loan program, Orange County will be well -
<br />positioned to commission in FY 2011 2012, a substantial data - driven economic development strategic
<br />planning process that will include cluster analysis, county and regional SWOT 13 and forces analyses,
<br />economic impact analysis, and public input, as well as specify priorities and critical path elements,
<br />include SMART goals and objectives, and assign specific responsibilities and accountabilities.
<br />Conclusion
<br />We, the EDC, are committed to Orange County's economic health and believe a more balanced tax base
<br />is critical not only to the county's long -term fiscal health, but also to our ability to maintain our
<br />significant quality -of -life attributes and to lessen the demographic trend of the county becoming an
<br />exclusive, high - income bedroom community. Orange County offers a wealth of assets within its borders
<br />and is fortunate to be a member county of one of the country's leading economic development regional
<br />partnerships. In a period in which the County, state, and nation suffered from significant economic
<br />shocks, our region experienced its most bountiful year yet, attracting $1,900,000,000 in private
<br />investment and 10,000 +jobs. UNC, the County's flagship economic development engine received record
<br />research finding of more than $700,000,000 in 2009. Yet despite these dramatic gains and being in a
<br />prime geographic location, Orange County's share of private investment and job creation was
<br />insignificant.
<br />For years, Orange County has followed its own philosophy and path when it comes to economic
<br />development, and during economic boom periods, the County was financially solvent. As a result, it did
<br />not need commercial development to support cash neutrality and budgetary requirements. This non -
<br />reliance on commercial development meant that heretofore, the County has not seriously considered
<br />business interests or economic development market demands when establishing and refining the County
<br />development policies. With shifting demographics, the current economic environment, and future
<br />services needs, Orange County finds itself needing a larger commercial property tax base to meet its
<br />revenue needs. In order to increase its commercial tax revenues, it will need to invest in business - friendly
<br />policies and provide investor - friendly tools comparable with those offered by neighboring counties.
<br />33 Strengths, Weaknesses, Opportunities, Threats
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