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' <br />MEMORANDUM <br />From: Orange County Economic Development Advisory Board <br />To: Dr. Meenu Tewari, Dept. of City and Regional Plamring, <br />ORANGE COUNTY UNC- Chapel Hill <br />Economic Development Date: September 17, 2009 <br />Commission <br />Re: Revised Research Tasks List for Research Assistants Positions <br />Original Task List, September 1, 2009 <br />1. Documentation detailing the technical, legal, and financial considerations necessary to bring <br />complete infrastructure to all County economic development districts <br />2. Document, measure, and analyze Orange County's desirability per commonly - accepted key site <br />selection criteria; identify strategies for targeting businesses whose local economic impact would be <br />beneficial. <br />3. Documentation and analysis of best practices associated with financial, in -kind, and other types of <br />economic development incentives and tools being used to retain and attract businesses in jurisdictions <br />with characteristics similar to Orange County and by local governments targeting business types <br />desired by Orange County <br />4. Evaluation of the impact of the 2005 -2010 Investing in Innovation Strategic Plan by assessing results <br />against the Plan's objectives and benchmarks" <br />Revised Task List September 15, 2009 Four above tasks plus .... <br />5. Identify Preferred Business Sectors. <br />a. Develop clear criteria defining desirable businesses. (this would be a continuation of <br />work conducted up until 2007 as part of the EDC's Investing in Innovation Strategic Plan <br />and would also include) <br />b. "Develop an energy plan that includes economic development strategies to attract, retain, <br />and grow `green' business" (This is one of the County Commissioners' priorities <br />included with its Economic Development Goal Statement). <br />6. Recommend metrics for the County Commissioners' Economic Development Goal Statement, <br />"Implement planning and economic development policies which create a balanced, dynamic local <br />economy that promotes diversity, sustainable growth, and enhanced revenue while embracing <br />community values." Discussion: Can the EDC identify and recommend metrics that will enable the <br />commissioners to determine if the goals are being achieved; i.e. how can the EDC measure a <br />"balanced economy ", the "dynamism" of the local economy, and the local economy's promotion of <br />"diversity"? Ditto for "sustainable growth ", "enhanced revenue ", "embraced community values" <br />7. Conduct preliminary research into the pros and cons of current bureaucratic structure of Economic <br />Development functions in Orange County Govermnent as compared to a 501(c)3 private, non- profit <br />governance structure. (The interim county manager's recent report on county departments raised the <br />issue of considering alternative legal structures for the EDC). <br />8. Investigate and recommend one or more methodologies for quantifying the opportunity cost borne by <br />Orange County by not developing its Economic Development Districts in a more timely manner, nor <br />in having a robust set of "best practice" tools available in its Economic Development tool kit. <br />PO Boa 1177 • Ilillsborough, NC 27278 <br />(919) 245 -2325 • FAX: (919) 644.3008 <br />EMAIL: edcmail(aco Oran e ne ns e wEB ADDRESS: em co orange nc.us /ecodev <br />