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

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, Xar. ORANGE COUNTY Eco icO velopnent Commission 5 In addition to providing the core recmmnendations, the EDC also has taken the opportunity to respond to several Commissioner requests for information concerning the current economic development environment and best practices being implemented by neighboring counties. Using Orange County's Comprehensive Plan 2030's Objective 1.8 to "explore policies to use in attracting and encouraging development of companies and enterprises that will build and expand upon the County's economic base", as a directive, the EDC examined economic development through the eyes of economic development professionals, potential investors, and regional experts. As part of this effort, the EDC sought to learn more about the concerns of business from its perspective. In addition, we sought information about on economic development strategies, policies, and tactics practiced in our region, particularly those practiced by surrounding counties to better understand the forces driving private investment, job creation, and wealth generation. To assist the County Manager and Board of Commissioners in their deliberations, the EDC has condensed research findings in the companion paper, "Private Investment, Jobs, and Wealth Creation: An Overview of Economic Development Strategies, Best Practices, and Activity Driving Orange Comity Economic Development Outcomes ". In 20 pages plus appendices, the EDC has summarized data acquired over the past 12 months from a variety of sources including local economic development professionals and business investors; the North Carolina Department of Commerce and its regional economic development partnerships; area Chambers of Commerce; leading trade publications addressing the needs of site selection specialists, relocating businesses, start- ups, and entrepreneurs; and leading experts from several UNC centers of research. Financial Impact: The EDC recommends that an additional $525,000 be invested in economic development functions in FY 2010/2011 over and above FY 2009 42010 funding. In addition, the EDC estimates that over a six -year period, the entire investment in research, strategic planning, and a robust economic development tool kit will be approximately $2,200,000, excluding the cost of bringing water and wastewater treatment capacity to the Buckhom and Eno EDDs. Recommendations: Places, Tools, and Knowledge. These are the three tenets of our recommendations. We strongly recommend the Orange Comity Board of Commissioners adopt a strategic programmatic approach to economic development by: • Fully funding the water and wastewater infrastructure improvements needed in the Economic Development Districts to make them more attractive to investors and business owners. • Endowing the EDC's economic development tool kit so that the county can effectively respond to opportunities to recruit, retain, grow, and generate the kinds of businesses that are desirable • Commissioning research and building its knowledge base so that economic development decisions are data - driven, based on current analysis, and result in performance that is valued in Orange County. PO Box 1177 . Hillsborough, NC 27278 (919) 245 -2325 • FAX: (919) 644 -3008 EMAIL: edcmaikaco.oranoe.nc.us • WEB ADDRESS: "- co.orange.ncus/ecodev