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3 <br />Introduction <br />The Orange Count)' Economic Development Commission (EDC) recommends comprehensive, <br />systematic, and strategic upgrading of the county's economic development capacity. We believe <br />implementing the complete set of recommendations contained herein is necessary to advance the <br />commissioners' interests in improving Orange County's economic development prospects and its <br />commercial tax base. These recommendations represent the culmination of a research process that began <br />last spring and included discussions with area economic development experts augmented with <br />preliminary research performed by graduate students enrolled at UNC's Department of City and Regional <br />Planning (DCRP). <br />Orange County needs a comprehensive approach to engage <br />the economic development opportunities regularly available <br />in our world -class metropolitan region; opportunities which <br />result from business investment and location decisions <br />constantly being made by investors, entrepreneurs, CEOs, <br />and boards of directors. In the EDC's judgment, <br />implementing this strategic program will move Orange <br />County closer to matching the economic development <br />capacity already present in our neighboring jurisdictions, <br />particularly Chatham, Durham, Wake, and Alamance <br />counties,l while preserving Orange County's unique <br />qualities. <br />Without BOCC endorsement and <br />funding of these recommendations, we <br />believe Orange County's economic <br />development policies will continue to <br />perpetuate the status quo, and Orange <br />County will continue to rank lowest or <br />near lowest in private commercial <br />investment and job creation not only <br />amongst Alamance, Chatham, Durham, <br />and Wake counties but also within the <br />entire 13- county RTRP region for the <br />foreseeable future. <br />The EDC strongly urges the county commissioners to adopt these recommendations in their <br />entirety including fully funding the $525,000 increase in the Economic Development Department's <br />FY 2010 -2011 budeet. <br />Reconunendatlons Dverview <br />Places, Tools, and Knowledge. These are the three tenets of our recommendations. We strongly <br />recommend the Orange County Board of Commissioners to: <br />1. Fully fund the water and wastewater infrastructure improvements needed in the Economic <br />Development Districts to make them more attractive to investors and business owners. <br />2. Endow the EDC's economic development tool kit so that the county can effectively respond to <br />opportunities to recruit, retain, grow, and generate the kinds of businesses that are desirable <br />3. Commission research and build its knowledge base so that economic development decisions are data - <br />driven, based on current analysis, and result in performance that is valued in Orange County. <br />Thus, our recommendations include completing infrastructure projects, streamlining regulatory policies, <br />initiating research, and investing in new and expanded tools for the proverbial tool kit that is essential to <br />all local governments committed to economic development. Our recommendations are listed below. <br />Figure 1 (page 5) summarizes their financial impact and Figure 2 (page 6) places the recommendations on <br />a critical path timeline. <br />' More information about our region's competitive environment is detailed in Private Investment, Jobs, and 137eatth Creation: An Overview of <br />Economic Development Strategies, Rest Praclices, and ActirityDriving Orange Cotmo, Economic Development Outcomes. <br />1 I Page <br />