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Executive Summary <br />The residents of Orange County have long benefitted from the presence of the University, <br />nearby Research Triangle Park and the access to jobs within the region. In fact, Orange <br />County is one of the wealthiest counties in North Carolina and has consistently boasted a <br />low unemployment rate. However, the majority of residents work outside the county, <br />though in the region. The result is that over 80% of tax revenues come from residential <br />property taxes, and property taxes continue to climb. In order to address this problem, the <br />County must be successful in recruiting, retaining, and growing businesses within the <br />county. This study assesses Orange County with respect to commonly used site selection <br />criteria and provides strategy recommendations for becoming more competitive in <br />attracting and retaining businesses. The main findings of this study were: <br />Orange County has not fared well in attracting or retaining businesses. While the <br />population steadily grows, jobs have not kept up. Most UNC business spin -offs leave <br />the county. <br />Orange County's location, as part of the "urban core" of the Research Triangle <br />Region, has led to high land prices. Other challenges include high tax rates, no local <br />incentives, and the County's reputation for a long regulatory process relative to <br />other "urban core" counties. Operations that are able to pay such high land prices <br />will go the other urban core counties, Durham or Wake. <br />C Orange County has a limited real estate product. Site listings indicate that other <br />counties have more buildings and development -ready land available, leaving Orange <br />County at a disadvantage for large projects. <br />• The county should market its strengths: a large, expanding research university; a <br />highly regarded quality of life; a highly educated workforce; an expansion of <br />economic development initiatives and regional resources. <br />The county should take action to address main challenges: <br />• Target sectors that are complimentary to University research and <br />development and tie recruitment to current projects <br />• Develop well- structured, targeted incentives to ease the tax burdens, <br />reduce the regulatory process burden and tap into local talent <br />• Develop real- estate product by certifying sites, developing infrastructure, <br />or public - private investments <br />• Provide capital and other incentives to retain start -up firms <br />