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� <br /> b. Recommendations from the Economic Development Commission on <br /> Economic Development <br /> The Board received recommendations from the Economic Development Commission on <br /> economic development as outlined in the Commission's six-year implementation strategy and FY <br /> 2010-11 budget request. <br /> Kathleen Ferguson, Chair of the Economic Development Commission, made a <br /> PowerPoint presentation. <br /> Investinq in Our Future <br /> Strategic Recommendations: Places, Tools, and Knowledge <br /> Orange County Economic Development Commission <br /> Estimated Financial Impact: Fiscal Years 2010/2011 — 2015/2016 <br /> Budget Request: Fiscal Year 2010/2011 <br /> During the great recession of 2008 and 2009, our region has received $3.1 Billion in private <br /> investment- $1.9 billion received last year alone. UNC received more than $1.4 billion R&D <br /> funding - $716 million last year alone. Home to almost 7% of the region's residents, Orange <br /> County's share of this economic investment was negligible — 0$ and negative net jobs in 2009. <br /> Had Orange County's share equalied its population percentage, we would have received over <br /> $134 million. This lost potential, when contrasted with the County's widening <br /> residential/commercial tax gap has not surprisingly raised the issue of economic development to <br /> the forefront. Orange County is home to numerous CEOs, COOs, CFOs, and other executives. <br /> It is time to become home to their businesses also. The question the Economic Development <br /> Commission has spent the past year addressing is: what steps should Orange County take to <br /> reverse the county's revenue and jobs slide and engage with investors and decision-makers who <br /> are clearly willing and able to invest in the region. Having spent a year of fact-finding and <br /> exploring needs expressed by the decision-makers themselves, the EDC has identified a critical <br /> path towards increasing Orange County's options for attracting and retaining healthy, growing <br /> businesses. <br /> Estimated Financial Impact: Fiscal Years 2010/2011 — 2015/2016 <br /> $2.3 million plus developing the UDO $ plus NC Department of Commerce Certified Site status <br /> for Buckhorn EDD + 100% water, wastewater, and other infrastructure to Eno EDD <br /> Budget Request: Fiscal Year 2010/2011 <br /> $525,000 in new spending - $500,000 for cap/recap of tools, $25,000 to continue investment in <br /> research. <br /> Context <br /> - Investing in Revenue-Producing Assets Allows County to invest in programs valued by its <br /> citizens <br /> o Economic Development is the only tool available to local governments that are <br /> capable of increasing revenues, jobs, and wealth <br /> - Invest in County Revenue-Producing Assets First <br /> o Revenue-Producing capital <br /> o Ongoing revenue stream <br /> - Focus on Low-Hanging Fruit First <br /> o Local Entrepreneurs and Established Businesses <br />