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� <br /> for their business. Investing in applicant-friendly, streamlined permitting, infrastructure, and tools <br /> tailored to entrepreneurs and established businesses, and locating in Orange County will begin <br /> to qualify as a sensible business decision. <br /> The EDC contends that a thorough grounding in economic analysis and other data-driven <br /> considerations will be required to gain the results desired in terms of business start-ups, <br /> retention, expansion, and recruitments. As with any endeavor, the quality of a decision is only as <br /> good as the data and analysis informing and supporting it. Moreover, Orange County will <br /> achieve only what it measures, which is why ongoing metrics and benchmarking is critical. We <br /> therefore see the research prong of these recommendations as being critical to the overall <br /> success of this endeavor to launch a multi-year investment in economic development on behalf <br /> of Orange County. <br /> IF NEEDED: <br /> Examples of industry-standard metrics include: <br /> - Number of qualified inquiries <br /> - Increased hit rate (number of wins gained from total number of inquiries) <br /> - Increased strike rate (value of wins from estimated total value represented by inquiries) <br /> - # of local university start-ups established in Orange County and verified to have remained <br /> in Orange County over time <br /> - # of existing local businesses who expand and remain in Orange County over time <br /> - # of relocating businesses choosing Orange County whose <br /> managers/executives/employees have chosen Orange County as home <br /> - Annual measure of residential/non-residential tax ration <br /> - Total value of private capital invested in Orange County <br /> - Total number of private sector jobs created <br /> - Number of private sectorjobs by Orange County socio-economic strata <br /> Investment Commitment <br /> FY 2010 — 2011 Economic Development Department <br /> The EDC shares the goal of increasing the County's non-residential tax base. As such, we <br /> unshakably believe that the County must commit to investing in economic development not as a <br /> single year but as an ongoing permanent investment. To assist the BOCC in implementing <br /> specific, measurable, attainable, and realistic actions in a timely manner, the EDC is <br /> requesting line item budget allocations in the upcoming year's budget. In addition, we have <br /> provided a six-year estimate to help the BOCC and County Manager anticipate and plan for the <br /> general investment levels that will be required moving forward. <br /> FY 10-11 Budget: <br /> Economic Development Department <br /> •$500,000 request for economic development tools over and above last year's funding of $0 in <br /> this category. <br /> •$25,000 request for economic development research over and above last year's funding of 0$ in <br /> this category. <br /> Over the past 12 months, Orange County's $75,000 small business fund was sufficient to <br /> support two local businesses: Santosa, a local commercial cleaning service company and PhD, <br /> a local recreational flying disc company that the Economic Development Department was able to <br />