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10 <br />Economic Development <br />Critical Path Elements oFFN�E�o�� Y <br />Economic Deebpmx4 <br />Canmissmn <br />Places <br />Tools <br />Knowledge <br />Like the mobius triangle, the three elements, Places, Tools, and Knowledge, inextricably comprise the <br />critical path necessary for economic development to take root and prosper. The more prolonged and <br />shallower the implementation, the longer it will be before OC can increase revenues from the <br />commercial tax base and the longer before the county can set itself on a healthy fiscal course. <br />Before ANY economic development can occur, there must be a place for it to occur and the space must <br />meet the needs of investor funding the business' growth or expansion. With there being a greater <br />supply of sites and facilities than businesses demand, shovel -ready sites are seen as a given, with <br />certified sites becoming the norm, more and more. Therefore, the sooner Orange County converts the <br />unimproved land in the EDDs to certified sites, the sooner it will be transformed into a revenue - <br />producing asset . <br />The needs of individual businesses starting up, expanding, and coming into the area vary widely. To <br />engage investors funding these start-ups, expansions, and relocations, local governments must have the <br />tools and flexibility to retain and recruit. Again, there are more locations than sites and from a business <br />point of view, economic development is a buyers market, especially in our region. <br />Third, our region is home to some of the most innovative, progressive businesses and leaders in the <br />world. The State of North Carolina, the Research Triangle Regional Partnership, and local universities <br />offer a wealth of data, analysis, best practice, lessons learned, expert, and creative knowledge - - -and the <br />resources to take them from idea to implementation. Accordingly, we recommend that the county <br />systematically and regularly engage with this readily available knowledge and expertise. <br />The next few slides address specific actions OC should take to accelerate this critical path towards <br />prosperity and economic health <br />3 <br />