Agenda - 08-19-2010 - 1 - Laserfiche WebLink

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16 FY 10 -11 Budget: V4 Economic Development Department Eco-Mc Io , r �n� �, • $500,000 request for economic development tools over and above last year's funding of $0 in this category. • $25,000 request for economic development research over and above last year's funding of $0 in this category. Over the past 12 months, Orange County's $75,000 small business fund was sufficient to support two local businesses: Santosa, a local commercial cleaning service company and PhD, a local recreational flying disc company that the Economic Development Department was able to leverage into international recognition by MSNBC. However, the funds are fully allocated, with numerous local businesses eager to participate whenever additional funding becomes available. Based on this history as well as the experience of small business funds available in Durham and Chatham counties, we recommend Orange County's small business fund be recapitalized. However, Orange County also needs a retention and recruitment fund designed to meet the needs of established local businesses who are expanding or incoming businesses who want to locate here and who likely will end up employing county residents or whose managers /executives will call Orange County home. Equally important, these funds must be administered with flexibility without lengthy, complex, or onerous procedures. Lastly, quality research capable of supporting cluster, R &D, gap, or revenue stream analyses requires both faculty and student involvement. Unlike this past year's student papers, which was pro bono and involved limited scope and time investment, cluster /R &D /gap /and funding stream analysis substantive research effort is provided only on a fee basis ranging from $25, 000 to $250,000 or more. The total financial impact of this investment is <0.04% of the total county budget for FY 2010 -2011. Although Streamlined Permitting and the LIDO are under the auspices of the Planning Department, the EDC views it as a critical path requirement for economic development, thus we recommend that the county invest staffing and resources necessary to achieve these in a timeframe that inspires confidence and trust among investors, site selection decision- makers, and the development community. Secondly, while extending full water /wastewater infrastructure into Buckhorn and Eno EDDs and satisfying all criteria required for NC Department of Commerce Site Certification are critical path elements, much of this investment also will be under the auspices of the Planning Department. Although the EDC's extended budget estimates the general magnitude of the investment required, to many unknowns exist to set expectations for a firm figure. 0