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

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ORp NGE COUNT Em.wmic Dedopnent Cmvneuon Investing in Our Future Strategic Recommendations: Places, Tools, and Knowledge Orange County Economic Development Commission Estimated Financial Impact: Fiscal Years 2010/2011— 2015/2016 Budget Request: Fiscal Year 2010/2011 During the great recession of 2008 and 2009, our region has received 3.1 Billion in private investment-- - 1.9 Billion received last year alone. UNC received more than 1.4 B in R &D funding-- -7.16m last year alone. Home to almost 7% of the region's residents, Orange County's share of this economic investment was negligible — 0$ and negative net jobs in 2009. Had Orange County's share had equaled its population percentage, we would have received over $134M. This lost potential, when contrasted with the county's widening residential /commercial tax gap has not surprisingly raised the issue of economic development to the forefront. Orange County is home to numerous CEOs, COOS, CFOs, and other executives. It is time to become home to their businesses also. The question the Economic Development Commission has spent the past year addressing is: what steps should OC take to reverse the county's revenue and jobs slide and engage with investors and decision- makers who are clearly willing and able to invest in the region. Having spent a year of fact-finding and exploring needs expressed by the decision- makers themselves, the EDC has identified a critical path towards increasing Orange County's options for attracting and retaining healthy, growing businesses Estimated Financial Impact: Fiscal Years 2010/2011 — 2015/2016 $2.3 million plus developing the UDO $ plus NC Department of Commerce Certified Site status for Buckhorn EDD + 100% water, wastewater, and other infrastructure to Eno EDD Budget Request: Fiscal Year 2010/2011 $525,000 in new spending -- $500K for cap /recap of tools, $25,000 to continue investment in research