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Chapter 3: Economic Development Element <br /> INVESTING IN INNOVATION: THE ORANGE COUNTY ECONOMIC DEVELOPMENT <br /> COMMISSION'S FIVE YEAR STRATEGIC PLAN 12005-2010) <br /> The Orange County Economic Development Commission commenced a strategic <br /> planning process in 2002 to guide future efforts of the organization. The result of <br /> this multi-year planning effort is a five year strategic plan with the overarching <br /> goal to "create 5,000 new private sector jobs in Orange County and add <br /> $125,000,000 in new commercial property by June 2010." Four key areas for <br /> improvement were identified: <br /> • Improved Business Climate to enable businesses to create the <br /> needed jobs; <br /> • Infrastructure to enable the businesses to flourish; <br /> • Workforce Development to make sure workers have the skills <br /> needed to assume the new jobs; and <br /> • Quality of Place to ensure that Orange County remains a great place <br /> to live and work. <br /> Specific action steps were identified for each of these four areas of improvement. <br /> The objectives of this element were derived from the key goals identified in this <br /> plan. <br /> 2007 STATE OF THE LOCAL ECONOMY <br /> The Orange County Economic Development Commission published a report <br /> entitled State of the Local Economy in March, 2007. The report provides key <br /> economic and demographic statistics for Orange County. <br /> Key conclusions from the data analysis show improvement in some aspects of the <br /> County's economy, including decreasing commercial vacancy rates, increases in <br /> retail sales tax collections, maintenance of the lowest unemployment rate in the <br /> state, and increases in weekly wages. The report also highlights that the County's <br /> tax base continues to remain unbalanced at 86% residential and 14% non- <br /> residential, retail sales per capita were well below the state average, the cost of <br /> living in the area is still high, and the number of families on food stamps has <br /> increased since 2000. <br /> ESTABLISHMENT OF ECONOMIC DEVELOPMENT DISTRICTS <br /> Orange County has designated more than 2,450 acres in three strategically placed <br /> areas along Interstates 85 and 40 as Economic Development Districts. The <br /> purpose of these districts is to promote development of properties located along <br /> key transportation corridors and near urban areas for commercial or industrial <br /> development. These sites were selected because of their adjacency to the <br /> interstates, their proximity to rail facilities for the movement of goods and <br /> potential for future transit service, access to public water and sewer service, and <br /> the potential to divide large tracts in these districts into a range of building site <br /> sizes. Orange County's location, midway between the Piedmont Triad and <br /> Research Triangle metropolitan areas, makes these sites highly marketable. <br /> The districts offer development potential for light industrial, warehouse/flex <br /> space, office, retail, and business service. The specific types of developments that <br /> can be constructed within these districts are explained in the Orange County <br /> Oran. Cct"ttyCQmprehevsdve Plavv Page 3-4 <br />