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215 <br />0 Chapter 3: Economic Development Element <br />4,r� <br />INVESTING IN INNOVATION: THE ORANGE COUNTY ECONOMIC DEVELOPMENT <br />COMMISSION'S FIVE YEAR STRATEGIC PLAN (2005 -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 />0 ra uje,Cau*ity CanVrehens, ve�Plavv Page 3 -4 <br />