Agenda - 03-13-2012 - 4b - Laserfiche WebLink

Browse Search

7 The proposed miYed-use project at 300 East Main Street will contribute to the urban environment preferred by tech entrepreneurs. OECD could wark with the developers of 300 East Main to offer affordable space and urban amenities for stariups. Given the cost basis of 300 East Main, however, OCED is more likely to find suitable affordable space at University Mall. The Town of Hillsborough is not positioned well to compete with downtown Durham or with suburban areas nearer to RDU. OCED should reach out to growing spin-off companies that are product oriented and want to hire employees from Orange and Alamance Counties. Available old industriaUwarehouse space should be attractive to these companies as long as their need for water was not substantial and rents were reasonable. The county also has buildings for sale in downtown Hillsborough near Churton and King that might be used as expansion space. OCED could expand its small business loan program to help startups and young growing companies serving external markets. Companies could receive loans to subsidize rents over some defined time period in return for staying in the county and hiring county residents. OCED could leverage its resources by approaching high net-worth individuals living in the county. Given the low success rate of stariups whether university based or otherwise, OCED should consider locally other emerging sectors including green companies, contract research companies and defense contractors run by retired military personnel living in the county. OCED could also generate export opportunities of prepared foods from local establishments that have national reputations. Finally, OCED should organize additional discussions to refine and expand its agenda. In addition to convening the economic development staff working in the county, OCED should form a group representing LTNC, Chapel Hill and Orange County help coordinate campus-based initiatives. To summarize, Orange County could strengthen its economic base and diversify its tax base by attracting and retaining IJNC spin-off companies. OCED could facilitate the development of office/flex space for the life-science companies in the Route 54 corridor, secure units at Odum Village, collaborate with LTNC on its incubator at 505 West Franklin, identify expansion space on West Franklin and at University Mall, assist startups seeking affordable space in Carrboro, help growing companies transition to office or flex space in Hillsborough, and expand its loan program for new business development. 4