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4 <br />evaluate the real estate needs of University entrepreneurs. The final report <br />included recommendations for development of innovation space in a variety of <br />campus and non - campus locations within Orange County, with specific site <br />suggestions recommended within the Town of Chapel Hill. One of the primary <br />goals of the County's study with UNC was to determine how to reverse the trend <br />where many hi -tech startup firms that originate out of the University eventually <br />move away to adjacent counties. Pursuit of this objective should remain a priority <br />for the Town and County in the coming year. <br />♦ Small business loans to Town businesses — Orange County's Small Business <br />Loan fund is a resource available to eligible small businesses located within the <br />County and its municipalities. Several Chapel Hill companies have utilized this <br />unique County funded resource, to include the Chapel Hill -based firm <br />"ServiceMaster by Santosha ", which is a commercial cleaning business. In <br />addition, the County has pending loans with two (2) other Chapel Hill firms, and <br />one of these loans, to an information technology services provider, was disbursed <br />in the last two weeks. <br />♦ Joint promotion of tourism and the arts — The Chapel Hill /Orange County <br />Visitors Bureau ( CHOCVB), located at 501 W. Franklin Street, represents a very <br />positive, productive and longstanding good partnership between the County and <br />Town. Led by Laurie Paolicelli, this office and staff are a part of the Orange <br />County Economic Development Department. The attached CHOCVB document <br />outlines the encouraging economic impact this joint Town /County agency <br />contributed to the local economy during 2011. <br />♦ Ongoing communication - both formal and informal — Economic Development <br />staff from the Town and the County have made regular communication a priority <br />to ensure that each office is working with current information when potential <br />business investment prospects make inquiries. Staff members from both <br />departments participate in regular partner meetings that include Economic <br />Development professionals from affiliated organizations (to include the Chamber <br />of Commerce, and the Chapel Hill /Orange County Visitors Bureau), as well as <br />hosting one -on -one meetings during each month with Town and County staff <br />participating. <br />♦ New project collaboration — Although the County and Town may receive new <br />project opportunities from independent sources, such prospects are routinely <br />shared among the economic development professionals from the County and <br />Town in order to best meet the specific needs of the potential client. Such <br />shared information includes a joint review of potential real estate locations, <br />financing options, regulatory assistance, and other levels of cooperation to <br />promote collaboration among staff, and ultimately, the recruitment of new <br />business. <br />♦ Existing business collaboration — As with the joint effort to work collaboratively <br />to seek new businesses, the Town and the County have also had the opportunity <br />to work together to respond to the expansion and retention needs of existing <br />businesses in a variety of ways, from assistance in finding a larger facility space <br />to providing regulatory guidance. One current example involves the County and <br />