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2. Economic Development Commission 2007-08 Goals Update Economic Development Director Dianne Reid said that this process was started with individual meetings with each of the board members to come up with priorities for the year, and then the EDC prioritized the goals as high to low priority for the year. The goals have been organized for the four work groups related to the Strategic Plan - Research Goals, Business Retention and Expansion Goals, Benchmarking Successes, EDC Board Development Goals, and EDC Staff Goals. She summarized some economic statistics for Orange County. She said that for every dollar that is paid out for services to residential, only 76 cents comes in. Therefore, residential development does not pay for itself. In the commercial sector, for every dollar in services, the revenue is $4.21. The impact of increasing the commercial base would be even mare significant. She said that economic development is an honorable profession and she has a goal of creating jobs for Orange County. She reviewed the Economic Development Commission priorities, as follows: Economic Development Commission 2007-08 Priorities EDC Mission: Our purpose is to make Orange County a smart, innovative place - a great place in which to live and work. We encourage public-private investments to provide jobs for county residents and to increase the non-residential tax base. Through these investments, we enhance the financial well-being and quality of life of county residents, and the ability of their local governments to provide high-quality services. Five Year Goal (from Investing in Innovation: Orange County Economic Development commission Five-Year Strategic Plan: 2005-2010): To create 5,000 new private sector jobs in Orange County and add $125,000,000 in new commercial property by June 2010. Business-focused Strategies: Business Climate Goal: Publiclprivate partnerships will have formed to create a stronger business climate and Orange County will have a clear set of guidelines, standards and procedures designed to sustain and nurture existing businesses, encourage entrepreneurship, and attract targeted employers. Current Year Objectives: • Get Commissioner buy-in for desirable businesses in EDDs (Highest priority - will bring preliminary list of targeted businesses to April 12 work session) • Continue more toward central permitting (High priority -will bring plans and potential budget implications to April 12 work session) • Review regulations governing nodes, EDDs, Rural Economic Development Areas {High priority -- work underway on Eno EDD, some aspects of Buckhorn EDD, review of current land use in existing nodes, potential conditional use permitting - will provide update to Board at April 12 work session) • Approach other governments regarding desirable businesses (Medium Priority - undertake late in Fiscal Year) • Monthly recognition of businesses (Medium Priority -Begin in August 2007)