Agenda - 11-19-2014 - 1 - Laserfiche WebLink

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M Entrepreneurial & Incubator Support - 8% of annual expenditures ($100,000) There is an ongoing and successful effort to retain entrepreneurial start -up talent that originates in the County, such as from UNC Chapel Hill, by supporting an affordable and creative work environment that keeps such talent from leaving the County. Article 46 funds back an Interlocal Agreement between Orange County and the Town of Chapel Hill to support the monthly lease requirements of the "LaUNCh Chapel Hill" innovation center, located on Rosemary Street. Over the initial 3 1 /2 year lease period, the County will provide a total of $140,000 in economic development funding to support "LaUNCh Chapel Hill ". This new incubator, with over 20 full -time promising firms, also has support and financial backing from the University and key private donors. Business Investment Grants — 8% of annual expenditures ($100,000) This grant program is intended, like the Small Business Loan Program, to make vital capital injections that help local, small businesses start up and grow. Although the passage of the one - quarter cent sales tax for economic development has accrued funds for this category, there was never a set of bylaws, application guidelines or review committee in place to allow the County to actually administer the grants. However, the Orange County Economic Development Advisory Board has worked throughout 2014 to draft a multi- tiered set of recommended grant award levels, an application process and guidelines, and volunteered to administer the actual review and awarding of grants beginning in January 2015. The Advisory Board plans to presents its draft recommendation to the County Manager and the Board of County Commissioners for comments in December 2014, with a goal to begin the year 2015 making business investment grants in increments up to $10,000 each to small businesses. Grant recipients should prove over time to be small businesses located throughout the County and the municipalities. Agriculture Investment Grants — 5% of annual expenditures ($60,000) A grant program funded by Article 46 also exists to help local agriculture thrive in Orange County. This includes efforts to support sustainable farming practices by both larger century farms and beginning new farmers, expand the production of locally produced foods with area restaurants, farmers markets and food co -ops, and related goals. However, like the Business Investment Grant, there has previously been no set of guidelines or other protocol in place to help administer the grant program. The County's Economic Development Advisory Board will present a recommended set of agricultural - Chemed draft guidelines in early 2015 to the Manager and Board of Commissioners for their review. Marketing & Collaborative Outreach; Advertising, Publishing & Collateral Materials — combined 3% of annual expenditures ($40,000 total) Article 46's two smallest categories exist to enable flexibility with decisions about how to brand Orange County's economic development advantages, create print and digital marketing brochures, and tools that appeal to business investors, and otherwise help staff maximize efforts to pursue investment leads. Recent expenditures have included a joint ad campaign (with the Chapel Hill /Orange County Visitors Bureau) on WCHL 1360 radio and for local print media ads, development of the Orange County Economic Development department's new web page, and use of the "Buxton" proprietary retail marketing software services. Future marketing goals include the creation of an updated business marketing guide, and to assist the County with a new initiative, encouraged by the Board of Commissioners, to more directly interface with retention efforts among existing businesses in the County.