Agenda - 02-26-2015 - Agenda - Laserfiche WebLink

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b) Opportunities for County /Town Economic Development Partnerships Ongoing Business Prospect Activity in Hillsborough Orange County's Planning & Inspections Department, assisted by the Economic Development office, is involved in a number of promising commercial and retail development activities that should bring new capital investment that will add to the property tax base, add new jobs and payroll, and bring additional retail sales tax to the Town of Hillsborough and Orange County. Locations being considered for development include property improvements adjacent to Home Depot at the southeast quadrant of N.C. 86 and Interstate 85, and at the southwest quadrant of Old N.C. 85 and Interstate 40. Specific retail and commercial projects are at various stages of development, such as submitting site plans, or negotiating with land owners and NCDOT. The County's on -going discussions, some still confidential, include a major restaurant chain, and mixed use commercial office development. ➢ Sheetz gas station & convenience store ➢ Restaurant ➢ Mixed use commercial office building Prospects Visits Made to Hillsborough Hillsborough has several desirable real estate buildings currently on the market that are all suitable for commercial, light industrial and warehouse users. These locations are attractive, competitively priced and together represent the County's single strongest grouping of available buildings with the potential to attract new businesses. The Economic Development office has presented each of these facilities to visiting industrial prospects during the previous year. With the departure of Southern Season's warehouse operations by October 2015, the County will suddenly have a large industrial /distribution facility of nearly 90,000 square feet that can be marketed to more large business prospects than was previously possible in past years, when almost no empty buildings existed. In most cases, the Economic Development office has informed Hillsborough's Town Manager and /or Senior Planner regarding each prospect's visit. ➢ Eno River Mill — up to 90,000 sq. ft. ➢ 505 Eno Street (Southern Season's warehouse) — 89,834 sq. ft., (space will be available in October 2015, and is now being marketed and shown to prospective tenants). ➢ Elizabeth Brady Road — 24,000 sq. ft. ➢ Valley Forge Road - 2,500 to 3,000 sq. ft. (flex space, offices w/ warehouse) ➢ Sinclair building (N. Churton Street) Orange County's Small Business Loan Program & Actual Lending Activity that Support Hillsborough's Small Businesses The County's Small Business Loan Program has granted six (6) loans totaling $256,848 to small businesses located here in Hillsborough. This activity represents 55% of the total number of all loans extended, and 62% of all funds loaned to area businesses. The Hillsborough -based borrowers are as follows: