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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: October 18, 2007 <br />Action Agenda <br />Item No. 3 <br />SUBJECT: Orange County Economic Development Presentation <br />DEPARTMENT: Economic Development PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />The Flow of Dough <br />North Carolina Department of Commerce <br />Economic Funding Sources <br />BOCC April 2007 Economic Development <br />Goal <br />Investing in Innovation — Orange County <br />Economic Development Commission <br />Five Year Strategic Plan: 2005-2010 <br />Business Needs in Orange County <br />INFORMATION CONTACT: <br />Willie A. Best, Assistant County Manager, <br />245-2308 <br />PURPOSE: To provide information on current economic development initiatives to expand <br />Orange County's effort to attract business enterprises that will add to the County's tax base, <br />create public/private partnerships for high paying jobs, and contribute to the diversity of <br />economic opportunities that will foster a sustainable economy. <br />BACKGROUND: Orange County needs to recruit a new Economic Development Director. This <br />is the opportunity to select the type of professional personnel who would be most beneficial to <br />increase the overall tax base and assist with the development of a diversified economy. <br />Traditionally Economic Development leads to job creation, a larger tax base and improve quality <br />of life for communities. It can mean anything from the improvement of services, economic <br />incentives in order to lure businesses or retailers to a workforce development and programs to <br />improve job skill levels of individuals. <br />Several key questions should be considered before the hiring of an Economic Development <br />Director. <br />• What does economic development mean to Orange County? <br />• How does Orange County compare regionally? <br />• How do state incentives compare with other local incentives? <br />• What type of economic development does the BOCC desire? <br />I <br />FINANCIAL IMPACT: None <br />RECOMMENDATION(S): The Manager recommends that the Board discuss the information <br />provided and give direction to staff regarding the future of economic development in Orange <br />County. <br />