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9 <br /> 1 more the County puts money in the ground to provide water and sewer, the more the properties <br /> 2 proliferate with housing; and the less likely it becomes that a quality investor, like Morinaga, will <br /> 3 want to build near by. <br /> 4 Commissioner Price said the Board still does not know what type of economic <br /> 5 development it wants. She said Raleigh has economic development next to residential, and it <br /> 6 all depends on the type of economic development that is pursued. She said the Board needs to <br /> 7 decide which type of development it wants to pursue, and some want research and <br /> 8 development, while others seek commercial. <br /> 9 Steve Brantley said staff wants all types of development, and Wake County has 13 <br /> 10 municipalities, which makes finding existing commercial office space easy. He said Wake <br /> 11 County also has industrial properties, and the comparable blue-collar job sites in Orange <br /> 12 County are going to be along the interstates in the EDDs. He said the Blue Cross Blue Shield <br /> 13 building represents an opportunity to land high tech companies, which have typically gone to <br /> 14 Raleigh, but this will not create the type of blue-collar jobs that many are looking for. He said <br /> 15 having both opportunities is ideal. <br /> 16 Commissioner Jacobs said Commissioner Price made a good point, and in addition to <br /> 17 look at land use, the County needs to consider what it wants to hunt. He said the Board <br /> 18 constantly hears negativity about Orange County as a place to develop economically, and the <br /> 19 County needs to promote the positive strengths in Orange County, and type of development it <br /> 20 can attract. <br /> 21 Chair Dorosin said he does think the focus in only on the negative, and there is a <br /> 22 sequence to this. He said there are broader questions from retreat: the need for larger <br /> 23 parcels; access to parcels; questions about set ups of EDDS, etc. <br /> 24 Chair Dorosin said one of the challenges of discussions like this is the desire to put their <br /> 25 arms around the entire concept, instead of taking incremental steps. <br /> 26 Travis Myren resumed the presentation: <br /> 27 <br /> 28 Land Prices Relative to the Market (table: page 26) <br /> 29 <br /> 30 Site Control Options <br /> 31 • Option Agreements <br /> 32 o 2% - 5% of the per acre cost for one year <br /> 33 o Example: $50,000 per acre for 50 acres = $50,000 - $125,000 <br /> 34 • Ownership <br /> 35 o Price will vary by site <br /> 36 o Example: $50,000 per acre for 50 acres = $2,500,000 <br /> 37 <br /> 38 Prepared Product <br /> 39 • Shovel Ready or Pad Ready Sites <br /> 40 o $50,000 to $100,000 per acre <br /> 41 • Spec Buildings <br /> 42 o $50 to $100 per square foot <br /> 43 <br /> 44 Other Opportunities <br /> 45 • Identify Additional Economic Development Partnerships with Towns <br /> 46 • Reexamine the Uses of Article 46 Sales Tax Revenue <br /> 47 • Investigate Research Partnerships with Area Universities <br /> 48 • Review Permitting and Regulatory Processes <br /> 49 o Overall Efficiency <br /> 50 o Identify Common Barriers or Misconceptions <br />