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Econ Dev Advisory Board minutes 090814
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Econ Dev Advisory Board minutes 090814
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Date
9/8/2014
Meeting Type
Regular Meeting
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Advisory Bd. Minutes
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ECONOMIC DEVELOPMENT ADVISORY BOARD <br />September 8, 2014 <br /> <br />Siena Hotel <br />Chapel Hill, NC 27514 <br /> <br />MINUTES <br /> <br /> <br />Present: Delores Bailey, D.R. Bryan, Lori Eichel, Jim Kitchen, Ron Keizer, Karen McAdams, Mark O’Neal, <br />Mark Sherburne and Tom Underwood <br />Orange County Staff: Steve Brantley, Ellen Tai and Yvonne Scarlett <br /> <br /> <br />Call to Order <br />D.R. Bryan (Chair) called the meeting to order at 8:10 a.m. and welcomed new Board Member Ron Keizer. <br /> <br />Approval of May 19, 2014 minutes <br />MOTION by Mark O’Neal to approve minutes; seconded by Delores Bailey. Minutes were approved unanimously. <br /> <br />Old Business <br />Committee Reports <br /> <br />Business Investment Grant - Jim Kitchen and Lori Eichel <br />In a previous meeting, Steve Brantley stated that in 2011 Orange County residents voted to <br />approve a quarter cents sales tax for economic development and education. Half of that money <br />for economic development was used in a variety of ways (mainly for infrastructure in EDDs) but <br />there were other categories that have not yet been disbursed; Business Investment Grant being <br />one. Since that meeting, Mr. Kitchen and Ms. Eichel have been working on creating policies and <br />procedures for how to administer the process of “granting” some of this money. <br /> <br />Mr. Kitchen followed-up with a rough draft presentation of policies and procedures document. <br />Discussion included: <br /> Purpose – to assist early stage “high potential impact founders in high inpact growth <br />ventures in Orange County” with critical seed funding. <br /> Criteria – high potential founders in ventures (high impact growth ventures - look at <br />growth as criteria) <br /> Best use of grant money (money has been earmarked to encourage small business <br />growth but not being utilized) <br /> Small grants ranging from $1,000 to $5,000 (seed capital) <br /> Priorities <br /> Matching funds <br /> Differences between grant funds and Small Business Loan Program <br /> Investment return – job creation; additional tax base <br /> Structure of Grant Committee - five members (representatives from LAUNCH, 1789, <br />SCORE, Midway Business Center, and one member at the discretion of Orange County) <br /> Eligibility – ventures must be located within Orange County (length of time in Orange <br />County will be considered) <br /> Applicants – must be for-profit or non-profit entities whose gross revenues do not exceed <br />$250,000/year and have not been in business longer than 2 years <br /> Conditions of grant award: <br /> must have a mentoring period with a business coach at LAUNCH, 1789, and <br />SCORE and provide an accounting of how money has been used <br /> approved use of funds
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