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33 <br /> Economic Development <br /> GOAL 1:ACHIEVE MONTHLY OCCUPANCY TAX REVENUE AVERAGE OF$128,333 THROUGH SALES AND <br /> MARKETING PROGRAMS. <br /> Board Goal: Implement planning and economic development policies which create a balanced,dynamic local <br /> economy, and which promote diversity,sustainable growth, and enhanced revenue while embracing community <br /> values <br /> Social Justice Goal: Ensure economic self-sufficiency <br /> Revenue ——— Target Projected <br /> $200,000 <br /> $150,000 <br /> !::' <br /> T $100,000 <br /> U <br /> C <br /> f6 <br /> c,,'- $50,000 <br /> U <br /> O OLti Oy1 Oy1 O91' Otiti Otiti 19'1 O1L1' O1L1' O.y3 a1' (93 41 OL3 e <br /> �ti ti �ti �ti �ti ti �ti ti ,ti �ti b� tti tti T �T <br /> 1� Sed, �a�, <br /> Performance Assessment:Tourism spending in Orange County continues to increase as a result of both demand <br /> and increased rates at lodging units,event spaces and restaurants. Expect growth to continue until occupancy <br /> reaches pre-pandemic levels. Fiscal Q4 is closer to occpancy recovery than the prior months.To encourage <br /> visitation,the Visitors Bureau has embarked on a multi tiered campaign to reach NC,VA,SC visitors. Restaurants <br /> and live music venues are the focus of the campaign.The Bureau has a separate campaign to reach meeting <br /> planners who book midweek business. Hotels report a strong 2023. <br /> GOAL 2: INCREASE AND MAINTAIN AWARENESS OF THE ORANGE COUNTY INVESTMENT GRANT PROGRAMS BY <br /> INCREASING THE LEVEL OF WEBSITE TRAFFIC BY 25%WITH AN AVERAGE OF 179 CLICKS MONTHLY. <br /> Board Goal: Implement planning and economic development policies which create a balanced,dynamic local <br /> economy, and which promote diversity,sustainable growth,and enhanced revenue while embracing community <br /> values <br /> Social Justice Goal: Ensure economic self-sufficiency <br /> Clicks --- Target y Projected <br /> 300 - <br /> 250 <br /> 0 200 _ <br /> ®-------------------- -- -----; ®® <br /> 150 <br /> a� <br /> E 100 <br /> z 50 <br /> 10L1 10L1 1011 1011 LOL'' 101'' 101'" <br /> Performance Assessment:To increase awareness of the business investment and agricultural grant programs,the <br /> Economic Development department has invested in two multi-tiered advertising campaigns to help drive visits to <br /> our website and the online grant applications.We are forecasting an increase in views and anticipate that there <br /> will be more diversity in the grant applications as a result. <br /> 33 <br />