Agenda - 04-29-2004-6a - Laserfiche WebLink

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Proceedings of tire Orange County Pconomic Development Summit January 7, 2004 Prepared by Leslie Scott Stewart, Kenan-Flagler Business School Sectiar I: Vision and Criteria, for Desirable Economic Development in Orange County In her remarks at the summit, ke}nrote speaker Mary 7o Waits talked about the vision and values that support new economy development. She mentioned overarching themes in sustainable development that include an innovative economy, a livable community, social inclusion, and collaborative governance. She also talked about what sets apart the "great" communities from the good ones, and suggested it involves thinking strategically about three broad questions: o What drives your economic engine? o What do you want to be great in? o What aze you deeply passionate about? The challenge for Orange County and other communities is to develop a vision and goals around the elements in common among the answers to those questions. As one of the summit pazticipants said in a breakout group session, "We need a set of overarching values before we can create strategies, implement or achieve outcomes." In preparation for the summit, the organizing committee developed a list of ten common criteria or values that are talked about and often applied in Orange County when local leaders consider economic development strategies. Most of these were drawn from several recent and prior economic development-related studies and plans. The final one reflects the pragmatic issue of needing broader participation in implementation than just assigning it to a county staff person to carry out. A, Builds upon the existing assets of the county B, Creates jobs for Orange County residents C. Increases the commercial tax base D. Recognizes economic growth trends (e.g., targets growing sectors) E. Improves the business climate of the county F. Creates minimal impact on the envirorunent G. Improves or minimizes vehicle congestion impacts H. Fits well visually with community/historic character h Is fiscally feasible for local govennnents to support .l, Lends itself to clear & measurable action steps (some of which are done by citizen volunteers/work groups, not just paid staff) One of the early tasks of each of the four work groups (Red, Yellow, Blue, and Green) was to vote on these ten criteria for evaluating what would make a "successful" or good fit strategy for ~ L.eslie Stewart from Kenan-Flagler Business School prepared an initial list based on her review of the plans from each town and the university and then reviewed it with LDC Director Dianne Reid, Weaver Street Market General Manager Ruffin Slater, and other members of the EDC.