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Chatham County Economic Development Incentive Policy

Chatham County Economic Development Incentive Policy. February 17, 2010 Jason Jolley, Senior Research Director UNC Center for Competitive Economies (C 3 E). Chatham County/UNC Partnership History.

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Chatham County Economic Development Incentive Policy

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  1. Chatham County Economic Development Incentive Policy February 17, 2010 Jason Jolley, Senior Research Director UNC Center for Competitive Economies (C3E)

  2. Chatham County/UNC Partnership History • Center for Competitive Economies completed 14-month strategic planning effort in Chatham County in June 2008. • Feedback from citizens about economic development goals and priorities • Identified industry clusters for attraction and retention efforts • Organizational restructuring of EDC to better implement strategic plan

  3. Original Chatham County Incentive Plan • Economic development incentive grant based on percentage of property taxes paid. • Criteria: levels of capital investment and number of jobs created • Did not consider quality of the jobs, wage levels, or environmental impact/corporate environmental practices

  4. Revising Chatham Incentive Policy • Revise plan to align with strategic plan goals and objectives • Focus on type of businesses desired by the county and its citizens • Better paying jobs • Environmental responsibility • Presence in an identified industry cluster

  5. Benchmarking Best Practices • Compiled data on current economic development incentive policies for 64 NC counties • Telephone contact with county developers • Online survey of county developers • Acquisition of current county policies

  6. Current State of County Incentives Survey: • Job creation and tax base expansion primary economic development goals • Most counties anticipate revising incentive policy in coming years Interviews • Most county incentive decisions are reactive and ad-hoc. Few have standards or formal plans.

  7. Informing Chatham County’sNew model • Surveys and interviews little utility in informing better incentive practice • Examination of some current county models was more effective. Rubrics included capital investment and job creation with a percentage of taxes paid being returned in the form of an economic development incentive grant over a designed time period (3-5 years).

  8. A Draft Model • Utilized prior experience with Chatham County Strategic Plan to match incentive criteria to Chatham County’s goals. • Submitted draft plan to the Chatham County Economic Development Corporation. • Task force worked on criteria and made minor tweaks to model. Revised model incorporated into final report submitted to Chatham County Board of Commissioners adopted Feb. 2010.

  9. Revise Existing Model This prospective model approximates the following weights out of a 100 possible points: • Jobs (Number, Quality, Wages, Hiring Residents): 50 • Capital Investment: 20 • Environmental Impact: 15 • Industry Cluster/Business Type: 15

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