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HomeMy WebLinkAboutEcon Dev Advisory Board minutes 090814ECONOMIC DEVELOPMENT ADVISORY BOARD September 8, 2014 Siena Hotel Chapel Hill, NC 27514 MINUTES Present: Delores Bailey, D.R. Bryan, Lori Eichel, Jim Kitchen, Ron Keizer, Karen McAdams, Mark O’Neal, Mark Sherburne and Tom Underwood Orange County Staff: Steve Brantley, Ellen Tai and Yvonne Scarlett Call to Order D.R. Bryan (Chair) called the meeting to order at 8:10 a.m. and welcomed new Board Member Ron Keizer. Approval of May 19, 2014 minutes MOTION by Mark O’Neal to approve minutes; seconded by Delores Bailey. Minutes were approved unanimously. Old Business Committee Reports Business Investment Grant - Jim Kitchen and Lori Eichel In a previous meeting, Steve Brantley stated that in 2011 Orange County residents voted to approve a quarter cents sales tax for economic development and education. Half of that money for economic development was used in a variety of ways (mainly for infrastructure in EDDs) but there were other categories that have not yet been disbursed; Business Investment Grant being one. Since that meeting, Mr. Kitchen and Ms. Eichel have been working on creating policies and procedures for how to administer the process of “granting” some of this money. Mr. Kitchen followed-up with a rough draft presentation of policies and procedures document. Discussion included:  Purpose – to assist early stage “high potential impact founders in high inpact growth ventures in Orange County” with critical seed funding.  Criteria – high potential founders in ventures (high impact growth ventures - look at growth as criteria)  Best use of grant money (money has been earmarked to encourage small business growth but not being utilized)  Small grants ranging from $1,000 to $5,000 (seed capital)  Priorities  Matching funds  Differences between grant funds and Small Business Loan Program  Investment return – job creation; additional tax base  Structure of Grant Committee - five members (representatives from LAUNCH, 1789, SCORE, Midway Business Center, and one member at the discretion of Orange County)  Eligibility – ventures must be located within Orange County (length of time in Orange County will be considered)  Applicants – must be for-profit or non-profit entities whose gross revenues do not exceed $250,000/year and have not been in business longer than 2 years  Conditions of grant award:  must have a mentoring period with a business coach at LAUNCH, 1789, and SCORE and provide an accounting of how money has been used  approved use of funds  expansion  working capital  funds cannot be used to pay salaries  Small business incubators  Maximum vs. minimum  DR Bryan suggested maximum be increased to $10,000  Mark O’Neal suggested minimum be decreased to $500  Assist applicants through process  Marketing – awareness campaign (website, radio, etc.)  Chair DR Bryan asked for volunteers to assist Kitchen and Eichel in the completion of document:  Mark O’Neal  Delores Bailey  Ron Kizer Director’s Report - Steve Brantley Mr. Brantley provided a brief summary of the Economic Development department’s activities, including:  Advisory Board appointments – four current board member’s terms have expired and are eligible for reappointment. Three have agreed to reappointment with the fourth (Tom Underwood) declining. Advisory Board needs to review applicants and recommend one candidate (at November meeting) to the Board of County Commissioners for their approval and appointment.  Additional soccer field being proposed in Efland (adjacent to existing soccer field next to Gravelly Hill Middle School). Adjournment D.R. Bryan adjourned the meeting at 9:35 a.m.