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September 7, 2010 (Work Session) Page 105 City of Concord) were matched by the One North Carolina Fund up to a maximum combined total of $300,000.00; the assessed value of the upfit and personal property did not equal the required $5 million investment; a waiver of the Economic Development Grant Program rules is requested; the new Agreement allows ACN to be granted on additional investments of personal property up to the maximum of the originally anticipated grant; and a public hearing is required on this matter, pursuant to N.C.G.S. 158 -7.1. UPON MOTION of Commissioner Mynatt, seconded by Commissioner Carruth and unanimously carried, the Board voted to place Approval of Revised Economic Development Grant Agreement for LKN /ACN on the September 20, 2010 Agenda as a New Business item and scheduled a public hearing for 6:30 p.m. BOC - Discussion of New Contract with Economic Development Corporation Chairman White reported the interim contract with the EDC (Economic Development Corporation) expires in October and the Agency is holding a planning retreat later this week. As discussed at the last work session, certain Commission members, the County Manager and certain EDC representatives agreed to meet after the EDC's retreat to address issues and negotiate the terms /conditions of a new contract. He further reported the meeting has been tentatively scheduled for September 21 with he, Vice Chairman Poole, John Day representing the County, and John Cox, Lynne Scott Safrit and Scott Lampe representing the EDC. Chairman White asked for input from the Commission. Board members expressed the following ideas or concerns: • Communication issues - make elected official aware of economic development projects earlier • The use of activity based metrics to gage performance • Periodic reviews of what is working and what is not; to be discussed at the Board's annual retreat • Matching private /municipal contributions $1 -$l, up to a fixed amount • Linking the County's small business initiatives to EDC Chairman White addressed the following issues: the need for more jobs in the county; the need to help /support small to medium sized employers; reinstatement of all accountability related provisions into the contract; the need for periodic updates /reports on EDC activities; the need to understand the current economic environment in order to lower unemployment; reinstatement of the contract provision requiring newly created jobs pay at or above the established industry rate; and, the need to have accurate information provided to the Board. He asked Board members to contact Vice Chairman Poole, County Manager Day or himself with any additional ideas or concerns prior to the meeting date. Commissioner Carruth commented on the importance of knowing why companies choose another location. Commissioner Mynatt raised the issue of additional funding for the EDC and asked to hear from the EDC representatives in attendance. John Cox, EDC President and CEO, and Ryan McDaniels, Vice President of Economic Development, were present to address the Board. Mr. Cox addressed the following topics: airing the EDC's deficiencies in a public forum; the operation of the EDC without an executed interim contract or funding from the County; new perspectives gained by his reading of "The Small Mart Revolution: How Local Businesses Are Beating the Global Competition" by Michael H. Shuman; how the EDC would use the extra funding of $100,000 if appropriated: fill one vacant position, allocate more dollars for recruitment and marketing - closing costs, etc.; information on Celgard was provided well in advance of the closed session meeting; the desire to work effectively with the elected body; his preference to not address the issues raised earlier in a public forum; etc. A short discussion ensued related to status of the interim contract. Chairman White asked the Manager to report back on the status within 24 hours. Mr. Cox responded to a variety of questions from the Board related to whether the EDC Board of Directors discussed and approved the additional $100,000.00 funding request. Chairman White expressed concern that the County is asked to do things that are independent of the EDC Board of Directors. He said the EDC Board should discuss the matter and decide how or if their fund balance will be utilized. He •also addressed accountability issues related to the additional funding request and suggested the request be considered at a later date.