Economic development director outlines priorities, mega-site potential and local needs

Michael Smith, presenting for Chatham Economic Development, told the Board of Commissioners that county efforts continue to focus on growing commercial and industrial tax base, supporting existing industry, and leveraging two large available mega-sites to attract new investment and higher-paying jobs.

Smith said biotechnology and life-sciences, energy (including battery and storage projects), advanced manufacturing and construction materials are sectors actively looking at Chatham County. He highlighted several projects and industrial players discussed during the presentation: Wolfspeed (a large semiconductor-related campus west of Siler City), VinFast (announced electric-vehicle production), a new FedEx building adjacent to Triangle Innovation Point West, Innovative Construction Group (announced locally as a 150-job, $40 million investment) and Medox (project timing pushed back). Smith said Apex Gateway Park has additional companies on site beyond Coca-Cola and that Triangle Innovation Point West remains a frequently visited property by site selectors.

Smith and his team emphasized these points: - Chatham still has large available industrial land (mega-sites) that position it competitively in the region; staff described roughly 2,000 acres of large sites as a strategic advantage compared with many peer counties. - A diverse recruitment strategy is preferable to relying on a single industry sector, Smith said, to reduce vulnerability to sector downturns. - Workforce, housing and childcare are rising constraints given recent major project announcements; Smith described collaborative efforts with the Partnership for Children and other local partners to explore solutions. - The EDC’s operating budget and structure: Smith said the EDC’s operating budget is approximately $678,212 and about 25% of that is funded by private-sector support; he offered to share a consultant review of local EDCs comparing budgets and staffing to peers. - The Chatham loan fund (started circa 2007) is functionally dormant with one outstanding loan; Smith said the fund was used as a collateral-assistance program (up to $25,000) and that the EDC is open to moving program management to another local nonprofit or chamber to reach small businesses more consistently.

Board members asked about: whether the county should specialize in particular sectors (Smith recommended a diversified approach), how additional industrial development would change the tax-base mix, whether predicted announcements would materially change long-range projections, and whether EDC staffing and funding could be expanded to meet demand. Smith said staff could use additional capacity, described current partner relationships (including with the Triangle Regional partners and community colleges) and said the timing of infrastructure (water/sewer for some sites projected in 2027) will factor into site readiness.

Commissioners and EDC staff discussed incentive design and performance-based provisions; Smith reiterated that county incentives are performance-based and that incentives are not paid if companies fail to meet agreed commitments. Smith closed by offering to provide the board with additional financial reports on the EDC’s operating budget and the Chatham loan fund if the board requested them.