Issue link: http://townofcary.uberflip.com/i/774879
CHAPTER 3:WORK Policy Policy Intent Focus attention on retaining core businesses that are already located in Cary, and support and encourage the local growth of those businesses. The intent of this policy is to recognize that the presence of existing businesses in Cary is of vital importance to the community, as is the economic growth of those businesses. A key objective of the policy is to retain firms and jobs that are already located in Cary, and to not lose them to other localities. Another objective is to encourage the growth of existing Cary businesses, including local job growth. The Town's role should be based on building partnerships with the local business community and business development partners, to facilitate regular and frequent coordination and collaboration. Such coordination might include things such as: • Collaboratively identifying and prioritizing capital improvements and changes to facilities or services that might have the most positive impact on retention and growth. • Collaboratively evaluating and identifying Town regulations and programs that help support retention and growth. Policy 4: Diversify Cary's Economy Support development of an increasingly diverse economy through the targeted recruitment or growth of selected under- represented industries, in coordination with regional partners. The intent of this policy is to increase the diversity of Cary's economic base, in order to make the community more economically resilient to unforeseen downturns in different market sectors. Secondarily, this policy also supports diversification of the regional Triangle economy, in order to make our region, as a whole, more economically resilient. Policy 5: Attract New, High Value Businesses Attract new businesses that provide a high quality-of-life business culture and higher than average wages relative to the business's industry. The intent of this policy is to focus local business recruitment efforts on targeted businesses that pay higher than average wages relative to the business's industry nationwide. This may also have the effect of also focusing on the premier businesses within any given industrial sector. Another intent of this policy is that focusing on industries that pay higher-than-average wages can help to support the growth of the Town's fiscal base, which can in turn help to support the types of public services and facilities to bolster the Town's locational appeal. Policy 6: Attract and Nurture Small Businesses 38 COUNCIL FINAL PUBLIC MEETING DRAFT [JAN. 24, 2017]