Economic vitality

Initiatives

The Town’s Economic Development Office has supported several key economic initiatives over the first 10+ years of its existence. Examples include Launch Chapel Hill, and the Carolina Square and 140 West downtown redevelopment projects. The Economic Development Office was also instrumental in creating the Small Art Business Loan Program to help fund the FRANK arts collective.

Staff: Economic Development Office

Launch chapel hill

Launch, a startup and business accelerator, was formed as a partnership between the Center for Entrepreneurial Studies at UNC’s Kenan-Flagler Business School, the Town of Chapel Hill, Orange County and the Chapel Hill Downtown Partnership. Since opening in 2013, Launch has created more than 1,100 jobs, served more than 75 companies, and raised more than $12 million by its own companies. Today, 60% of the companies started at Launch are still operating in Orange County.

Staff: Economic Development Office

Fiscal responsibility

For more than a decade, the Town of Chapel Hill has maintained a AAA Bond Rating from both Moody’s Investor Services and Standard and Poor’s for General Obligation (G.O.) bonds. The Town’s bond ratings are a reflection of fiscal health. When the Town issues G.O. bonds or other securities, rating agencies reevaluate the Town’s current and future ability to repay debt. The evaluating agencies examine the Town’s management, reserves, current debt obligations, community growth and stability of key revenue sources. Because of a solid employment base in and around the Town of Chapel Hill and the Town’s careful management of resources, the Town has maintained especially high bond ratings for a municipality of its size.

Staff: Business Management

Millhouse Road Enterprise Zone

The Town created a new zoning category called Innovative, Light Industrial - Conditional Zoning District that comes with a more streamlined concept plan review process. This type of zoning brings industries and tax revenue that were not previously allowed in Chapel Hill, especially start-ups and high-tech companies.

Relaxed Signage Requirements Downtown

In 2016, Town Council amended the sign ordinance to increase the flexibility of downtown businesses. For example, unified sign plans are no longer required and allocations for internally lit signs are no longer cut in half. The new requirements help downtown business attract more customers.

Glen Lennox Redevelopment Incentive

Town Council approved a $2.2 million tax incentive for the construction of new office buildings at Glen Lennox—the first office space built in Chapel Hill in 10 years. The development will bring commercial taxes and jobs and may spark other developers to build office spaces.