Affordable Housing2022-2042 Comprehensive PlanAffordable HousingClimate Action & EnvironmentTransportation & MobilityGreen Stormwater Infrastructure, Water, & EnergyEconomic SustainabilityRecreation, Parks, & Cultural ResourcesLand Use
Strategy Alignment ReportStrategy 1.1 Create more equitable opportunities for residents and workers to obtain living wage jobs and a career path to support one’s household.Strategy 1.2 Support existing and attract new businesses that include a range of BIPOC, genders, ethnicities, and multiple abilities.Strategy 1.3: Expand access to capital for entrepreneurs, locallyowned, small and BIPOC businesses.Strategy 2.1: Support well-planned and designed, higher density and mixed-use development in the downtown.Strategy 2.2: Strengthen other business districts and commercial areas in Carrboro’s neighborhoods.Strategy 2.3: Aim to close the retail spending gap to keep more of Carrboro’s spending power within the Town.Strategy 3.1: Support expanded access to capital to the cultural community (arts, music, cultural institutions, etc.) including businesses and nonprofit organizations.Strategy 3.2: Create a cultural market.Strategy 3.3: Expand tourism opportunities.Strategy 3.4 Support business opportunities and unique ownership modelsStrategy 4.1 Promote energy efficiency, renewable energy, and green buildings.Strategy 4.2: Promote the green economy including local innovators and low-impact industries.Strategy 4.3: Attract a greater share of high tech, biotech and research, and development industries.Strategy 4.4: Create downtown improvement district to fund downtown access program.Strategy 4.5: Explore options for providing free broadband using town general funds for residential and downtown improvement district for commercial.Strategy 1.1 Expand recreational opportunities, facilities, and programs in response to community needs.
What We Will MeasureNumber of BIPOC and small businesses that receive assistance from the Town annuallyNumber of arts and entertainment businesses and organizations that are assisted annuallyAnnual retail spending gapShare of commercial and industrial assessed value as percent of total assessed property value
ProjectsC Expand access to capital for locally-owned and BIPOC businesses and entrepreneurs.A Utilize the adopted One Orange Countywide Racial Equity Framework in governmental decision-making.B Pursue marketing efforts to support locally-owned businesses that reflect the diversity of the community.C Based on an inventory of needs of local businesses, provide support for technology upgrades to be more competitive online and in-person.A Collaborate with banks and other lenders to provide gap financing, micro-loans, and lease assistance to local businesses and non-profits with an emphasis on equity gaps.B Work with local lenders and credit unions to develop and market affordable products for financing locally owned businesses and non-profits.C Increase awareness of the Town’s revolving loan fund through outreach such as email, social media, newspaper articles, and peer-to-peer communications.D Work with locally-owned and BIPOC businesses to help them navigate development review, permitting, building code, and other interactions with the Town.E Continue to support locally owned and operated businesses through CBA and other networking opportunities.F Support building social capital by offering scholarships for membership in the Carrboro Business Alliance for low-asset businesses.A Develop a small area plan for the downtown to guide new, well-designed mixed-use development and public spaces on vacant and underutilized parcels.B Identify areas for the downtown to grow, such as the area around OWASA on Jones Ferry Road, as identified in the Land Use chapter.C Continue to market events and activities in the downtown and Town Commons that reinforce sense of place and bring more residents, visitors, and customers into Carrboro.D Improve signage and wayfinding in and near the Downtown to make it easier to find parking, bike trails, and key destinations including both public facilities and private destinations.E Reinforce civic spaces in the downtown with the opening of 203 S. Greensboro and the planned renovation of the Century Center.A Plan for mixed-use business districts and upgrade shopping centers into multi-use destinations outside of the downtown such as nodes along Route 54 at Main Street and Jones Ferry Road, on Homestead Road and at the intersection of Smith Level and Culbreth.A Identify market segments and recruit local, regional and/or BIPOC businesses that can provide goods and services to keep spending in town.B Actively educate citizens on the importance of buying and investing locally by communicating through events and various media channels, especially social media campaigns through the Carrboro Business Alliance and other relationships.A Explore micro-venture funds with investors/owners in Carrboro music and arts community.B Gain a better understanding of debt and equity gaps for businesses and artists of color and leverage partnerships to close those gaps through lending products and other actions that can best meet the needs of businesses and artists of color.A Grow an entrepreneurial class of cultural-related businesses that can be successful in Carrboro such as creating a regular place (e.g., at the Town Commons and other key locations) for hosting markets or sales of crafts and cultural offerings.A Work with regional tourist marketing efforts to promote Carrboro including trails, University Lake, local arts, music, and events.B Update land use policies and regulations for shortterm rentals.C Determine demand for additional hotel and conference space.D Encourage the Tourism Development Authority to promote eco and agricultural tourism.A Seek out ways to expand the opportunities for essential services in town, including office and flex space to accommodate growing businesses and more diverse retail categories.B Target research and development opportunities, such as the Old 86 town-owned property, and partner with the development community, banks, and other governmental agencies.C Encourage and support co-op models to expand business opportunities and address equity gaps.A Expand opportunities for renewable energy through seeking low-cost financing for energy efficiency, renewable energy projects and community generation.B Incentivize energy efficiency and green building to exceed minimum standards with special designations, recognition programs, and that meet climate change demands.A Explore additional changes to the Energy Efficiency Revolving Loan that would allow greater flexibility and more category of uses, including solar and geothermal, using strategies such as communication with past recipients and potential applicants to determine any barriers or challenges in the Revolving Loan that can be addressed to improve the program.B Create connections between BIPOC residents and small businesses to growing green economy fields.C Create a special recognition program for businesses that meet or exceed climate change and support green economy initiatives consistent with the Local Living Economy Task Force.D Encourage and support local sourcing between businesses as a means for reducing carbon footprints.E Encourage and support plant-based food businesses and promote existing food businesses to offer more plant-based food options consistent with the CAP.F Support the continuation of agricultural businesses and production in the ETJ and Transition Areas to preserve the rural character of the area and maintain food production close to Town to reduce emissions in transporting food long distances.A Partner with UNC Chapel Hill, Duke University, and Durham Tech to identify opportunities for start-up industries in Carrboro. Identify local start-ups that can operate at home, in shared incubator spaces, or new flex spaces.B Identify additional lands for research and development in Carrboro connected to regional institutions. Identify the needs for physical spaces such as lab and office space. Explore the creation of an economic development district to support business growth that provide benefits to the community.C Recruit incubator start-ups looking for a new location. Reach out to start-ups to determine their space needs, support, and any obstacles they are facing in finding either their first or a move-up location. Assemble a list of properties that could be adapted for start-up use.A Conduct outreach to businesses and determine approach to creating downtown improvement district.A Develop a business plan to provide free broadband.B Explore partnerships with providers to provide free broadband.C Advocate to the state legislature to allow municipalA Periodically survey the public and conduct needs assessments on recreation services to identify new opportunities, changing priorities, and barriers.B Conduct a feasibility study and/or needs assessment for an indoor recreation center/swimming pool in Town.
Not Defined
A Collaborate with banks and other lenders to provide gap financing, micro-loans, and lease assistance to local businesses and non-profits with an emphasis on equity gaps.
Economic Sustainability

Goals

Not Defined
Strategy 1.3: Expand access to capital for entrepreneurs, locallyowned, small and BIPOC businesses.
Economic Sustainability

Owner

Update

Next Steps

Phase

Start Date

8/21/25

End Date

9/21/25

Gantt Chart

Name
Economic Sustainability
A Collaborate with banks and other lenders to provide gap financing, micro-loans, and lease assistance to local businesses and non-profits with an emphasis on equity gaps.
2025
Aug
Sep