mchen@heraldsun.com; 419-6636
DURHAM -- The Greater Durham Chamber of Commerce has completed its first capital campaign in two decades and raised $3.1 million for economic development efforts, the business organization announced Tuesday.
And although work on the Vision 3D campaign wrapped almost half a year later than the original tentative deadline of July 1, the amount raised was 25 percent more than the previous goal of $2.5 million.
The chamber had been working with a consultant up to July. Afterward, chamber President Casey Steinbacher said the chamber followed through on additional meetings with interested businesses and wanted to put in place some programs before announcing the final amount.
"We wanted to not only raise the money but to show that we had done something with it," she said. "We knew the risk in this economic environment, but we were met with very little resistance."
"Companies may not have been able to give as much as they normally may or may not have been able to," she added, "but people knew this was the time to be aggressive, not the time to pull back. Somebody needed to be out there leading the charge..., and the best way to do that was a fully funded, fully staffed economic development effort."
The $3.1 million will be used in a three-pronged approach over the next four years, focusing on Economic Development (business attraction, retention and expansion), Workforce Development (talent development, attraction and retention) and Community Development (quality of life).
Already, the chamber is touting Monday's announcement of IEM moving to Durham's Research Triangle Park as Vision 3D's first success.
The Baton Rouge, La.-based risk-assessment and consulting company plans to more than double its workforce in Durham, offering its 350 current employees a chance to move here and hiring an additional 430 workers over the next six years.
As part of Vision 3D, the chamber was able to more effectively respond to the company's requests for information about Durham, Steinbacher said. Vision 3D funds will not be used for direct economic incentives.
"It's more about strengthening our ability to be better at the recruitment and expansion of businesses," Steinbacher said. "We've done recruitment fairly well on a shoestring budget. But in this arena where it's been more competitive than before, we need to be better."
The chamber had launched the "Make It Durham" campaign in 2008 with the city and county, in which it connects employees relocated to the area with their companies to resources, businesses and relocation information and services.
As far as talent recruitment and community development, the chamber as hired a Business Retention Director, Carver Weaver, as part of the campaign, enabling the organization to partner with area educational institutions and work with members of the business community.
Steinbacher said the leaders of the campaign did much to generate funds.
Bob Ingram, vice chairman of GlaxoSmithKline's Pharmaceutical Division in RTP, was the honorary chairman. Victor Dzau, chancellor and president of Duke University Health System, and John Stallings, regional president and CEO for SunTrust Bank, were the co-chairmen.
"My campaign colleagues and I were confident that Durham business leaders would support Vision 3D -- and they did overwhelmingly," said Stallings. "Durham is a bright and exciting city and this campaign ensures an even brighter future."
Vision 3D contributors pledged their support for four years to ensure a continuity of effort in the programming.
About 50 businesses in the Durham region supported the effort with contributions ranging from $50 to $500,000. Some businesses turned in their contributions in the full amount at once; others will pay over the four years.
The chamber had contracted with NCDS, a national expert in economic development campaigns to assist in conducting the campaign. Proceeds of the campaign will be managed by the chamber's Legacy Foundation with guidance from the Key Investors Council of the campaign. The chamber will act as the contract administrator to the programs funded by the campaign.
Over the next four years, Vision 3D aims to:
n Increase employment by more than 9,000 jobs, with the additional goal of jobs averaging 10 percent above the Durham average wage
n Add 50 new and/or expanded businesses
n Increase private capital investment by $1 billion
n Create $737 million in new local earnings
n Increase disposable personal income from new jobs created by $626 million
n Increase Net Personal Consumption Expenditures by $570 million
n Expand deposit potential for area financial institutions by $169 million
