THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, October 30, 1996 TAG: 9610300413
SECTION: LOCAL PAGE: B1 EDITION: NORTH CAROLINA
SOURCE: BY MASON PETERS, STAFF WRITER
DATELINE: HERTFORD LENGTH: 48 lines
Since it was organized nearly three years ago, the Northeast North Carolina Economic Partnership has been bankrolled annually with $1.2 million from the General Assembly.
This month the partnership hired Capital Funding Strategies of Columbus, Ohio, to ``test the feasibility of generating no less than $1 million'' a year from the private sector to help support the panel's 16-county economic effort.
Capital Funding will get $15,000 for the work - $5,000 this month, $5,000 in November and $5,000 upon delivery of a final report containing recommendations for raising the $1 million a year from non-government sources.
Robert A. Radcliff, Capital strategies operating officer, said in Ohio Tuesday that the survey will suggest several funding programs for the partnership.
Radcliff said one plan is to form a local ``Committee of 1,000'' businessmen and other local leaders who will be asked as ``top-tier investors'' to contribute at least $15,000 annually to help operate the $1-million-a-year organization created to help them.
``We decided we should help ourselves, too,'' said Partnership Chairman Jimmy Dixon, an Elizabeth City businessman and Pasquotank County commissioner.
On Oct. 16 Dixon reached the $15,000 local fund-raising agreement with Radcliff and Michael J. Trubiano, Radcliff's partner.
``Capital Funding Strategies told us they'll be working on an overall campaign goal of at least $5 million over five years with payments on such commitments beginning during 1997,'' said Dixon.
North Carolina Secretary of Commerce Davis Phillips has been godfather to the Albemarle economic partners in the Commerce Department's campaign to bring more regional cooperation across state lines, particularly between Virginia and the partnership.
But at recent meetings of the partnership some members have expressed concern that their $1.2 million state funding might not continue at that level when the new General Assembly convenes Jan. 29.
The partnership is one of seven regional economic pump-priming organizations that were created by the assembly to bring business and capital to North Carolina.
Earlier this year a Raleigh group completed a benchmark survey of the water supplies of all 16 counties in the Northeast Economic Partnership domain. For years counties have sought information about how long existing aquifers can supply water needs and the new study is expected to supply answers for years to come.
KEYWORDS: ECONOMIC DEVELOPMENT by CNB