March 6. By Dave Yochum. Plans to “comprehensively reimagine” the Lake Norman Economic Development business recruitment agency have resulted in the two decades old organization’s demise.

Sources say the North Mecklenburg towns of Cornelius, Davidson and Huntersville will not budget funds in the upcoming FY 2025-26 budget for the non-profit business development agency headquartered in Huntersville. The organization gave up its office space and the phone has been disconnected.

McDaniels

Back in June, the LNEDC executive committee said the “strategic pause” to determine the organization’s direction and future programs would be temporary.

At the same time the strategic pause got under way, Ryan McDaniels left the 501c3 after 11 years at the helm.

Jaime Lane stayed on, but will continue to head up a student internship program with a new source of funding, from public and private sources, along with assistance from the Lake Norman Chamber of Commerce.

Background

The LNED was funded by private investors and the towns of Cornelius, Davidson, and Huntersville.

Cornelius and Huntersville are directing much of their eco-devo attentions to their respective downtowns, a source said.

Economic development corporations typically promote and facilitate economic development within a specific geographical area.

The organizations are complementary to chambers of commerce. In fact, the LNEDC originally came out of the Lake Norman Chamber more than 20 years ago.

Quotable

“I believe the EDC in its current form will not be funded in 2025. That does leave a gap in a valued service that could benefit the town. We are taking the opportunity to prioritize and evaluate all options.”

—Michael Osborne, commissioner, Cornelius Town Board