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Fortune Small Business magazine has picked Oro Valley as one of its "100 Best Places to Live and Launch."

The town ranks 44th on the magazine's list, which features communities offering a balanced mix of business and lifestyle opportunities.

Matt Michels, Oro Valley's acting economic development administrator, said he was pleased but not surprised by the town's selection.

"The town offers a lot in terms of quality of life, and it's a great place to start a business and raise a family," he said Thursday.

Scottsdale and Prescott also made the list in the magazine's April issue, at No. 25 and No. 92, respectively.

The magazine, published by the Fortune/Money Group division of Time Inc., noted that despite growth encouraged in part by a pro-development town, Oro Valley remains tranquil and family-friendly.

Fortune Small Business also noted cultural amenities in the surrounding area, and mentioned the town's growing technology industries, including biotech.

The magazine singled out pharmaceutical giant Sanofi-Aventis, although its assertion that the company has completed a planned new center isn't entirely accurate.

The company, which has been in Oro Valley for years, is building a new research and office building at Innovation Park, west of North Oracle Road between East Tangerine Road and East Rancho Vistoso Boulevard. But it won't be finished until the summer of 2009.

Nonetheless, for the town to be recognized at the national level is significant, said town spokeswoman Mary Davis.

"It's tremendous that the reputation of Oro Valley goes beyond the region's border," she said.

Bellevue, Wash., ranked first on the magazine's list, followed by Georgetown, Texas; Buford, Ga.; Marina del Rey, Calif.; and Bethesda, Md.

To compile its list, the magazine analyzed data on startup businesses, job growth, tax rates, crime rates, housing costs and cultural activities. It also interviewed town officials, local entrepreneurs and economic experts.

You can go online to money.cnn.com/magazines/ fsb/bestplaces/2008/top100 for the full list.