Agenda - 10-20-2009 - 5a - Laserfiche WebLink

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An assessment of the value of the improvements was conducted August 2009. The value is estimated at $193,762 for 2010. An assessed value of $97,502 for 2009 reflects partial completion. At peak production, gross annual receipts are anticipated to be approximately $500, 000. The Taylor Fish Farm meets the stated requirements provided in the `Utility Extension Fund Procedures' (Orange County, December 21, 1993) for receipt of reimbursement from the Fund as follows: 1. The Project must have the proper zoning at the proposed site: The property is currently zoned AR (Agricultural Residential) which allows for a bona fide farm operation. 2. The project must improve job opportunities available to Orange County citizens, especially for women and minorities: The construction plans for the aquaculture facility originally proposed were revised to focus on the residents of Orange County (see Attachment B of Attachment 1 -July 15, 2009 article from The Herald-Sun). Taylor Fish Farm currently employs three permanent full time workers and one part time worker. An estimated five seasonal workers will be employed during the harvesting cycle which will occur every six weeks. 3. The project must provide lobs with wage scales in compliance with Orange County standards: The current living wage in Orange County is $10.12 per hour. All current employees of Taylor Fish Farm receive wages in excess of the current living wage. 4. The project must have a positive fiscal impact upon Orange County Government: The revised property tax assessment completed in August 2009 documents that the project improvements have increased the property value form $5,916 to $193,762, resulting in a projected net increase in property taxes of approximately $9,447 over five years of full scale operation. A fiscal impact analysis is included as Attachment C of Attachment 1. Disbursement of the requested $9,447 from the Utility Extension Fund for this project was unanimously approved by the Economic Development Commission at its September 10, 2009 meeting. The information packet (provided as Attachment 1) includes a background of the Fund. A draft of the resolution approving the agreement between the County and Taylor Fish Farm is provided as Attachment 2. A draft of Exhibit A -Utility Extension Fund Agreement is provided as Attachment 3. A Notice of Public Hearing as required by NC Statute 158-7.1(c) is provided as Attachment 4. FINANCIAL IMPACT: The project will result in an expenditure of $9,447 from the Utility Extension Fund. RECOMMENDATION(S): The Manager recommends that the Board, subject to all Fund requirements being met: • Receive public comments regarding the agreement between Orange County and Taylor Fish Farm; • Close Public Hearing; • Deliberate as necessary; • Approve the Resolution and Agreement with Taylor Fish Farm and approve disbursement of the requested funds from the Utility Extension Fund; and • Authorize the Chair to sign the Resolution and Utility Fund Extension Agreement on behalf of the Board.