2009-084 EDC - Utility Extension Fund Agreement and Taylor Fish Farms

Browse Search

dl~ ~a~a~la~~ ~-~-~ ATTACHMENT 3 (EXHIBIT A) NORTH CAROLINA Utility Extension Fund Agreement ORANGE COUNTY This agreement made and entered into this the ~~day of October, 2009 by and among Orange County, a body politic and corporate of the fate of North Carolina (appearing hereinafter as "County"), and Taylor Fish Farms, a North Carolina General Partnership licensed to do business within the United States and North Carolina. (appearing hereinafter as "Partnership"). WITNESSETH THAT WHEREAS, the Partnership is in the business of breeding and raising premium quality fresh fish for the wholesale market and operates an aquaculture facility in Orange County WHEREAS, the Partnership has made substantial expenditures on water, sewer, and electric service infrastructure to upgrade its aquaculture facility; and WHEREAS, Orange County has established a "Utility Extension Fund Program" ("Fund") intended to be a revolving fund used to address the utility needs of small businesses and encourage economic development in the County. A portion of the higher property taxes paid by the businesses will be used to replenish the Fund. WHEREAS, Orange County has agreed to provide funds to cover part of the costs incurred by the Partnership to extend the utility infrastructure on the farm. A portion of the resulting increase in the Partnership's property tax revenue will be directed to the Fund. WHEREAS, the Partnership has agreed to meet and continue meeting the living wage requirements and other terms and conditions set forth herein; NOW, THEREFORE, the parties hereto in consideration of these mutual covenants and agreements passing from each to the other do hereby agree as follows: I. COUNTY COMMITMENT (1.) The County acknowledges: (a) The project is currently zoned AR (Agricultural Residential), which allows for a bona fide farm operation. (b) The project has improved job opportunities for Orange County citizens in that the Partnership currently employs three permanent full time employees and employs approximately five seasonal employees during harvesting times. (c) The project provides jobs that comply with Orange County living wage standards. (d) The improvements made by the Partnership to its property in constructing the aquaculture facility have increased the taxable property value from $5,916.00 to $193,762. and that this provides a positive fiscal impact to Orange County.