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