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Z ~ -~o~ Mca "f"ior~ ~'~'2 m <br />,==, <br />i ;~. ~ <br />I <br />ORANGE COUNTY <br />Economic Development MEMORANDUM <br />Commission <br />To: Orange County Board of County Commissioners <br />From: Dottie Schmitt, Orange County Economic Development <br />Re: Follow-up from 10/20/09 BOCC meeting on Utility Extension Fund history <br />Date: November 23, 2009 <br />As requested during the October 20, 2009 Board of County Commissioners meeting, the <br />following information provides a summary of the previous projects that awarded funds <br />through the Orange County Utility Extension Fund. <br />Barber and Ross <br />o Property address: 200 Redman Crossing, Mebane, NC <br />o No payback time was stipulated in the agreement; the agreement required <br />specific dollar amount of facility improvements and jobs <br />o In 1999, Orange County approved $50,000 as partial reimbursement of the <br />cost of constructing a new sanitary sewer connection and a new pumping <br />station to connect the sanitary waste stream from the plan to the existing <br />sanitary sewer line <br />o Correspondence from Barber & Ross 02/16/2001 attested to meeting Fund <br />Agreement requirements including: <br />^ Facility improvements of $1,988,259, in excess of required <br />investment; <br />^ Equipment purchases of $778, 917, in excess of requirement <br />equipment investment; and <br />^ Company Chief Financial Officer attesting to meeting wage and <br />benefits requirements. <br />o Assessed property value before improvements was $920,562, after <br />improvement assessed value was $1,898,812 (2001). <br />o Facility is currently operating as Cleora Sterling, with 2009 assessed value <br />of $2,017,713, with 2009 property taxes to be paid in the amount of <br />$18,327. <br />