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Hancor, Inc. 1 <br />o Property address: 5816 US 70 West, Mebane, NC <br />o In November 1993, Orange County approved $38,428 to assist with <br />hooking the Hancor facility into the Efland area sewer system by adding a <br />small force main along US Highway 70 which allowed Hancor to <br />significantly expand operations. <br />o Tax revenue before improvements was $2,627 (1993) <br />o Tax revenue after improvements was $27,906 (1994) <br />o Tax revenue in 1995 was 31,240 (from tax records) <br />o The increased in tax revenue from just the first two years following the <br />award was in excess of $38,428 Fund award (net surplus to Orange County <br />after first two years was $53,892) <br />o The facility continues to operate and provide revenues. In 2009 tax revenue <br />is estimated to be $32,838 <br />Meadowlands Park and Cornerstone Park, Hillsborough `Bottleneck' 1 <br />o Property address: Various parcels in Cornerstone and Meadowlands <br />Business Park (US 70A and NC 86) <br />o Note this project was completed prior to the establishment of formal Utility <br />Extension Fund procedures in December 1993 <br />o In 1991 Orange County contributed $78,000 in conjunction with <br />contributions from the Town of Hillsborough and two private development <br />companies to upgrade the Hillsborough sewer system to allow commercial <br />development, as well as provide benefits to surround schools and properties. <br />o Improvements relieved sewer system bottleneck allowing development of <br />Meadowlands and Cornerstone Business Parks, and benefited New Hope <br />Elementary, Stanback Middle School and other properties <br />o Because this project is comprised of multiple properties (Meadowlands Park <br />= 110 acres, Cornerstone Park = 57.5 acres) and the parcels were not <br />specifically identified, an exact comparison cannot be done. A subset of the <br />total acreage of the parcels that could be identified (Meadowlands Park = <br />82.2 acres and Cornerstone park = 36.5 acres) was used for 2009 estimate. <br />Even with this incomplete comparison, the increase in value is notable. <br />o Tax Revenue before improvements (total of 167.5 acres) was $21,862 <br />o Tax revenue after upgrade (1991) was $25,413 <br />o Total tax revenue from 1991 through 1995 was $354,209 in excess of base <br />revenue before improvements, resulting in net surplus to Orange County <br />from 1991 through 1995 of $276,209 <br />0 2009 assessed value of parcels that could be identified (119 acres) is over <br />$31 million. <br />' Unless otherwise specified, tax revenues for Hancor Inc. and Meadowlands and Cornerstone Park from <br />04/19/1996 EDC update memo from Ted Abernathy to BOCC/John Link . <br />2 <br />