Agenda - 10-05-2010 - 3b - Laserfiche WebLink

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2 tax proceeds: 42.5% equitably to the two school systems for the purpose of facility improvements; 42.5% to economic development efforts; and 15% allocated equally to improve Library and Emergency Services over a five year period. The County has embarked upon a public education campaign to educate voters on the one- quarter cent sales tax referendum. If a majority of voters approve the Article 46 sales tax referendum on November 2, 2010, and the BOCC approves a resolution to levy the tax before December 31, 2010, the new one-quarter cent sales and use tax could begin in Orange County on April 1, 2011. The proposed resolution expressing support for the one-quarter cent sales tax is provided ai Attachment 1. Attachments 2 and 3 are copies of previously adopted resolutions on the issue. Attachment 4 is a copy of the sample ballot for November 2, 2010. FINANCIAL IMPACT: tf a majority of the voters approve the one-quarter cent sales and use tax on November 2, 2010, and the BOCC approves implementation with an effective date of April 1, 2011, the sales and use tax is projected to generate approximately $2,300,000 annually for Orange County. If implemented on April 1, 2011, the sales and use tax is estimated to generate approximately $575,000 during the remainder of FY2010-11. RECOMMENDATION(S): The Manager recommends the Board: 1. Consider the proposed resolution supporting the November 2, 2010 One-Quarter Cent Sales Tax Referendum; and 2. If adopted, authorize the Chair with the Clerk to the Board to submit a letter and signed copy of the resolution to the Mayors of Chapel Hill, Carrboro and Hillsborough and the Chairs of the Chapel Hill Carrboro City Schools and Orange County Schools Boards of Education requesting their boards adopt resolutions endorsing the One-Quarter Cent Sales Tax Referendum and encouraging residents to support the opportunity to broaden and diversify the County revenue base.