Agenda - 04-05-2011 - 7b - Laserfiche WebLink

Browse Search

RES- ao[1- p33 ForlnformaBon Only DRAFT q-µ~.c.hme~n-{- 1 ORANGE COUNTY BOARD OF COMMISSIONERS A Resolution Regarding Uses of Potential Revenues from aOne-Quarter Cent (1/4¢) County Sales and Use Tax WHEREAS, there are significant pressing infrastructure, economic development, school, and other County capital needs that are precipitated by growth pressures and the new economic reality facing Crange County; and WHEREAS, it is important to provide Crange County taxpayers with alternatives to the pressure to raise property taxes to address these and other County needs; and WHEREAS, the levy of a Article 46 one~quarter cent X114¢} County sales and use tax would provide a new County revenue source and would generate approximately $2,546,6ga annually for the County; and WHEREAS, it is important for orange County to plan for future economic development that will enable the County to recruit, retain, grow, and generate businesses and jobs that .are desirable; and WHEREAS, it is important that Crange County expand collaboration and cooperation of economic development efforts and decisions between Crange County and the towns of Chapel Hill, Carrboro and Hillsborough and the cities of Mebane and Durham; and WHEREAS, it is important for Orange County to meet public school needs; and WHEREAS, the Board of Commissioners establishes a 1 b year commitment to allocate Article 46 one-quarter cent (1/4¢) County sales and use tax proceeds as follows: a, 50°/0 of the funding will be allocated in an equitable manner between the County's two school systems far the dedicated purpose of facility improvements at `older' schools within all of Crange County and the procurement of technology. Each school system will establish a list of prioritized needs for older schools within the County. Funding provided by the passage. of the referendum will be allocated to those prioritized projects. Progress gill be evaluated annually and adjustments made according to needs agreed upon by the School Boards and Board of County Commissioners; b. 50°/a of the funding will be allocated to fund infrastructure improvements needed far economic development initiatives that recruit new businesses, expand existing businesses, provides funding for small business loans to grow businesses in Crange County; 4 WHEREAS, if additional funding does not come from the one-quarter cent X114¢} County sales and use tax, the property tax will be the primary funding source available for schools and economic development initiatives;