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11 <br />4. 10% of the funding will be allocated annually to Economic Development <br />initiatives as approved by the Board, including but not Limited to innovation <br />centers to provide space for new start-up businesses, funding support for <br />the County's agricultural businesses, and Business Investment Grants. <br />The Board of Commissioners will approve aten-year Economic Development Plan as <br />part of the County's Capital Investment Plan; and <br />WHEREAS, if additional funding- does not come from the one-quarter cent (1/4¢) County <br />sales and use tax, the. property tax will be the primary funding source available for schools <br />and economic development initiatives; and <br />WHEREAS, to distinguish and separate the revenues produced through this '/4 cent sales <br />tax, if approved by Orange County voters, a Special Revenue Fund will be established to <br />receive and account for the sales tax revenue. These funds will not supplant funding for <br />the Board's endorsed funding target of 48.1% for annual spending on both school <br />systems. The funds will remain separate from the County's general fund to allow for more <br />accurate tracking of revenues and expenditures in accordance with initial ten-year allocation <br />plan established as part of this resolution; <br />-NOW, THEREFORE, BE IT RESOLVED THAT the Orange County Board of Commissioners <br />hereby states its intent to use the revenues from the Article 46 one-quarter cent (1/4¢) <br />County sales and use tax, if approved by the voters of Orange County, for currently unfunded <br />or underfunded economic development and public school capital needs for a period of ten <br />years, with a scheduled implementation date of April 1, 2012. <br />BE IT FURTHER RESOLVED THAT proceeds from the one-quarter cent (1/4¢) County sales <br />and use tax in later years will be used to address priorities as established by the Board of <br />Commissioners in the County's Capital Investment Plan. <br />This the 21St day of June, 2011. <br />Bernadette Pelissier, Chair <br />Orange County Board of Commissioners <br />