Minutes 06-21-2011 - Laserfiche WebLink

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3. 10% of the funding will be allocated to small business loans to help existing businesses expand 4. 10% of the funding will be allocated annually to Economic Development initiatives as approved by the Board, including but not limited to innovation centers to provide space for new start-up businesses, funding support for the County's agricultural businesses, and Business Investment Grants. The Board of Commissioners will approve a ten-year Economic Development Plan as part of the County's Capital Investment Plan; and WHEREAS, if additional funding does not come from the one-quarter cent (1/4¢) County sales and use tax, the property tax will be the primary funding source available for schools and economic development initiatives; and WHEREAS, to distinguish and separate the revenues produced through this '/4 cent sales tax, if approved by Orange County voters, a Special Revenue Fund will be established to receive and account for the sales tax revenue. These funds will not supplant funding for the Board's endorsed funding target of 48.1% for annual spending on both school systems. The funds will remain separate from the County's general fund to allow for more accurate tracking of revenues and expenditures in accordance with initial ten-year allocation plan established as part of this resolution; NOW, THEREFORE, BE IT RESOLVED THAT the Orange County Board of Commissioners hereby states its intent to use the revenues from the Article 46 one-quarter cent (1/4¢) County sales and use tax, if approved by the voters of Orange County, for currently unfunded or underfunded economic development and public school capital needs for a period of ten years, with a scheduled implementation date of April 1, 2012. BE IT FURTHER RESOLVED THAT proceeds from the one-quarter cent (1/4¢) County sales and use tax in later years will be used to address priorities as established by the Board of Commissioners in the County's Capital Investment Plan. This the 21St day of June, 2011. Commissioner Gordon said that for clarification purposes, item `b' should add up to 50% instead of 100%. This would be 30% for utility infrastructure, 10% to recruit and locate, 5% for small business, and 5% annually to economic development. If it is not done this way, then there should be a clarifying statement. Commissioner Gordon also suggested sending a copy of the resolution to both school districts. Commissioner Jacobs said that he would like to raise his concern about the specificity of the economic development initiative percentages. He would rather see this say, "'maybe' allocated to initiatives as follows." He said that they cannot anticipate to this level of specificity what future Boards of County Commissioners may want to do or have to do.