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from a One-Quarter Cent (1/4¢) County Sales and Use Tax <br /> WHEREAS, there are significant pressing infrastructure, economic development, school, and <br /> other County capital needs that are precipitated by growth pressures and the new economic <br /> reality facing Orange County; and <br /> WHEREAS, it is important to provide Orange County taxpayers with alternatives to the <br /> pressure to raise property taxes to address these and other County needs; and <br /> WHEREAS, the levy of a Article 46 one-quarter cent (1/4¢) County sales and use tax would <br /> provide a new County revenue source and would generate approximately $2,500,000 annually <br /> for the County; and <br /> WHEREAS, it is important for Orange County to plan for future economic development that will <br /> enable the County to recruit, retain, grow, and generate businesses and jobs that are <br /> desirable; and <br /> WHEREAS, it is important that Orange County expand collaboration and cooperation of <br /> economic development efforts and decisions between Orange County and the towns of <br /> Chapel Hill, Carrboro and Hillsborough and the cities of Mebane and Durham; and <br /> WHEREAS, it is important for Orange County to meet public school needs; and <br /> WHEREAS, the Board of Commissioners establishes a ten-year commitment to allocate Article <br /> 46 one-quarter cent (1/4¢) County sales and use tax proceeds as follows: <br /> a. 50% of the funding will be allocated in an equitable manner between the County's two <br /> school systems, based on the Average Daily Membership of each school system, for the <br /> dedicated purpose of funding capital projects, including but not limited to facility improvements <br /> at `older' schools and the procurement of technology. The Board requests that each school <br /> system furnish the Board of Commissioners with a detailed list of prioritized projects that could <br /> be completed with anticipated funding over the next ten years. The Board will evaluate the <br /> projects and approve a ten-year plan which will be incorporated into the County's Capital <br /> Investment Plan. As part of the Capital Investment Plan annual review, progress will be <br /> evaluated annually and adjustments made according to needs agreed upon by the School <br /> Boards and Board of County Commissioners; <br /> b. 50% of the funding will be allocated to Economic Development initiatives generally as <br /> shown on the attached chart and the Board of Commissioners will approve a ten-year <br /> Economic Development Plan as 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 sales <br /> and use tax, the property tax will be the primary funding source available for schools and <br /> economic development initiatives; and <br /> WHEREAS, to distinguish and separate the revenues produced through this '/4 cent sales tax, <br /> if approved by Orange County voters, a Special Revenue Fund will be established to receive <br /> and account for the sales tax revenue. These funds will not supplant funding for the Board's <br /> endorsed funding target of 48.1% for annual spending on both school systems. The funds will <br />