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49 <br />z <br />The second issue relates to a clarification and commitment that these new revenues not be <br />used to supplant existing county revenues for similar purposes. (Board of Commissioners to <br />decide?) <br />On April 19, 2011 the- Board adopted A Resolution Regarding Uses of Potential Revenues from <br />a One-Quarter Cent ('/) County Sates and Use Tax (Attachment 2). The resoltation established <br />a ten-year commitment to allocate 50°l0 of the funding to the County's two school systems and <br />50% of the funding to Economic Developmenf initiatives. ' <br />The Board re~urested that-each school system furnish the Board of Commissioners with a detail <br />list of pr~aritized -projects that could be completed with anticipated funding over the next ten <br />years. , As of this date, the detailed list from each school system has not yet been received. <br />(B) It may also be-helpful to further educate voters on how the- one-quarter ('/) cent sales tax <br />revenues will be allocated and to further explain the bounty's efforts related to Economic <br />Development. <br />The Manager recommended the following allocation of funds for Economic Development <br />initiatives_ The Board may want to further outline its }priori#ies from some outlined below: <br />1. 6fl% of the funding would be allocated utility infrastructure; <br />2. 20% of the funding would be allocated to recruit and locate new businesses in <br />Orange County; <br />3. 10% of the funding would be~ allocated to small business loans to help existing <br />businesses expand; and <br />4. 10% of the funding would be allocated annually to Economic Development <br />initiatives approved by the Board, including but not limited to innovation centers to <br />provide space for new start-up businesses, funding support for the County's <br />agricultural businesses, and Business Investment Grants. <br />Attachment 4 is an updated Draft Resolution Regarding Uses of Potential Revenues from a <br />One-Quarter ('/4) Cent County Sales and U_se Tax. The Draft Resolution addresses the <br />questions raised by the Orange County Schools Board of Education and provides greater detail <br />related to funding for Economic Development initiatives. Updates are noted in bold. <br />Economic Development Director Gary Shope has provided alternative uses and focus areas <br />regarding the potential uses from aOne-Quarter ('/) Cent County Sales and Use Tax outlined <br />in Attachment 5. This information is furnished to allow the Board to consider all available <br />options as to how best utilize possible funds from aOne-Quarter ('/4) Cent County Sales and <br />Use Tax to support economic development in Orange County. <br />FINANCIAL IMPACT: There is no direct financial impact from these the decisions. It is <br />important that voters favorably consider the one-quarter ('/4) cent sales tax if the issues <br />discussed previously are to be pursued. <br />