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educate the public. He said that this needs to come back to the Board at its next meeting with a <br /> budget. <br /> Commissioner Gordon said that the land transfer tax is a more progressive tax and she <br /> would prefer it, but her concern is educating the public by May. <br /> Chair Jacobs said that the County is working very hard on economic development. <br /> Regarding retail leakage, if the County has to have the authority to pay for roads, he hopes to <br /> put up tolls at all exits where people are leaving to spend money in other counties. Regarding <br /> putting something on the ballot in May, he thinks that every six-month delay will cost the <br /> taxpayers of Orange County $1.5-2 million, depending on which option is used. He has found <br /> this a very difficult decision because it is almost a 50/50 proposition to him. He does not want to <br /> pay more taxes and the County needs relief from the property tax. He said that there will be <br /> consequences for each choice, but the land transfer tax is a more just tax. <br /> A motion was made by Commissioner Nelson, seconded by Commissioner Foushee to <br /> approve resolution B to put the land transfer tax on the ballot in May 2008. The amount of the <br /> land transfer tax would be set at 0.4%. <br /> A Resolution Regarding the Conduct of an Advisory Referendum on the Question <br /> of Whether to Levy a Local Land Transfer Tax <br /> WHEREAS, local governments in North Carolina have historically relief heavily on the ad <br /> valorem property tax as their major source of revenue; and <br /> WHEREAS, Orange County's reliance on the ad valorem property tax has increased steadily <br /> during this decade to the point that more than 69 percent of the County's revenue as anticipated <br /> in the adopted 2007-08 Orange County Budget Ordinance derives from this source; and <br /> WHEREAS, for a number of years, the Orange County Board of County Commissioners, the <br /> North Carolina Association of County Commissioners and many other Board across the state <br /> have lobbied the North Carolina General Assembly for legislative authority to expand counties' <br /> revenue options and thereby to lessen counties' reliance on ad valorem property taxes; and <br /> WHEREAS, during the 2007 legislative session, the General Assembly granted counties the <br /> authority to enact new local revenue options— either a land transfer tax of up to .4% or an <br /> additional %-cent sales and use tax, but not both —subject to voter approval; and <br /> WHEREAS, without an alternative revenue source, various unfunded school and County capital <br /> needs will likely have to be delayed or funded through increases in ad valorem property tax <br /> rates; and <br /> WHEREAS, on September 19, 2007 the Orange County Board of County Commissioners <br /> decided to seek voter approval of one or both local revenue options on the May 2008 ballot; and <br /> WHEREAS, on February 5, 2008 the Orange County Board of Commissioners held a public <br /> hearing to seek community input regarding the revenue options prospectively to be placed on <br /> the May 2008 ballot; <br /> NOW, THEREFORE, BE IT RESOLVED, pursuant to N. C. Gen. Stat. (symbol) 105-601, the <br /> Board directs the following advisory referendum to be held and, with the concurrence of the <br /> Orange County Board of Elections, to be held on May 6, 2008: <br />