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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: June 26, 1996 <br /> Action Agenda <br /> Item <br /> SUBJECT: JOINT FUNDING AGREEMENT FOR"SHAPING ORANGE COUNTY'S FUTURE" <br /> ACTION BY: <br /> DEPARTMENT: PLANNING PUBLIC HEARING: Yes_X—No <br /> BUDGET AMENDMENT REQUIRED: Yes _X—No <br /> ATTACHMENT(S): INFORMATION CONTACT: Dave Stancil <br /> • Draft Joint Funding Agreement Ext 2590 <br /> • Budget/Funding Memorandum <br /> TELEPHONE NUMBERS: <br /> Hillsborough - 732-8181 <br /> Durham - 688-7331 <br /> Mebane -227-2031 <br /> Chapel Hill -967-9251 <br /> PURPOSE: To adopt a joint funding agreement that specifies the details of the Shaping <br /> Orange County's Future project funding. <br /> BACKGROUND: On February 9,the Steering Committee of six elected officials from Orange <br /> County, Chapel Hill and Carrboro considered funding mechanisms for the <br /> Shaping Orange County's Future (SOCF)project,which was agreed to at the <br /> Assembly of Governments meeting in June 1994. The Steering Committee agreed <br /> to split funding differentials between a population-based formula and sales tax- <br /> based formula. As a result, Orange County would fund 57%of the project, Chapel <br /> Hill 32.5%and Carrboro 10.5%. The Town of Hillsborough is not participating <br /> financially in the project. <br /> The projected total cost is$172,244, split over four fiscal years. Orange County's <br /> share of the project cost would be $98,179. The adopted 1995-96 Orange County <br /> budget currently contains $42,888 for this project,but only $5,394 of that is <br /> projected to be incurred in FY 95-96 under the new project schedule. The Town <br /> of Chapel Hill likewise has existing funds from its 1995-96 budget. <br />