Minutes 04-10-2014 - Laserfiche WebLink

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Chair Jacobs asked how much this has grown since last year. Paul Laughton said he does not have a breakdown by year, but as of today, $4.7 million has been collected in total for the Article 46 Sales Tax. He said this has been split to allocate $2.36 million to Economic Development and $2.36 million to schools. Commissioner Pelissier asked when the current debt service for infrastructure will be paid off. Paul Laughton said for utilities this goes out for 20 years, and this information is on page 110. Clarence Grier said the financing structure for the Buckhorn EDD is only for 15 years. He said this debt was issued on July 1. Paul Laughton said 60 percent of what Economic Development gets is earmarked for debt service. Chair Jacobs asked how much of the 60 percent is encumbered. Paul Laughton said to date $340,000 has been spent for this years' program for debt service. He said right now $290,000 has been spent for the 25 percent. Proprietary Proiects Water and Sewer Utilities Paul Laughton referred to the tab for Proprietary projects, beginning on page 65 of the CIP binder. He said there are a couple of new projects and initiatives in year one, as outlined below: - Economic Development Infrastructure—this project reflects the FY 2013-14 funding of infrastructure for the Morinaga Company, which consists of design for the extension of water, sewer and roadway infrastructure to the site from surrounding existing utility system and construction of the water and sewer extension. This project is funded by $250,000 from Article 46 Sales Tax proceeds, and $750,000 in CDBG funds. This new project also includes $50,000 in Year 1 for EDD zones right-of-way-accesses, and $50,000 in Year 1 for public-private participation in EDD zones and rural broadband related access. - Economic Development Utility Extension Project(s) — provides funds of $250,000 in Years 1 and 2 for future economic development projects that are currently being considered, but have not been finalized. If no project develops in the coming year, which requires utility extension, the funds would be available for future years as needed. He said the $100,000 for the EDD infrastructure includes $50,000 for EDD zones, right of way access, and $50,000 for public private participation in EDD zones and rural broadband related access. Craig Benedict said this $100,000 is a placeholder. He said the first $50,000 is set aside to partner with an entity such as Piedmont Electric Cooperative, which can access rural dollars. He said this creates the possibility of getting some broadband monies from the state. He said this allocation is for seed money to entice private entities to put fiber into rural areas prior to their business plan. He said there are needs for this broadband access in the rural sections of the county. He said the other $50,000 is there for the possibility of having opportunities to improve economic development zones. He said the area north of I-85, south of the railroad tracks and east of Buckhorn Road has only one access point. He said there are meetings happening with community members about a possible extension of Industrial Drive from the west side to the