Agenda - 11-19-2014 - 1 - Laserfiche WebLink

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K Additional utility - served sites, along with appropriate zoning, road access and related power infrastructure, have since opened up in the County and are being marketed to other high quality business investment prospects. A second illustration of Article 46 funds from this category aiding local collaboration is the County /Town of Carrboro Interlocal Agreement related to the repair of a failing sewer line on Roberson Street, which would have negatively impacted over 20 downtown businesses employing more than 100 people. The sewer line has since been repaired with State funding from a Community Development Block Grant, and a 50/50 sharing of a required co -pay cost. The resolution and obligation for the Article 46 Sales Tax runs for 10 years, while the debt service on infrastructure projects runs for 20 years. Without renewal of the resolution at the end of 10 years, the General Fund would be obligated to pay the debt service. Small Business Loan Fund — 16% of annual expenditures ($200,000) The Orange County Economic Development office maintains a loan program that assists small (and start -up) businesses to obtain necessary capital, especially for firms that are otherwise unable to receive normal bank financing due to marginal credit history or short operating experience. Article 46 funds are available, when needed, to replenish the loan program's lending capabilities. Typical loans can be made for as much as $50,000 with a 5 -year repayment term. With the slow recovery of the national, state and local economy, capital demand by local firms should continue to increase, and the County's loan program should find even more demand. The Economic Development office is working diligently to market the program, identify potential borrowers, and make additional loans to local businesses. Borrowers: • Ceremony Salon • Tin Can Ventures • Phd • Skram Furniture • The Depot • Mystery Brewing • Accidental Baker • Santosha • Isis I.T. • Orange County Gymnastics • Flawless Day Spa Balances: • Article 46 - allocated Sun Trust Account • Current Balance (available funds) Company Location: Carrboro Cedar Grove Hillsborough Hillsborough Hillsborough Hillsborough Hillsborough Chapel Hill Chapel Hill Chapel Hill (relocated to Hillsborough) Chapel Hill $598,000.00 $111,695.42 $709,695.42 To date, a total of twelve (12) loans have been made to eleven (11) small businesses, and there is one (1) pending loan application. All loans are current with no delinquent history or negative write -offs.