Agenda - 01-22-2015 - 6a - Laserfiche WebLink

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I Alderman Slade asked to what degree the 60 percent has been allocated for the 2 economic development zones. He is interested in other ways to allocate the resources to 3 potential infrastructure improvements within the towns. He said some of these funds might be 4 used to incentivize the towns to think creatively about light manufacturing, zoning, and working 5 collaboratively with the County. 6 Alderman Slade encouraged everyone to look at economic development as an 7 opportunity to address major issues such as climate change. He said the federal and state 8 governments are not doing anything about this, and studies have shown that economic 9 development can align nicely with addressing this issue. 10 Alderman Slade said he wants to consider supporting and giving grants to locally owned 11 businesses. He said this provides benefit to the community by circulating money locally and 12 providing jobs. He said he has a list of reasons of why it is important to support these locally 13 owned businesses, and he will distribute. 14 Steve Brantley said Orange County was eager to work with Carrboro on the repair of the 15 privately owned failing sewer line on Roberson Street. He said there was a partnership on this 16 project, and it has almost been successfully put into place. He said the County cost for this 17 came from the quarter cent sales tax. 18 Craig Benedict addressed the issue of projects in the Economic Development District 19 (EDD). He said the Eno EDD has 500 acres that are underdeveloped or undeveloped. He said 20 part of the capital improvement program over the next ten years is to invest about a $1.5 million 21 in that zone. 22 He said the Hillsborough EDD is in and around Waterstone, in the unincorporated 23 portion of Orange County. He said there has been a master plan of uses in this area through 24 joint planning with Hillsborough, and there is $1.5 million earmarked for economic development. 25 Craig Benedict said the larger zone is a 2000 acre area in the Buckhorn EDD, which is 26 an area bordered roughly by the railroad tracks. He said $4.5 million in infrastructure has 27 already been completed here. He said this was already in process when Morinaga came 28 looking in Orange County, and further infrastructure was extended to serve that project. He 29 said there is another $4 million project that is in the 95 percent designed stage, and this will 30 open up additional lands along the interstate. He said this total of $8 million in the Buckhorn 31 area includes some water systems to serve existing economic development zones and to 32 improve pressure, fire flow, and capacity. 33 Craig Benedict said their program for debt service of $10 to $11 million will be $750,000 34 per year, over 20 years, with 10 years of funding through this quarter cent sales tax. He said 35 one positive element is the $250,000 in additional sales tax revenue that comes to the County 36 each year. He said if this keeps increasing, there can be investment in other areas. 37 Commissioner McKee addressed Alderman Slade's comments and said small 38 businesses are an integral part of the Small Business Loan program. He encourages anyone 39 starting a new small business or an existing program to apply. 40 Alderman Chaney said Carrboro also has a small business loan fund, and she asked if 41 Chapel Hill or Hillsborough has a program. 42 Mayor Kleinschmidt said Chapel Hill has a fund targeted at small business arts startup 43 groups. He said this has been used twice so far. 44 Mayor Stevens said Hillsborough does not have a fund, although many of their 45 businesses use the Orange County fund. 46 Alderman Chaney said she is concerned about having a lot of liquidity across multiple 47 funds, and she suggested efficiency might be gained by collaborating, pooling funds and 48 making policies together regarding how funding is done. 49 Commissioner Price referred to the pie chart in attachment C, and asked what this 50 represents.