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19 <br /> ECONOMIC DEVELOPMENT PROGRAMS IN ORANGE COUNTY FUNDED BY <br /> "ARTICLE 46" (ONE QUARTER DENT SALES TAX FOR ECONOMIC DEVELOPMENT) <br /> Key Sectors <br /> Percentage of <br /> Economic Develo mentUse of Funds Annual Funds Allocation <br /> Debt Service on Water& Sewer Infrastructure in <br /> Orange County's 3 Economic Development Districts $750,000 60.0% <br /> Small Business Loan Fund $200,000 16.0°! <br /> Innovationflncubator Center for Entrepreneurial <br /> Development("LaUNCh Chapel Hill") $100,000 6.0% <br /> Small Business Investment Grants $100,000 6.0% <br /> Agricultural Economic Development Grants $60,000 5.0% <br /> Marketing & Collaborative Outreach $20,000 1.5% <br /> Collateral Materials Advertising, Publishing $20,000 1.5% <br /> ANNUAL TOTAL $1,250,000 100.0% <br /> (1) Debt Service on Utilities 600/o of funds $750,000 <br /> Article 46 funds for economic development support infrastructure projects - primarily <br /> public water and sewer within land use designated economic development zones. <br /> Interlocal agreements with utility providers for eventual maintenance are necessary as the <br /> County has accomplished with Mebane and Durham. A ten-year program is underway to <br /> install `backbone' or primary collector utilities in 3 economic development zones — <br /> Efland/Buckhorn/Mebane, Hillsborough and Eno (I-85/U.S. 70) and was planned within <br /> the Capital Investment Plan. In total, these areas cover over 3,000 acres. However, <br /> these primary systems do not provide adjacency to every lot, but provide the major <br /> collector back to the existing utility. Funding for infrastructure is mainly in three financial <br /> lines: <br /> • Debt service - When the construction phase of the project is bid and awarded, the <br /> cost can be part of a loan package with other County capital and paid by Article 46. <br /> Economic Development Account (PROCEEDS, NOT DEBT) <br /> • Infrastructure Services/Addendums - The design and easement acquisition <br /> phase and later construction oversight (also known as soft costs) have been paid <br /> with existing Article 46 proceeds. They were therefore not subject to the higher <br /> cost of interest laden debt service, and due to the time-frame, would be more <br /> difficult to include in a more finite capital loan package. This could also be used for <br /> site certification; geo-technical & environmental testing, etc. <br />