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148 <br /> CEDCO offers two ways of making the 504 program available to Orange County: <br /> 1) CEDCO would make the program available to Orange County at no cost, and no time <br /> or other commitment or input from the County; or <br /> 2) The CEDCO board would add one member representing Orange County interests and in <br /> return Orange County would contribute to CEDCO's administrative expenses ($2400 in <br /> the first year) . Durham County has opted for this second arrangement. In both cases <br /> CEDCO would inform area bankers of the program and keep regular contact with bankers <br /> and other relevant groups. <br /> IMPACT: The Orange County Economic Development Commission at its December 1986 meeting, <br /> heard a presentation from CEDCO and then thoroughly discussed the SBA 504 program, CEDCO's <br /> proposal, and the likely benefit to Orange County businesses. (A copy of the draft <br /> minutes of the EDC meeting is attached for background information.) following the <br /> discussion and questions, the Economic Development Commission adopted a Resolution <br /> asking the BOCC to invite CEDCO to expand its service territory to encompass Orange County, <br /> conditional upon the following: <br /> a) That CEDCO would make the SBA 504 program available to Orange County at no cost, <br /> and no time or other commitment or input from the County; and <br /> b) That CEDCO would inform area bankers of the_program and keep regular contact with <br /> Orange County bankers, and with the Orange County Economic Development Commission. <br /> RECOMMENDATION: That the attached draft Resolution be adopted by the Board. <br />