Orange County NC Website
Browse       Search
4 15i <br /> counties, Orange County is a "natural" extension; for example, the - <br /> banks in the Triangle know each other well. He said that Durham <br /> County- had opted to put money into CEDCO because that county wanted a <br /> say in how CEDCO is run. John McKee stated that Orange County is <br /> unlikely to want to put funds into CEDCO, that in his view it would <br /> be unrealistic to try to establish a CDC in Orange County when CEDCO <br /> is functioning well nearby, and he commended the following resolution <br /> to the EDC: <br /> • <br /> DRAFT RESOLUTION - ORANGE COUNTY EDC - 1j DEC. 1986 <br /> TO SECURE AVAILABILITY OF SBA 504 LOANS IN ORANGE COUNTY <br /> WHEREAS, the Board of -the Orange County Economic Development <br /> Commission sees the need to help small businesses in Orange County by <br /> improving the availability of long-term fixed asset financing to <br /> small businesses at affordable terms and conditions; and <br /> WHEREAS, the Orange County Economic Development Commission <br /> believes that expansion, growth and viability of small businesses in <br /> Orange County will expand employment opportunities for Orange County <br /> citizens, expand the tax base, increase business ownership opportun- <br /> ities and expand the economic base of the community; and <br /> WHEREAS, the authority of this program is found in the July 2, <br /> 1980 amendment to the Small Business Investment Act; and <br /> WHEREAS, the Capital Economic Development Corporation, hereafter <br /> known as CEDCO, is an authorized Certified Local Development Corpora- <br /> tion with the resulting capabilities to provide Long-term, fixed <br /> asset financing through section 504 loans to certain businesses and <br /> individuals owning or leasing property Located within designated <br /> boundaries of the CEDCO service area; therefore <br /> BE IT RESOLVED BY THE ORANGE COUNTY ECONOMIC DEVELOPMENT COMMISSION: <br /> 1. That the Orange County Board of Commissioners are requested <br /> to adopt a Resolution inviting CEOCO to expend its service territory <br /> to encompass Orange County, conditional upon the following: <br /> a) That CEDCO would make the SBA 504. program available to <br /> Orange County at no cost, and no time or other committment or input <br /> from the County, and <br /> b) That CEDCO would inform area bankers of the program and <br /> keep regular contact with Orange County bankers, and with the Orange <br /> County Economic Development Commission. <br /> Paul Williams made a motion that the above Resolution be passed <br /> by the EDC, and was seconded by Dennis Howell. John McKee asked <br /> • <br />