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Attachment 3 10 <br /> ORD-2012-058 <br /> ORANGE COUNTY <br /> C BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: (i » <br /> Action Agenda <br /> Item No. 7-c <br /> SUBJECT: Establishment of a Community Loan Fund for the Water and Sewer <br /> Connections for Efland and Rogers Roads Residents, and Approval of <br /> Budget Amendment#4-D <br /> DEPARTMENT: Financial and Administrative PUBLIC HEARING: (Y/N) No <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Frank Clifton, 919-245-2300 <br /> Sample Loan Agreement Clarence Grier, 919-245-2453 <br /> John Roberts, 919-245-2318 <br /> PURPOSE: To approve the establishment of a Community Loan Fund for water and sewer <br /> connections for residents of the Efland and Rogers Road areas of Orange County, and approve <br /> Budget Amendment #4-D. <br /> BACKGROUND: In previous meetings, some members of the BOCC have requested staff <br /> investigate the establishment of a small loan fund to assist residents of the County in connecting <br /> to water and sewer lines within certain geographical areas of the County. Currently the County <br /> is investing in water and sewer infrastructure in the Efland area of the County to foster economic <br /> development within this area of the County and to address some long-standing agreements with <br /> residents of the area. <br /> Additionally, as part of the closing of the landfill and part of the related actions taken by the <br /> BOCC to mitigate long-standing problems experienced by residents of the Rogers Road area <br /> involving the landfill, the BOCC established a mitigation fund to assist residents of the Rogers <br /> Road area to hookup to water and sewer. <br /> Some residents in both areas have approached the County in regards to wanting to connect to <br /> the water and sewer services provided, but do not have the financial resources to do so. <br /> Therefore, the establishment of a community loan fund is proposed for such purposes. <br /> It is recommended that the Community Loan Fund be established with a $100,000 appropriation <br /> from the General Fund available fund balance. All loans would range from $3,500 to a max of <br /> $10,000, and carry a low interest rate of 1 to 2 percent over a maximum period of 10 years. A <br /> .25% administrative fee would be added on each loan to cover the administration of the loan. <br />