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010:213 <br /> , • . <br /> b) whether the proposed project is within or outside of a protected <br /> watershed and for those proposed projects within protected <br /> watersheds, whether the type of development is compatible <br /> with maintaining water quality; <br /> c) whether or not the project site has the proper zoning; <br /> d) whether or not improved job opportunities will be made avail- <br /> able to Orange County citizens; <br /> e) whether or'not the proposed project will significantly increase <br /> " job opportunities for women and minorities; <br /> f) whether or not the wage scale of employees will be above the <br /> average for Orange County; <br /> g) whether or not there will be a significant demand for County <br /> services including schools, fire protection, sanitation, <br /> recreation and water supply; <br /> h) whether or not a significant increase in the County tax base <br /> will be realized. <br /> SECTION IV: Funding Formula <br /> COMMENT: This section sets up a revolving fund to finance approved projects. <br /> Maximum County funding is limited by monies in the revolving fund <br /> and tied to expected tax recovery from the project. . five-year <br /> payback is established and the interest rate on the loan determined <br /> by the Board of Commissioners. <br /> Eligible Project Expenses: It is the policy of the County to establish <br /> and maintain a revolving loan fund for the purpose of financing water and <br /> sewer to approved projects. The County will fund project engi- <br /> neering studies, easement acquisition, sewer and water lines including pipe <br /> and ancillary equipment such as water pumps, sewer pumps, valves, pump <br /> houses, fire hydrants, water treatment plants, sewage treatment plants as <br /> well as the actual construction of these utilities. <br /> Limits of County Financial Participation: The County's financial <br /> participation in water and sewer utility costs shall not exceed the estimated <br /> increase in ad valorem tax yields from the project in the six years following <br /> its completion. This method of calculating the ceiling for County funding <br /> of any one project should not be construed as establishing the method of <br /> repayment to the revolving fund. The following is a sample calculation: <br /> EXAMPLE <br /> $1,400,000 - estimated value of land and buildings <br /> $128,000 - minus land value <br /> $1,272,000 - estimated value of buildings <br /> .544$/100 valuation tax rate <br /> $6920 - tax return from project each year <br /> $41,518 - tax return for six years equals maximum County <br /> funding <br /> 3 <br />