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_ _MEMO - Intergovernmental Work Group on Alternative Revenues <br /> February 01, 1989 <br /> Page 6 <br /> 15 <br /> 6. What formula would be employed for the allocation of Impact <br /> tax revenue among the various localities of the County. <br /> Our work group recommends a formula which would return 75 <br /> percent of revenue collected within the Towns' planning and <br /> extraterritorial areas to their respective jurisdictions, <br /> retaining 25 percent for the County to be used primarily for <br /> schools. 100 percent of revenues generated in Orange County <br /> outside the four Towns' planning areas would be retained by <br /> the County to be used for capital improvement projects <br /> including schools. <br /> Projections based on this formula are as follows: <br /> 25% - RESERVE <br /> NET <br /> TOTAL RESERVE UN-RESERVED <br /> CARRBORO 1 257,330 1 64,332 1 192,998 <br /> CHAPEL HILL 1 488,450 1 122, 112 I 366,338 <br /> HILLSBOROUGH 1 67, 200 1 16,800 I 50,400 <br /> ORANGE COUNTY I 661 ,600 1 165,400 1 496,200 <br /> TOTAL $1,474,580 $368,644 $1,105,936 <br /> • <br />