Orange County NC Website
Browse       Search
i <br /> COMMENT: X17 the following paragraphs, alternative language <br /> is provided to Section Iv for possible inclusion <br /> in the final document . The first alternative pro- <br /> vides that the County would pay outright for the <br /> e�tension of sewer and water to approved projects. <br /> The second alternative describes a leasing <br /> arrangement . In either case, County expenditures <br /> f r any single project are limited by the projected <br /> tax .recovery over a five year period and contingent <br /> upon the availability of funds. <br /> SECTION IV A: METHOD OF FUNDING APPROVED PROJECTS (alternative A) <br /> Sewer and Water Extension Fund Established : It is the ol" y <br /> of Orge County to establish and maintain a Fund for the purpose <br /> an <br /> of paying for water and sewer extensions to approved projects. <br /> Eli i.ble Pro ect Ex enses : The County will fund project <br /> i <br /> engneering� stidi.es, easement acquisition, sewer and water lines <br /> including p pe and ancillary equipment such as water pumps, sewer <br /> pumps, val ve , pump houses, fire hyd.ravts, water <br /> treatment plants, a sewage treatment plants as well as the actual <br /> construction of these utilities. Where a project is approved but <br /> funding is of immediately available, it will be placed on a priori <br /> waiting list based on its approval. date. <br /> Limits of Count Financial Participation: The County' s financi <br /> participati n for approved projects shall not exceed the estimated <br /> increase in ad valorem tax yields from the project in the six years <br /> following its completion. This method of calculating the ceiling <br /> for County Funding of any one project should not be contt ' as <br /> establish.in4 the eligibility of a project for funding. The follow- <br /> ing is a sample calculation : <br /> EXAMPLE <br /> 1, 00,000 - estimated value of land and building <br /> 1128,000 - minus land value <br /> $1,272,,0007- estimated value ouildings <br /> . 54$/ 100 f b valuation tax rate <br /> 62920 - tax return from project each year <br /> 411518 - participation <br /> Payment Policy : For approved <br /> for all cost's up to the limits statedoabove�a.thnoC cost ytshall he de- <br /> veloper. <br /> SECTION IV H: METHOD OF FUNDING APPROVED PROJECTS (alternative B) <br />