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52 <br /> revenues are higher and projected to be approximately$3.6 million total for the new fiscal year, <br /> due to the County's steady 5% - 7% annual growth rate from our local economy's rising retail <br /> sales collections. <br /> Within the Economic Development portion of Article 46 funds ($1,825,976.00 estimated for the <br /> FY 2018-2019 budget), approximately 50% - 60% of annual proceeds have historically funded <br /> long-term debt obligations for the cost to install water& sewer lines in the County's various <br /> Economic Development districts. To date, two major utility projects to install needed <br /> infrastructure in the Efland, Buckhorn Road&Mebane areas have been completed. The <br /> County's successful recruitment of the Morinaga factory was made possible by the completion of <br /> this initial utility work. Current business prospect activity is now expanding and seriously <br /> focusing on new sites that have more recently gained utility line infrastructure. <br /> Of the remaining 50% of the County's Economic Development annual Article 46 funds, a variety <br /> of successful programs have since been created and are underway to support the growth, <br /> expansion&retention of existing small businesses,promote new business recruitment, <br /> entrepreneurial incubator support, and local agriculture & food processing. These programs, to <br /> include the award winning LAUNCH incubator, the County's small business loan and grant <br /> programs, the renowned agriculture/food processing grant program, and related collaborative <br /> business networking events held with the Towns, directly benefit the local economies of <br /> Carrboro, Hillsborough & Chapel Hill by supporting their many small businesses. <br /> Special events &new programs that further enhance the County's & Towns' economy and <br /> livability are also funded by the remaining half of Article 46 funds dedicated to Economic <br /> Development, to include the annual Orange County Agriculture Summit, the new LocalFest <br /> event, a reintroduction of the annual Orange County Economic Summit, and, innovative support <br /> for the "Orange Connect" scholarship program for Orange County's students attending the <br /> Hillsborough campus of Durham Technical Community College. <br /> In conclusion, the intent of the various economic development programs funded by Article 46 is <br /> to benefit all Orange County residents by supporting a thriving local economy. The County's <br /> various economic development programs that are supported by Article 46 have been created to <br /> broadly benefit all residents by promoting non-residential economic growth. The funding <br /> program was not proposed nor structured in 2011 to serve as a cash windfall for specific towns <br /> or regions. Actual uses of Article 46 money spent thus far is a function of the location of the <br /> Economic Development Districts' more rural interstate boundaries, and due to specific instances <br /> where significant job and revenue creating programs have thrived. Local town participation in <br /> joint funding efforts has also been a factor in shaping historic Article 46 uses. <br /> Please refer to Attachment 4 - C (slides 1 — 13) for detailed examples of use, areas of notable <br /> successes, balances in the current FY2018-19 County budget, and examples of how Article 46 <br /> funding is spread throughout the County& 3 Towns according to specific uses. <br />