Minutes 01-29-2019 Assembly of Governments

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17 Bonnie Hammersley said they started collecting in 2012, but debt service does not start until the money is borrowed. She said all the money has not been borrowed, and it is currently just under$1 million in debt service, and this is being done by 20 year limited obligation bonds (LOBs). She said it will be satisfied in about 25 years. Alderman Slade said he is curious to know when some of this money will be free to use for better economic development. He asked if there is going to be an opportunity to see how the investment into the infrastructure in the Buckhorn and Eno areas has been realized, prior to investing in other Economic Development Districts (EDDs). Bonnie Hammersley said that was discussed at the Board of County Commissioners retreat last week, and staff will be looking into how to best go forward with the EDDs. Alderman Slade encouraged the Board of County Commissioners to review the investment in the current EDD before pouring money into other EDDs. Alderman Slade said there is an opportunity to synergize with the emergency that is represented by climate change, and studies show supporting locally owned businesses gives back to the local community in so many ways. Alderman Slade said Carrboro is not seeing any revenue from the % cent sales tax, and he said would appreciate recognition of this fact, and also looks forward to collaboration with the County in getting more support on Carrboro economic development, and finding ways where people can work without having to depend on cars and public transportation. He said this opportunity may present itself in transition area 2. Mayor Lavelle referred to the article 46 sales tax monies and economic development in Carrboro, and said Carrboro is a small town with geographically limited economic development opportunities. She said Carrboro's economic engine is downtown, and the Town wants the Board of County Commissioners to think through this when considering ways to partner together. Alderman Seils echoed Mayor Lavelle's statement and said downtown Carrboro is an EDD for Orange County. He said the Town is hopeful for more ways to collaborate with the County to recognize that fact. Mayor Hemminger said the LAUNCH funding is good for the entire county and more companies are staying within their borders. Commissioner Dorosin said this was the theme at the BOCC retreat: collaboration on affordable housing, transit, and economic development. He said there are these obvious places for collaboration with Carrboro, and he would like to see talk turn into action. He said they need to prioritize the most important thing that Carrboro and Orange County can work on together. He said sometimes plans are brought to the Board too late, and discussions need to occur earlier. Commissioner Greene referred to Alderman Slade's comments, and said Orange County has an agricultural economic development officer with lots of ideas to boost the local food economies. She said these ideas should not get lost, and are valued by the BOCC. Mayor Lavelle agreed that economic development for one can provide economic development for all, but said Carrboro has a focus on local businesses and retaining local businesses. She said this is highly valued. Alderman Slade said there is a large question of where is the biggest bang for the buck. He asked if the County has ever done a leakage analysis to identify the sectors of the economy that would multiply financial investment. He said less than one percent of local food is consumed locally, and it is all leaving the area. He said he would like to capture a higher percentage of the millions of dollars represented by the food consumed. He said it is a bigger issue than just taxes. He would like to see a study commissioned to ensure that the money that is being spent is being spent effectively. He said growth in Hillsborough will rub off on Carrboro, but he fears development that supports a Japanese candy factory does not return as much