Orange County NC Website
Browse       Search
3 <br /> 8. The Economic Development Department requested and was granted approval by the North <br /> Carolina Department of Agriculture to transfer existing loans and the available funds in the <br /> Crop Loan Fund over to Piedmont Food Processing Center (PFPC) for the Center to <br /> continue operation of the Crop Loan program. Since PFPC has constant communication <br /> with the businesses that receive the funds through this program, and the program is <br /> exclusively for PFPC tenants, the Center will be better positioned to monitor the businesses <br /> utilizing the funds. <br /> The Crop Loan Fund was established in 2016 using $32,500 in grant funding received from <br /> the NC Department of Agriculture - Agriculture Development and Farmland Preservation <br /> (ADFP) Grant Program, and a match of$32,500 received from Weaver Street Market. The <br /> purpose of the program was to establish a revolving loan fund that would enable farmers, <br /> producers, and agribusinesses to maintain viable operations throughout the growing <br /> season. The program initially made five loans, and two have been paid off and three are <br /> delinquent. <br /> This amendment recognizes $23,000 in loan repayments received and authorizes the <br /> transfer of the current cash balance of the Crop Loan Fund and loans to the Piedmont Food <br /> Processing Center, with the intent to close the Crop Loan Fund. <br /> CROP Loan Fund($23,000) <br /> Revenues for this project: <br /> Current FY 2022-23 FY 2022-23 <br /> FY 2022-23 Amendment Revised <br /> CROP Loan Revenues $65,000 $23,000 $88,000 <br /> Total Project Funding $65,000 $23,000 $88,000 <br /> Appropriated for this project: <br /> Current FY 2022-23 FY 2022-23 <br /> FY 2022-23 Amendment Revised <br /> CROP Loan Expenditures $65,000 $23,000 $88,000 <br /> Total Costs $65,000 $23,000 $88,000 <br /> 9. The No Fault Well Repair Fund has received an additional $40,304 in revenue from the <br /> Orange Water & Sewer Authority (OWASA). This amendment recognizes this revenue in <br /> the No Fault Well Repair Fund, outside of the General Fund, and appropriates this amount <br /> for well repair and treatment. This amends the following ordinance: <br /> No Fault Well Repair Fund($40,304) <br /> Revenues for this fund: <br /> Current FY 2022-23 FY 2022-23 <br /> FY 2022-23 Amendment Revised <br /> OWASA $275,000 $40,304 $315,304 <br /> American Stone $87,500 $0 $87,500 <br /> Interest on Investments $20,000 $0 $20,000 <br /> Total Funding $382,500 $40,304 $422,804 <br />