ORD-2023-025-Public Hearing Regarding Proposed Performance Agreement Between Orange County, North Carolina and Terra Equity, Inc., and Approval of Budget Amendment #10-A

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1 ORD-2023-025 ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: June 6, 2023 Action Agenda Item No. 5-a SUBJECT: Public Hearing Regarding Proposed Performance Agreement Between Orange County, North Carolina and Terra Equity, Inc., and Approval of Budget Amendment #10-A DEPARTMENT: Manager's Office Attorney's Office Planning & Inspections Department Economic Development Department ATTACHMENT(S): INFORMATION CONTACT: 1. Public Hearing Media Notice Travis Myren, Deputy County Manager, 2. Year-to-Date Budget Summary (919) 245-2308 John Roberts, County Attorney, (919) 245-2318 Steve Brantley, Economic Development Director, (919) 245-2326 Cy Stober, Planning & Inspections Director, (919) 245-2585 Christopher Sandt, County Engineer, (919) 245-2583 PURPOSE: To: (1) Receive information and hold a public hearing on the issuance of a performance-based agreement by the County to a private development company; (2) Consider approval of the proposed performance-based agreement, with claw-back provisions, for the extension of public utilities (water and sewer) into the Hillsborough Economic Development District; and (3) Consider approval of Budget Amendment #10-A. BACKGROUND: Beginning in FY 2014-15 and extending through FY 2017-18, the County budgeted a total of $2,590,000 (funded through the County's Economic Development Portion of the Article 46 Sales and Use Tax) to extend public water and sewer infrastructure to the Hillsborough Economic Development District (EDD). The Hillsborough EDD is an Economic Development Transition Zone containing approximately 160 acres of land served by Diversity Drive and located near the intersection of Old NC 86 and Interstate 40 in Hillsborough, North Carolina. The general footprint of the Hillsborough EDD is identified on the following map.