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34 <br /> 1 Slide #52 <br /> Article 46 Sales Tax — page 73 <br /> Recommended Use of Resem Funds Amount Notes <br /> Innovation Center—Launch Inc. $73.500 Same as FY2023-24 <br /> Uproar Arts Festival $15,000 <br /> Incentives $712,150 Provides incentives for Mad Iina,AD,and <br /> Wegmans <br /> Agricultural Summit $3,886 <br /> Economic Development Department Operations $72.000 8%reduction from Base <br /> TOTAL $876,536 <br /> Starting Balance $1,860,362 $1,161,743 $44%,593 $453,840 $17,860 $185,115 <br /> New Funding $584,506 $850.000 $850,000 $850,000 $850,000 <br /> Planned Incentive Payments $698,619 $1,296,656 $845,753 $1,285,980 $682,745 $655,877 <br /> Ending Balance $1,161,743 $449,593 $453,840 $17,660 $185,115 $379,238 <br /> ORANGE COUNTY <br /> 52 NORTH CAROLINA <br /> 2 <br /> 3 Commissioner Fowler asked if targets for incentives that were paused during COVID are <br /> 4 back on track. <br /> 5 Chair Bedford said some of the jobs, personal property values, and those incentives were <br /> 6 based on those factors. <br /> 7 Travis Myren said that to qualify for the incentives, you must create the value that has <br /> 8 been promised. He said all the firms that currently have incentive agreements are meeting those <br /> 9 benchmarks. <br /> 10 Commissioner Fowler asked if there is a certain amount of fund balance that the visitor's <br /> 11 bureau is supposed to have. <br /> 12 Travis Myren said the Board has a policy or goal of 15% but that is not a commissioner <br /> 13 adopted policy. <br /> 14 Commissioner Fowler asked what they might use the fund balance for. <br /> 15 Travis Myren gave an example of something that would cause conferences to tank, they <br /> 16 would pull money out of fund balance to promote Orange County as a conference destination. <br /> 17 Commissioner Fowler asked if there was fund balance in COVID. <br /> 18 Travis Myren said no. <br /> 19 <br /> 20 <br />