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38 <br /> DRAFT/March 28,2025 <br /> 7. Potential Sources of Funding <br /> This section describes the potential funding sources associated with Priority <br /> Action Steps outlined in Section 6 of this document. This list is not exhaustive. <br /> 7. 1. Taxes <br /> Deferred Taxes from Farmland Coming Out of the Present Use Value Program <br /> Properties in the Present Use Value program coming out of agricultural use are <br /> subject to deferred taxes with accrued interest, immediately due and payable, <br /> for the year of disqualification and the three previous years. Revenue generated <br /> from these tax dollars could be directed to an Agricultural Trust Fund. Similar <br /> successful programs are currently operating in Cabarrus County, Chatham <br /> County, and Wake County. <br /> Land Transfer Tax <br /> North Carolina counties have the ability, granted by the North Carolina General <br /> Assembly, to levy a tax on the sale of real property. For Orange County, the tax <br /> can amount to 0.4% of the sale price of real estate levied in the year of the sale. <br /> To be implemented, the tax must be approved by a majority vote of citizens. <br /> 7.2. Grants <br /> Agricultural Development and Farmland Preservation Trust Fund. <br /> The material below is quoted from https://www.resilienceexchange.nc.gov/find- <br /> funding/funding-database/agricultural-development-farmland-preservation- <br /> trust-fund <br /> The NC Agricultural Development and Farmland Preservation Trust Fund (ADFP), <br /> administered by the NC Department of Agriculture and Consumer Services (NC <br /> DA&CS) Division of Farmland Preservation, provides funding for preservation of <br /> farming, forestry, and horticulture industries in North Carolina. ADFP promotes <br /> sustainable farming through the purchase of agricultural conservation <br /> easements, conservation agreements and the funding of public and private <br /> enterprise programs that assist farmers in developing plans to maintain <br /> sustainable and profitable food production and marketing activities. <br /> Golden Leaf <br /> The material below is quoted or paraphrased directly from <br /> https://goldenleaf.org: The Golden LEAF Foundation, a North Carolina grant- <br /> making organization, helps eligible state, regional and local economic <br /> development entities with job creation projects in tobacco-dependent or <br /> economically distressed areas of the state. Golden LEAF offers three grant <br /> programs that can address infrastructure needs. <br /> 36 <br />