The use of revenue for economic development that would come from a possible quarter-cent sales tax increase was explicitly outlined at Thursday’s Board of Orange County Commissioners meeting.
If voters approve the increase in November, it would generate about $2.3 million, of which $1.25 million would be used to stimulate county growth.
County Economic Development Director Gary Shope said talks of how to create that growth are just beginning.
“What we’re trying to create is world-class economic development,” he said.
Voters rejected the tax increase referendum on November 2010’s ballot 51 percent to 49 percent. Commissioners allotted 42.5 percent of the increase’s revenue to economic development, but there were no more specifics of where exactly that money would go.
Of the additional funding dedicated to economic development the tax increase would create, commissioners would put $800,000 toward debt services on water and sewer infrastructure.
The remaining $450,000 would go to development of the county’s small business loan program, incubator space, agricultural development, public communication and business investment grants.
“When the companies out of UNC are being kicked out of the University, where do you put these people? They’ll go to nearby counties,” Shope said when discussing the importance of incubator space.
Commissioner vice chairman Steve Yuhasz, along with Commissioners Alice Gordon and Barry Jacobs, agreed he wanted to allocate funds for initiating cooperation between county and municipality economic development.
