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County Attorney's Report 12. 2.

BCC Regular Meeting

Action

Meeting Date:	11/05/2015
Issue: Local Option Sales Tax (LOST) Economic Development Trust Fund Resolution
From:	Alison Rogers
Department:	County Attorney's Office
CAO Approval:

RECOMMENDATION:

Recommendation Concerning the Local Option Sales Tax (LOST) Economic Development Trust Fund Resolution

That the Board adopt a Resolution designating the NOLF-X development and the Navy Federal Credit Union economic development incentive fund grant as projects that may be funded from the LOST Economic Development Trust Fund and allowing no more than Thirteen (13) million dollars to be deposited into the trust fund by December 31, 2017.

BACKGROUND:

The adoption of this Resolution is contingent on the Board adopting the Local Option Sales Tax (LOST) Economic Development Trust Fund Ordinance at its 5:34 p.m. Public Hearing tonight. The ordinance establishes a trust fund for the purpose of funding economic development projects having a general public purpose of improving local economies. This Resolution would allow for two projects to be funded by up to Thirteen (13) million dollars of LOST funds.

BUDGETARY IMPACT:

The Board designates the funding to be deposited in the LOST Economic Development Trust Fund.

LEGAL CONSIDERATIONS/SIGN-OFF:

This Resolution was drafted by the County Attorney.

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

N/A

IMPLEMENTATION/COORDINATION:

N/A

Attachments
Resolution