AG 2002 02 18 (Regular) - Laserfiche WebLink

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Fellow Commissioners: The reorganization committee of the EDC has met, as well as the EDC in its regular meeting, and has passed the following resolution: Effective July 1, 2002 the EDC will assume its own administrative and accounting responsibilities and that the County lease the EDC's present facility to them for an annual fee of $1, until such time as the EDC can find suitable facilities to relocate to. In additions, assurances need to be made that we can maintain the county contribution to EDC at its present level. 1. This establishes the EDC as a separate non-profit organization capable then of becoming a 50/50 public/private partnership. 2. It avoids any negative budget impact this year by not having to pay for new facilities at this time when the Governor has placed counties and cities in such a negative position by withholding funds from us. 3. It assures the EDC Board and the citizens of Cabarrus County that the County will continue to strongly support economic development activities and the creation of new jobs in Cabarms County. 4. Allows the EDC to build reserves consistent with well-managed non-profits. Therefore, I would make the following motion: "I move that the County Work with the EDC to transfer administrative and accounting operations to them for their activities effective July 1, 2002. And that the County continues to support the EDC at its present budget level of $438,835." In addition, the County needs to work with the EDC Board to reorganize the Bylaws over the next three years to reach a point that they receive private funding equal to the amount of County funding and that the EDC Board is then reflective of those financial contributions.