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February 18, 2002 Page 279 (10) years from the opening date of the facility. This agreement will be on the Board's agenda for consideration on March 18, 2002. Review Status of Economic Development Corporation, Inc. Commissioner Fennel presented a FY 2001-2002 Budget Comparison for the Economic Development Corporation (EDC) showing added annual costs of $68,000.00 (including $51,000.00 for office lease/rent) if the EDC assumes its own administrative and accounting responsibilities. He stated the EDC Board had determined that the organization could function at its current budget ($438,835.00) and operate as an independent non-profit organization if the County leased EDC's present facility to them for an annual fee of. $1.00 per year, until such time EDC can find other suitable facilities. Commissioner Fennel reported the reorganization committee of the EDC, as well as the EDC Board, had 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 $1.00, until such time as the EDC can find suitable facilities to relocate to. In addition, assurances need to be made that we can maintain the County contribution to EDC at its present level. According to Commissioner Fennel, this action would accomplish the following items: (i) (2) (3) (4) This establishes the EDC as a separate non-profit organization capable then of becoming a 50/50 public/private partnership. 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. 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 Cabarrus County. Allows the EDC to build reserves consistent with well-managed non-profits. UPON MOTION of Commissioner Fennel, seconded by Commissioner Privette and unanimously carried, the Board moved that the County work with the Economic Development Corporation (EDC) to -transfer administrative and accounting operations to EDC for their activities effective July 1, 2002, and that the County continues to support the EDC at its present budget level of $438,835.00. Commissioner Fennel further stated the County needs to work with the EDC Board to reorganize the Bylaws over the next three years to reach a point where EDC receives private funding equal to the amount of County funding and that the EDC Board is then reflective of those financial contributions. A recommendation will be brought back to the Board at a later date on this issue. Commissioner Privette suggested that the EDC Board consider holding future retreats locally rather than going out of town. Commissioner Fennel assured him that the next EDC retreat would be held in Cabarrus County CONSENT AGENDA Cooperative Extension Service - Budget Amendment (4-H SOS Goldminers Supplemental Grant Funds) UPON MOTION of Commissioner Fennel, seconded by Commissioner Suggs and unanimously carried, the Board adopted the following budget amendment. BUDGET REVISION/AMENDMENT REQUEST DEPARTMENT OF COOPERATIVE EXTENSION SERVICE AMOUNT: $5,000.00 ~YPE OF ADJUSTMENT: Supplemental Request PURPOSE OF REQUEST: Additional grant funding for afterschool program at Concord Middle School. Present Account No. Approved Budqet 00165430-6818 $22,500.00 Philip Morris Grant 00195430-9356 $13,000.00 Special Program Supplies Increase Decrease Revised Budqet $5,000.00 $27,500.00 $5,000.00 $18,000.00 Emergency Management - Budget Amendment (Hazardous Materials Clean-Up) The Board received the requested budget amendment to appropriate funds to pay US Filter Recovery Services for the containment, removal, site clean-up, disposal and analysis of an unknown chemical substance that had been dumped in