(A) The Economic Development Service Fund (the “Fund”) shall be established as follows.
(1) The Fund shall be non-reverting.
(2) Any amounts earned upon the investment of the Fund shall become part of the Fund.
(3) All economic development fees collected pursuant to this section shall be deposited into the Fund.
(4) Upon appropriation by the County Council (the fiscal body of the county) amounts in the Fund may be used by the county only for:
(a) The funding of the County Economic Development Corporation, a non-profit organization established for the purpose of promoting the county-wide economic development program; and
(b) No appropriations from the Fund shall be made until a county-wide economic development program is developed by the County Economic Development Corporation, with the cooperation of other local units within the county; and
(B) An economic development fee shall be established as follows.
(1) The economic development fee shall be collected for all residential subdivisions and any lot, tract or parcel of ten acres or less created in a residential or agricultural zoning district in the county. The economic development fee shall not apply to any lots, tracts or parcels created in any business or industrial zoning district. For residential subdivisions, the fee shall apply to each lot created.
(2) The economic development fee shall be in the sum of $50 residential lot, tract or parcel and shall be collected by the County Auditor prior to recording of a plat, deed or instrument creating the lot, tract or parcel.
(3) Upon payment of the fee, the Auditor shall provide the person paying said fee a receipt evidencing payment of the fee.
(4) The fee shall only apply to residential lots, tracts or parcels which were created and recorded after the effective date of this section and shall not apply to the subsequent conveyance or transfer of said residential lots.
(5) The amount of the fee may be altered or modified only by amendment of this section by the Board of Commissioners of the county.
(C) In the event a county-wide economic development program is not established by the county economic development corporation prior to July 1, 2004, then this section shall be deemed repealed and any proceeds or sums held in the Fund shall be appropriated by the County Council to any municipality or governmental unit located within the county or any non-profit organization located in the county for the purpose of promoting economic development within the county and as designated by the Board of Commissioners; and, the Fund shall then be terminated and the fee shall be discontinued, void and no longer collected.
(Ord. 1-4-14.2, passed 6-16-2003)