(A) Creation. There is created in the Office of the County Treasurer, the Economic Development Project Development Fund. This fund is separate and distinct from all other funds of the county. Earnings and interest on this fund must be credited to it with any balance in the fund at the end of a fiscal year being carried forward, in the county budgetary process, to the succeeding fiscal year and used for the same purposes as other monies in the fund may be used.
(B) Source. It is intent of Council to direct an amount of 10% of the revenue received annually pursuant to any negotiated fee-in-lieu of tax arrangement or other incentive arrangement to the Economic Development Fund beginning with all incentive arrangements approved by Council on or after July 1, 2016. Every year, commencing with the budgetary year 2019-2020, Economic Development shall provide Council with an accounting of the fund; at which time Council may elect to reduce or leave unaltered, the percentage amount dedicated to the fund for the upcoming fiscal year. Money previously directed by County Council on or about June 15, 2015 through the budget process to be credited to Economic Development as a source of project funding shall now comprise a part of the Economic Development Project Development Fund and be subject to the terms of this section.
(C) Expenditures. All monies dedicated to the Economic Development Project Development Fund shall be expended for economic development purposes as may be approved by County Council.
(Ord. 3616, passed 8-15-16; Am. Ord. 2618, passed 6-18-18)