There is hereby established a fund to be known as the economic development fund (EDF).
The EDF will receive deposits of monies received from the fee stream of projects locating
or expanding in the county multi-county industrial park, from the fee stream of projects
using the fee in lieu of taxes mechanism, from the county general operating budget,
and from such other sources as may from time to time be available. Monies shall be
disbursed from the EDF under this division to pay for the infrastructure needed to
support industrial and other economic development, and under this division to assist
in the creation of sites and parks in the county suitable for such development, with
the goals of attracting development projects from outside the county and expanding
projects already in the county. Monies from the EDF shall be used primarily for industrial
and large distribution projects, but expenditures may be made for other nonresidential,
economic development projects which create a significant number of jobs. The EDF shall
be maintained by the county treasurer and segregated from other county budgetary accounts
so as to maintain its integrity with respect to receipts and disbursements. The EDF
shall be administered by the chairman of the county council, the county administrator,
and the county's economic development director.
