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infrastructure within and around the Development District to support the Research Campus. The
<br />boundaries of the Development District were created to capture the area in which such infrastructure is
<br />needed. The Research Campus is approximately 240 acres within the Development District. The
<br />development plan for the Development District contemplates that, when completed, the Research
<br />Campus will include more than 2 million square feet of office and laboratory space, 600,000 square feet
<br />of new retail and commercial space, 400,000 square feet of academic and civic space and approximately
<br />1,100 new residential units.
<br />The City of Kannapolis recently issued $35 million in limited obligation bonds (the "Kannapolis
<br />Bonds') to finance public infrastructure in the Development District. Pursuant to an Interlocal Agreement
<br />between the County and the City of Kannapolis executed in connection with the issuance of the
<br />Kannapolis Bonds, the County has agreed to pay a portion of its incremental ad valorem tax revenues
<br />actually collected in the Development District to the City to be used for the payment of not more than half
<br />of the annual payments of principal and interest due on the Kannapolis Bonds. These payments begin in
<br />FY 2013 and end in FY 2027, range (subject to a "Maximum County Contribution" ceiling) from a low of
<br />$1,421,804 in FY 2013 to a high of $1,513,677 in FY 2021, and total $22,523,021.
<br />Entertainment. Another example of the County's diverse economy is Charlotte Motor Speedway
<br />( "CMS'), a major sports and recreational facility which regularly hosts activities that draw over 167,000
<br />people. Each year, CMS hosts nine primary events, including three major NASCAR racing events that
<br />extend over a ten -day period for each event. Facilities at CMS include a seven -story office building and
<br />conference center topped by a restaurant and private club. Recent expansions include additions to
<br />grandstand seating, a new infield media center and RV spaces located between the grandstands in turns
<br />one and two. Z -Max Dragway at Concord, a $60 million drag strip facility that is located on CMS property,
<br />has hosted several events, including four NHRA- sanctioned events, since opening in 2008.
<br />The City of Concord and Embassy Suites Hotels constructed a new Convention Center and full -
<br />service hotel on Speedway Boulevard. This complex is located equidistant between CMS and the
<br />Concord Mills Mall. Other hotels have located in this area, adding over 3,000 new rooms to the County's
<br />hotel inventory.
<br />Motorsports. The County is home to CMS, NASCAR Research & Development, World Racing
<br />Group, the DIRT Track at CMS, Concord Motorsports Park, Motorsports Radio Network, Z -Max Dragway,
<br />and four driving schools, Hendrick Motorsports, Roush Fenway Racing, Earnhardt Ganassi Racing with
<br />Felix Sabates, Stewart -Haas Racing, ST/Wood Motorsports /JTG Racing and over 200 other motorsports-
<br />related businesses.
<br />Recent developments involving motorsports businesses include Windshear, a California -based
<br />company, which has built a $40 million wind tunnel which is the only publicly available wind tunnel in
<br />North America using "rolling road" technology. This facility allows for full -scale testing of race cars at
<br />speeds of 180 miles per hour. ST /Wood Motorsports recently relocated its operations to a 123,000
<br />square -feet building in Harrisburg. Stewart -Haas Racing opened a state -of- the -art, 140,000 square feet
<br />racing facility which doubles the size of its former facility. JHE Productions relocated to the Harrisburg
<br />area near the Saddle Creek facility and is operating out of a new 46,000 square foot building.
<br />Retail. Concord Mills Mall, is located on approximately 165 acres located at the exit 49
<br />interchange of 1 -85. The 1.4 million square foot facility has over 200 stores, cost approximately $240
<br />million to complete and is generating an estimated $300 million annually in retail sales. Concord Mills
<br />Mall is the State's largest tourism draw and continues to create additional spin -off retail development on
<br />adjacent properties. Additional projects have been built nearby, including a Wal -Mart and Lowe's, which
<br />makes the area a primary retail center for the entire Metropolitian Statistical Area.
<br />There are a number of new retail centers that have been constructed or are under construction
<br />throughout the County as a result of the population increase that has occurred. Some of these are part of
<br />much larger mixed -use developments that also include services, employment and residential uses. For
<br />example, the Northlite Center, in the northern part of the County, is anchored by Sam's Club, Wal -Mart
<br />and Kohl's. Harrisburg Town Center is a 100 -acre mixed -use development on Highway 49, which
<br />includes 400 residential units, all of which have been completed, and up to 500,000 square feet of office
<br />and retail space; several of the office /retail buildings are complete. Additionally, there are several
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