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constructed a speculative industrial building in the Kannapolis Gateway Business Park. That building is now occupied by Novant Health, which is taking advantage of the Park's location between 1 -85 and 1 -77. The 85 -acre park is located one mile from a new interchange on 1 -85 and will feature approximately 753,000 square feet of industrial space and a 12 -acre retail center, which has recently completed construction. Retail uses have also located in the Park to support the surrounding businesses. Brookdale. Located in the Town of Harrisburg near the 1 -485 interchange, Brookdale, a mixed -use development, includes a shopping center anchored by a Harris Teeter grocery store and several retail stores. Residential construction is currently underway for the project. The County's prior rapid growth, largely attributable to the County's position in the Charlotte metropolitan region, slowed as a result of the global recession, but is expected to resume, albeit at a slower pace, as the global economy recovers. The County believes that its short -range and long -range planning has provided the necessary infrastructure to accommodate anticipated growth, and the County cooperates with its municipalities in economic recruiting and development efforts. The Cabarrus Economic Development Corporation ( " CEDC'), which operates with a full -time staff, serves as the primary recruiting and marketing entity. Local jurisdictions approved a newly- structured CEDC two years ago that is administered by the Cabarrus Regional Chamber of Commerce. The structure greatly enhances efforts in business retention and expansion, entrepreneurship and new business recruitment. Given these changes, combined with the availability of sites within commercial and industrial parks with all municipal services available located near major highways and interstates, the County expects continued strong economic development in the area. The CEDC has been accredited by the International Economic Development Council which is an independent verification of the status of the organization. The CEDC is one of only 24 economic development organizations worldwide which have been accredited by the International Economic Development Council. The following table lists the 10 largest manufacturing and non - manufacturing employers in the County as of 2010: Approximate Number of Employees Employer Service Carolinas Medical Center - Northeast Medical Center 4,500 Concord Mills Mall Retail 4,000 Cabarrus County Schools Education 3,800 Cabarrus County Government 975 City of Concord Government 925 Connextions Business Solutions 900 State of North Carolina Government 771 Kannapolis City Schools Education 750 Shoe Show Shoe Distributor 700 Hendricks Motorsports Automotive Racing 500 Source: Cabarrus County Economic Development Corporation (2010) Long -term financial planning The County's operating budget (which is comprised of the General Fund, Cabarrus Arena and Events Center Fund, Landfill Operations Fund, 911 Emergency Telephone Fund, Workers Compensation Fund, Health Insurance Fund and Fire District Fund) for the fiscal year ending June 30, 2012 totals $214,872,987 with a tax rate of $0.63 per $100 of assessed value, based on a total valuation of $20,976,971,895. As part of the annual budget development process, the County re- examines and updates the Capital Improvements Plan (CIP). The CIP is a five -year plan which projects capital needs and expenditures. It Attachment number 1 1 -3 Page 124