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Uct~ 9• ZUUI IL~IUI'M No•6631 N• Z <br />Econom#c Impact Synops#s <br />The benefits of the redevelopment of the Cabarrus Bank and Trust Bu#]ding are both <br />tangible an'd intangible. The impact of the intangibles will be felt through a renaissance <br />of this landmark bui)ding as well as the improvement in the quality of life in the <br />surrounding area. Th1s redevelopment in Historic Conoord will act as a catalyst for other <br />development in the hi8toric downtown and will counter the negative publicity brought by <br />the construction of thenew jail„ <br />The tangible benefits are easily measured from the financial windfall through other <br />benefits listed below; <br />• Cash windfall pf $1,000,000 from the sale of the property. <br />• Add county property taxes of $10,000 the 10° year; $20,000 the 2nd yeati•; $30,000 <br />the 3rd yeaz on. <br />• Cabarrus County's portion of the sales tax on the renovation cost of $1,500,000- <br />$2,060,000 would add about $25,000 to the county's treasury, <br />• The retail businesses (restaurant and others) that will occupy the ground floor, <br />mezzanines and the basement will bring 15-20 jobs to downtown Concord as well <br />as sales tax to the county, <br />• The bed and breakfast floor that will be fiunished with early 201° century antiques <br />will provide exposure as well as tax revenue„ The furniture will be supplied and <br />made available for sale by downtown antique stores as well as others. <br />• The property being in private ownership would bring much needed tax revenue to <br />Concord's Historic District, Currcnl rate and valuation would provide over <br />$3,500 per yeaX. <br />• kltrthermore, the sooner the building is put in private hands the sooner the decay <br />and weather damage will be reduced or stopped, the sooner a beautiful building <br />showing the riot architectural horitage of Cabarrus County will be put into use, <br />The economio impact of our renovation and redevelopment of the building could <br />easily exceed $2,000,000 in direct revenue to the county in addition to converting an <br />idle and non perforFning asset into a $4,000,000 private property on the tax roll <br />G -3 <br />