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A
<br />
<br />Asset
<br />Description
<br />
<br />Industrial Incentive Grant
<br />Pillowtex
<br />Tax Year 1999, Estimated Tax Years 2000-2001
<br />Base Year, 1998
<br />
<br /> Year Owned & Trending
<br /> Acq. Leased Costs Factor Cabarrus
<br />
<br />Trended Value
<br />
<br />Kannapolis Concord
<br />
<br />Plants 1,4, 6 1998
<br /> from w/p
<br />Al0 A-~
<br />
<br />A08
<br />
<br />U05
<br />
<br /> 27,120,301 90% 24,408,271
<br />
<br />see w/p
<br />A-3 14,934,738 87% 12,993,222
<br />from w/p
<br />A-~ 250,000 70% 175,000
<br />
<br />42,305,039
<br />
<br />22,031,512
<br />
<br />12,993,222
<br />
<br /> 175,000
<br />
<br />2,376,759
<br />
<br />37,576,493 35,199,734 2,376,759
<br />
<br />Less Salv (-4,766,099*10%)+(-2,635,581*20%)
<br />
<br />(1,003,726 (1,003,726)
<br />
<br />ClP
<br /> from w/p
<br />Plant 6 ^ A-~ 2,510,227 100%
<br /> from w/p
<br />Plants 1,4 ^ A-1 13,574,710 100%
<br /> ^ 58,389,978
<br />
<br /> from w/p
<br />Plants 1,4 * A-2 (3,159,745) 100%
<br /> 55,230,231 100%
<br />
<br /> 2,510,227 2,510,227
<br />
<br />13,574,710 10,414,965
<br />52,657,704 44,610,973 4,886,986
<br />
<br />(3,159,745)
<br />49,497,959
<br />
<br />Levelll, 80% Grant
<br />
<br />80% 80% 80%
<br />
<br />Net, Grant Value 39,598,367 35,688,778 3,909,589
<br />Tax Rates, 1999 $ 0.59 $ 0.47 $ 0.42
<br />
<br />2000 Est. Gr." $199,575.77 $157,387.51 $ 15,833.84
<br />
<br />From Ex. C-1 & $ 95,493.63 $ 64,060.31 $ 17,905.06
<br />
<br />The above estimates for 2000 and 2001 Grants incorporate several assumptions. Therefore actual could
<br />vary considerably if assumptions are not realized. "The 2000 Grant considers a 90% carryforward rate from
<br />the prior yr. (roughly a 10% depreciation rate). & The 1999 additions are estimated by use of Ex C-1 of the
<br />Agreement. Total costs budgeted as of 111199 are roughly $69.5M. From our 1999 work sheet roughly $55M
<br />of costs qualify. Therefore I used a ratio of 55~69 and applied it to budgeted additional 1999 costs of roughly
<br />$29.8M. These additions were allocated to the cities based upon a projected ratio of 23/30 Kann., 7/30
<br />Concord. Then the est. grant allocation of 80% was applied, coupled wi an estimated % good factor of 90%
<br />at each entity's respective tax rate. The 2001 Grant considers a 90% carryforward rate from 2000.
<br />
<br />
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