AG 2000 12 18 - Laserfiche WebLink

Home Browse Search

NORTH November 29, 2000 CAROLINA MUNICIPAL COUNCIL, INC. Incorporated Not For Profit 225 TRYON RD. - SUITE 200 RALEIGH, NORTH CAROLINA 27603 Report No. 217-H CABARRUS COUNTY NORTH CAROLINA County seat Population - 1970 74,629 Concord 1980 85,895 Land area 364 sq. mi. 1990 98,935 (est.) 1999 125,051 (Council Rating- 88) CONCLUSIONS Cabarrus County has a moderately high gross debt in proportion to taxable property and on a per capita basis. Real property was reappraised for 1999 taxation and the County is operating with a moderate ad valorem tax rate. The County was able to reduce the tax rate for fiscal year 2000-01 due to the substantial growth in the tax base and because of a very large discovery of taxes from previous years. County debt includes $7,699,583 Water Bonds, but the County's water .operations are very limited and no profits are anticipated to contribute towards debt service-requirements on these general obligation bonds. On July 1, I996, the County turned over operations of its reservoir to the Cabarrus County Water and Sewer Authority. The County has no new bonds authorized and none are definitely planned at this time. Cabarrus County plans to incur approximately $40,000,000 Certificates of Participation by March 2001, to construct three new schools. The County has also been able to accumulate approximately $7 million for this project. The installment loans require annual appropriation of debt service by County Council. The County has substantially increased its debt (almost doubled) since our last review; however, the debt appears to be well within the County's paying ability, under normal economic conditions. Cabarrus County has a growing, diversifying economy, Historically, employment has been centered around textiles and other manufacturing activities. While many smaller local textile plants have closed in recent years, Cabarrus County has diversified its manufacturing base and other areas of employment (service, retail, etc.) have grown substantially. The principal manufacturing facilities in Cabarrus County are Fieldcrest-Cannon (Kannapolis) and a large cigarette plant of Philip Moms. The proximity to Charlotte and Mecklenburg County offers othe~ employment opportunities. The Lowes (formerly Charlotte) Motor Speedway is located in Concord and is host to two major NASCAR races and several other events, which are held on an annual basis. The Speedway property has been developed to include a motorsports-related industrial park, office space, tour/sm-related and recreational facilities. The Speedway owners are involved in a $640 million development plan which, within the next two years, will include additional seating, roadway improvements, a hotel, an exposition center, a golf course, additional tourist and fan related facilities, and more industrial sites. Cabanas County's population has grown rather dramatically since 1970, in part because of the proximity to Charlotte. Population increased by 15.18% from 1980 to 1990 and by 26.4% from 1990 to 1999. The County's 2000-01 assessed valuation reflects an increase of approximately 49.6% over the 1997-98 assessed valuation. Gross retail sales increased by 19.72%, 13.36% and by 10.12%' in each of the three previous fiscal years. Construction permits have grown substantially in recent years and for 1998-99 (last available year) the County had a record year for the number of permits and total value of the permits. 'THIS REPORT CONSISTS OFA SUMMARY OF THE AVAILABLE INFORMATION ON THE FIN~CIAL STATUS OF THE SUBJECT LOCAL GOVERNMEI~T UNIT. IT IS NOT pREPARED OR PRESENTED IN CONNECTION WITH THE OFFER, SALE ' OR PURCHASE OF ANY BOND OR SECURITY. iT IS NOT AN OPgqlON ON THE ADVISABILITY OF INVESTMENT gq ANY BOND OR SECURITY. THE REPORT IS OFFERED ONLY AS A SERVICE TO SUBSCRIBING ~VLEMBERS TO PROVIDE THEM WITH ADDITIONAL gqFORMATION UPON WHICH, TO MAKE THEIR OWN JUDGMENTS.~