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CONCORD MILLS PROJECT FORECASTED IMPACTS ON LOCAL SALES TAX REVENUES
<br />(SALES TAX DISTRIBUTION PROJECTIONS DURING GRANT IMPLEMENTATION TIME FRAMES)
<br />
<br />GROSS SALES EST $226,000,000 $333,900,000 $350,000,000 $364,000,000 $378,000,000 $393,000,000 $409,000,000 $425,000,000
<br />LOCAL SALES TAX $4,520,000 $6,678,000 $7,000,000 $7,280,000 $7,560,000 $7,860,000 $8,180,000 $8,500,000
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<br />AGENCY FY 2000 FY2001 FY2002 FY2003 FY 2004 FY 2005 FY 2006 FY 2007
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<br />COUNTY $2,984,672 $3,618,515 $1,167,075 $1,213,758 $1,260,441 $1,310,459 $2,386,668 $5,668,650
<br />CONCORD 1,170,845 1,215,396 392,000 407,680 423,360 440,160 801,640 1,904,000
<br />KANNAPOLIS 259,054 560,952 588,000 611,520 635,040 660,240 667,120 714,000
<br />HARRISBURG 15,852 26,712 28,000 29,120 30,240 31,440 32,720 34,000
<br />MT PLEASANT 13,048 26,712 28,000 29,120 30,240 31,440 32,720 34,000
<br />FIRE DISTRICTS 76,531 114,194 119,700 124,488 129,276 134,406 139,878 145,350
<br />MILLS CORP. 0 1,115,519 4,677,225 4,864,314 5,051,403 5,251,855 4,099,254 0
<br /> $4,520,002 $6,678,000 $7,000,000 $7,280,000 $7,560,000 $7,860,000 $8,180,000 $8,500,000
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<br />NOTES:
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<br />1. FOR FY2000, THE PROJECTED LOCAL SALES TAX DISTRIBUTION FORMULA WAS USED.
<br />2. FOR FY2001 - 2007, A PROJECTED AVERAGE SALES TAX DISTRIBUTION FORMULA WAS USED.
<br />3. GROSS SALES TAX PROJECTIONS GROWTH APPROX 4% ANNUALLY AFTER PROJECT STABLIZATION.
<br />4. THE FIRE DISTRICT DISTRIBUTION IS BASED ON 2.5% OF THE COUNTY'S SHARE
<br /> THE MILLS CORP. SHARE BASED UPON 75% OF CONCORD AND COUNTY SHARE FOR FIVE YEARS OF FULL OPERATION.
<br />6. FY2000 IS BASED ON 3/4 FULL YEAR OPERATION OF PROJECT WITH OPENING PLANNED FOR SEP'99
<br />7. FY2001 INCLUDES 1/4 FULL YEAR APPLICATION OF GRANT TO MILLS CORP TO BEGIN APRIL 2001.
<br />8. FY2006 INCLUDES 3/4 FULL YEAR APPLICATION OF GRANT TO MILLS CORP TO END MARCH 2007.
<br />9. FY 2000 LOCAL SALES TAX DISTRIBUTION FORMULA: COUNTY (67.73%), CONCORD (25.9%),
<br /> KANNAPOLIS (5.7%), HARRISBURG (35%), AND MT PLEASANT {.29%)
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<br />10. PROJECTED AVERAGE SALES TAX DISTRIBUTION AT: COUNTY (68.4%), CONCORD (22.4%),
<br /> KANNAPOLIS (8.4%), HARRISBURG AND MT. PLEASANT {.4%)
<br />* SALES TAX DISTRIBUTION FORMULA SUBJECT TO ANNUAL VARIATIONS BASED ON PROPERTY TAX
<br /> REVENUE CHANGES IMPACTED BY PROPERTY TAX RATES AS APPLIED TO ASSESSED VALUATION.
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<br />FWC
<br /> 4/20/99
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