AG 1999 06 21 - Laserfiche WebLink

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Exhibit A Funding Options for New Schools Arne L. Fennel Bonds: As long as the school board does not get their construction spending under control, I and the citizens of this county will not support a new bond with increased taxes. It is important to place the burden on those who are responsible for the growth. It is new construction that brings most of the growth; therefore it is unfair to tax eastern or southern Cabarrus County for growth that is happening in the western part of our county. Impact Fees: Impact fees of 1% of the sales price would be acceptable to the developers in Cabarrus County, if it was paid at closing. We should seek legislation to enact such fees. School Taxing Districts: Again this isolates the expense for new schools to the neighborhoods that are building the schools. Therefore, the persons that are benefiting from the schools, pay for the schools. Current Revenue Growth: We, as a county, are growing at $10,000,000 of new tax revenues per year, and it will probably increase in the future. This compounded by the fact that when companies come off incentives, they will make a significant impact on our tax revenues, gives us the revenues to build new schools. It also eliminates the need for new taxes on individuals. Concord Mills alone will be of significant benefit in this regard. Here is where "Putting Kids First" works. Undesignated Fund Balance: We can and should use the undesignated fund balance to purchase land for future school sites. We should look five to ten years into the future as we do this. Adopt-A-School Programs: We should investigate ways for companies and citizens to donate tax deductible funds to build new schools. There are several people in our community that would be willing to give funds for that purpose, if we gave them the opportunity. 13 -