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Jeffery C. Carpenter & Cempany, Inc. <br /> <br /> Jeffery C. Ca~p~t~r <br /> P.O. Box 916 <br />Concord. NC 28025 <br /> <br />Ph~e (704)786-7235 <br />Fax (704)792-2541 <br /> <br />November 04, 1997 <br /> <br />Mrs. Sue Casper <br />Chaim~an <br />Cabarrus County Board of Commission <br />Concord, North Carolina <br /> <br />Dear Mrs. Casper: <br /> <br />This letter is being sent to you to inform the Cabarms County Board of <br />Commissioners the total dollars to the County the offer fi-om Cedar Corporation will <br />generate for Cabarrus Cotmty contingent upon the acceptance of their offer and <br />subsequent development. <br /> <br />As you are aware the present offer is $1,575,000.00 upon closing. The/r plans are <br />to demolish the present building and develop new retail facilities. The tax value or <br />developmental costs of building one will be approximately $950,000 w/th $350,000 <br />of site work. Building two and three will add an additional $1,000,000 to <br />$1,500,000 to the property valuation. <br /> <br />As you can see, a new development drastically increases the tax value and cotmty <br />taxes paid to Cabm-t as County. <br /> <br />Purchaser Price · <br />New Buildings: <br />Site work, paving, etc.: <br /> <br />Cedar Corp. <br /> Tax Value <br /> 1,575,000 <br /> 1,975,000 <br /> 600,000 <br /> <br /> as <br />opposed to <br /> <br />Other Offer <br /> Tax Value <br />$1,575,000 <br /> <br />Tax Value: <br />County Taxes: <br /> <br />$4,150,000 <br />27,390 annually <br /> <br />$1,575,000 <br />10,395 annually <br /> <br /> <br />