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]March 20, 1996 8 <br /> <br />RESOURCES - continued <br /> Largest taxpayers and their 1994-95 County taxes are: <br /> Philip Morris, Inc. (cigarette mfg.) <br /> Fieldcrest Cannon (textile mfg.) <br /> Duke Power Co. (electric utility) <br /> Concord Telephone Co. (telecommunications) <br /> Charlotte Motor Speedway (track, offices, real estate) <br /> Atlantic American Properties (real estate) <br /> Carolina Mall Co. (shopping mall, real estate) <br /> Public Service Company of NC (natural gas utility) <br /> Troutman Land Investments, Inc. (real estate) <br /> Murdock, David H. (real estate) <br /> <br />Report No. 217-HH <br /> Cabarrus County <br /> North Carolina <br /> <br />$7,044,456 <br /> 781,491 <br /> 290,107 <br /> 246,300 <br /> 190,179 <br /> 119,517 <br /> 111,642 <br /> 104,547 <br /> 78,058 <br /> 65,510 <br /> <br />CONCLUSIONS <br />(Total Rating: 87 points out of 100 maximum) <br />(Previous Rating: 87 points) <br /> <br /> Cabarrus County has a moderate gross debt in proportion to taxable property and the debt is <br />moderately high on a per capita basis. Real property was reappraised for 1995 taxation and the <br />County is operating with a moderate ad valorem tax rate. County debt includes $11,574,488 <br />Water Bonds, but the County's water operations are very limited and no profits are anticipated to <br />contribute towards debt service requirements on these general obligation bonds. The County has <br />no bonds authorized and unissued, but a referendum on $49,000,000 School Bonds has been <br />scheduled for May 7, 1996. A referendum on $81 million bonds failed in 1994 and the County <br />has incurred installment debt of $19,800,000 during the past year to fund school construction <br />because of rapid growth. No other bonds are definitely planned at this time, but school needs are <br />estimated at about $150 million and the County has office space needs for various departments <br />and agencies. <br /> Cabarms County has a growing, diversifying economy. Historically, employment.has been <br />centered around textiles and other manufacturing activities. The principal plants of Cannon Mills <br />(now Fieldcrest Cannon) are located in Kannapolis and Concord and this company employs over <br />8,000 people in the area. While many smaller local textile plants have closed in recent years, <br />Cabarms County has diversified its manufacturing base and other areas of employment (service, <br />retail, etc.) have grown substantially. Philip Morals has a large cigarette manufacturing plant in <br />the County that employs over 1,700 people. A $400 million expansion of this facility is nearing <br />completion and approximately 400 new jobs are expected to be created. The Charlotte Motor <br />Speedway is located in the County and attracts large crowds for two major NASCAR races and <br /> <br />-continued- <br /> <br /> <br />