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YEAR <br />BONDS <br />SOLD <br /> <br />1994 <br /> <br />1996 <br /> <br />PROPOSED BOND ISSUE <br />FINANCING STRAGETY <br /> <br /> PROJECTS FUNDED <br />TIER I <br /> <br /> KANNAPOLIS <br /> CITY <br /> SCHOOLS TOTAL <br />PROJECT SHARE @ BONDS <br />COSTS 18.45% SOLD <br />(MILLIONS) (MILLIONS) (MILLIONS) <br /> <br />ESTIMATED <br />PROPERTY <br />TAX <br />INCREASE <br /> <br /> INCREASE TO AVERAGE <br />IlOMEOWNER <br />ANNUAL MONTHLY WEEKLY <br /> <br />Concord Middle School <br />West Side FAemcmary $dmol <br />East Side El~nenlaty <br /> <br />TOTAL TIER ! <br /> <br />$ 8.949 <br /> 6.776 <br /> 6.437 <br /> <br />$ 22.162 $ 5.014 $ 27.176 S .053 $ 40.00 $ ~33 $ .77 <br /> <br />TIER II <br /> <br />Winecoff Eiemenmy <br />Rocky Riv~ Elementary .~ool <br />We~t Side Middle School <br /> <br />TOTAL TIER H <br /> <br />$ 5.372 <br /> 6.076 <br /> 9,949 <br /> <br />$ 21.397 $ 4341 $ 7..6.2-~ $ .052 $ ~9.00 $ ~ $ .75 <br /> <br />TIER III <br /> <br />Royal Oaks Elcmentav/School <br />Mt. Pleasant Elemenuty School <br />High School Renovations <br /> <br />6.377 <br />5.031 <br />1.304 <br /> .945 <br />8.914 <br /> <br />TOTAL TIER Ill $ 22.571 $ ~.10~ $ 27.677 <br /> TOTAL ~ Ii 14.961 ~ Sl.091 <br /> <br />ASSUMPTIONS: <br /> <br />Assumes that growth in thc tax base through year 1998 would not be applied specifically to reduce the amount of property tax increase necessary to fund thc bond debt. <br /> <br />- For bond debt and property tax assumptiom, see detail attached. <br /> <br />~ f I I f ! I ( f ,' I I <br /> <br /> <br />