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November 1, 2010 (Work Session)
<br />"Entire TIF District" Incremental Values and Annual Revenues
<br />Page 187
<br />A B C
<br />TIF District Values
<br />Cabarrus Countv Values
<br />G E F
<br />City of Kannapolis Values
<br />2009/2010
<br />2007/2008
<br />Value (A -B)
<br />1 Real Proparty
<br />$365,099,215
<br />$120,104,524
<br />$244,994,691
<br />1 Personal PrDperly
<br />$ 29,Si5,44/
<br />$ 5,131,021
<br />$ 24,544,426
<br />3 U)O Vulicle
<br />$ 3,793,569
<br />$ 3,241,505
<br />$ 552,064
<br />4 Total Value
<br />$398,468,231
<br />$128,377,060
<br />$270,091,181
<br />G E F
<br />City of Kannapolis Values
<br />Base Year
<br />Incremental
<br />20092010
<br />2007/2008
<br />Value (D -E)
<br />$363,722,875
<br />$119,1 15,164
<br />$244,607,711
<br />$ 19,5/3,534
<br />$ 5,031,011
<br />$ 24,542,513
<br />$ 3,769241
<br />$ 3206,476
<br />$ 562,765
<br />$ 397,066,660
<br />$127,362,661
<br />1 $ 269,712,989
<br />A B C G E F
<br />TIF Distric Tax Levy
<br />Cabarrus CounitWy Values C or Kannapois Values
<br />Base Year Incremental Base Year Incremental
<br />2009/201 D 2007/2008 Value (A-B) 2009/2010 20072008 Value (D -E)
<br />5 Real & Personal �$ 2,486,450 $ 78E,354 $ 1,698,096 $ 1,927,153 $ 617,007 $ 1,310,146
<br />ti Nbtor VehJcle $ 23.b99 99 $ 2U.421 $ 3 4 /b $ 18 Sbt4 $ 15,01 $ 3.10/
<br />7 Total Tax Levy $ 2,610,360 $ 808,776 $ 1,701,674 $ 1,946,741 $ 632,488 $ 1,313,263
<br />* Estimated values
<br />Source: Cabamis County
<br />The County will pledge its Incremental Reverues,
<br />in an amount not to exceed half the debt service
<br />on the bonds.
<br />Prc jetted Incremental Revenues
<br />A discussion ensued regarding property values, future revaluation
<br />numbers and why the chart increases the numbers each year by three percent
<br />when revaluations are done every four or eight years.
<br />Mr. Goldsmith also reviewed the "Sources and Uses of Funds" as set
<br />forth below:
<br />This section intentionally left blank.
<br />fro
<br />• Based on the buildings that have
<br />already been completed and
<br />Clt of Kannapolls .,
<br />To P
<br />occupied to date, the projected
<br />Fiscal Year
<br />Incremental Hevs Incremental
<br />Revs
<br />Revenue
<br />incremental revenues available for
<br />6130/2008
<br />debt service will be $2.6 million in FY
<br />6/30/2009
<br />2010.
<br />6/30/2010
<br />$ 1,300,000 5
<br />1,300,000
<br />S 2,600,000
<br />6/30/2011
<br />1,339,000
<br />1,339,000
<br />Z,678,000
<br />• The table to the right shows the
<br />hlio /201)
<br />l,i ✓9,] /U
<br />1,3 /9,1 /t7
<br />2,/513 440
<br />projected revenues assuming a
<br />6130/2013
<br />1,420,545
<br />1,420,545
<br />2,841,090
<br />g rowth rate of 3% annually an
<br />g y '
<br />6/30/2014
<br />1, 463,161
<br />1,463,161
<br />2,926,323
<br />6/30/2015
<br />1,507,056
<br />1,507,056
<br />3,D14,113
<br />extreme worst case scenario of no
<br />6/30/2016
<br />1,552,268
<br />1,552,268
<br />3,104,535
<br />further development on the campus.
<br />hlio /201 i
<br />1,s9H ,Kih
<br />1,StJH X.
<br />3,191,612
<br />• These revenues cease with the
<br />6/30/2018
<br />1,646,801
<br />1,646,801
<br />3,293,602
<br />6130/2019
<br />1,696,205
<br />1,696,205
<br />3,392,410
<br />termination of the Lease Agreements
<br />6/30/2020
<br />1,747,091
<br />1,747,091
<br />3,494,183
<br />on the University buildings.
<br />6/30/2021
<br />1,799,504
<br />1,799,504
<br />3,599,008
<br />6/30/Z022
<br />1,853,489
<br />1,853,489
<br />3,706,978
<br />• County will only obligated to pay the
<br />6/30/7023
<br />1,909,094
<br />1,909,094
<br />3,RI8,IRR
<br />Yz of the debt service. Will be the
<br />6/30/2024
<br />1,966,367
<br />1,966,367
<br />3,932,733
<br />City's debt. This is the some
<br />6/30/2025
<br />2,025,358
<br />2,025,358
<br />4,050,715
<br />6/30/2026
<br />2,086,118
<br />2,086,118
<br />4,172,237
<br />arrangement that has been in place
<br />6/30/2027
<br />2,148,702
<br />2,148,702
<br />4,297AD4
<br />since the TIF discussions began.
<br />A discussion ensued regarding property values, future revaluation
<br />numbers and why the chart increases the numbers each year by three percent
<br />when revaluations are done every four or eight years.
<br />Mr. Goldsmith also reviewed the "Sources and Uses of Funds" as set
<br />forth below:
<br />This section intentionally left blank.
<br />
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