BC 2007 04 02 Work Session - Laserfiche WebLink

Home Browse Search

April 2, 2007 (Work Session) Page 327 (1) Afford Kannapolis the necessary time to formulate its request and prepare the final costs estimates, full descriptions, maps, justification statements and phasing plan. (2) Review the project list as submitted by Kannapolis and decide which, if any, are appropriate for consideration by the Commissioners for county funding or partial county funding. (3) Discuss and decide where other projects (e.g. school construction) should be included in the effort. (9) Prepare a list of projects the Commissioners desires to fund. (5) Review the financial implications (short and long term) on the county budget (and tax rate) of funding the projects derived from Step No. 9. That is, consider the funding of items from Step 4 within the context of all the demands and obligations the county faces over time. (6) Refine and decide upon a list of capital projects the Board desires to fund (an all inclusive list of capital items, including school construction, parks, the items requested by Kannapolis, etc.) and choose the most cost effective method of financing them, within the constraints of what the Board has determined are acceptable tax rates over the next several years. Eor the Board's consideration, Chairman Carruth distributed a draft resolution of support for the TIF/NCRC. Proposed TIF Resolution Chairman Carruth presented the following proposed resolution for the Board's consideration. No action was taken. Whereas: 1. Textile manufacturing was the lifeblood of Kannapolis and Cabarrus County for most of the 20`" century. 2. In 1989, after the sale of Cannon Mills, Kannapolis incorporated as a new city in Cabarrus County. 3. The state has been hurt hard by the departure of the textile and furniture industries, and other manufacturing industries, to off-shore locations. 9. A growing tourism and motor-sports industry have helped to diversify the local economy in Cabarrus County over the past 20 years. 5. With the growth of Charlotte, lower taxes, and higher quality schools, Cabarrus County has faced, is facing, and will face a continued high level of residential growth with its high level of demand for public infrastructures and services. 6. In 2003, Cabarrus County faced one of its darkest moments, when the Pillowtex Corporation, formerly known as Cannon Mills and Fieldcrest-Cannon, closed its doors for good, resulting the largest one-day layoff in the history of North Carolina. 7. In 2009, the voters of North Carolina allowed local and state governments to use tax-increment financing, a tool which has already been available in 99 other states, to provide funding for re-vitalization of economically blighted areas. 8. TIF bonds, as they are referred to, allows for growth of value in a designated district to pay for bonds that are used to improve the district. 9. In 2005, David Murdoch, through his Castle-Cooke entity, purchased the former Pillowtex property located in downtown Kannapolis. 10. On September 2005, plans were announced to redevelop the former Pillowtex property into a new entity entitled the North Carolina Research Campus, which will become a biotechnology research hub for the study of wellness, nutrition, and food science.