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April 2, 2007 (Work Session) Page 328 11. The key element of the North Carolina Research will the core laboratory building, which will contain some of the most sophisticated laboratory and research equipment in the world. 12. The University of North Carolina, North Carolina State University, Duke University, the University of North Carolina- Charlotte, Rowan-Cabarrus Community College, and other colleges, universities and other institutions of higher learning will establish research facilities and other presence on the campus. 13. To attractkey companies, and to foster entrepreneurship in the local area, David Murdock has established a $100 million venture capital fund for biotech businesses seeking to be established, expanded, or relocated to Cabarrus County. 14. To support development of the North Carolina Research Campus, tax increment financing will be used as a tool to provide for needed infrastructure improvements and development surrounding the campus, as much of the infrastructure was interconnected with the former mill properties. 15. To date, Castle - Cooke, Inc. has expended well over $50 million in private moneys to demolish, remove, and restore the property where Pillowtex was located to conditions that would support redevelopment. 16. Unlike normal incentives, new tax revenue received from the TIF district will be publicly invested by Kannapolis, vs. being returned to the developer, as. is the normal case. 17. In Cabarrus County, the county board of commissioners in 1995 established the mechanism by which it would become the lead local government in promoting, funding, and establishing economic development programs. 16. Incentive programs in Cabarrus County have been used to attract many different types of businesses, to include retail, hi-tech manufacturing, motor-sports, distribution, and professional services. 19. The Cabarrus County Board of Commissioners is the sole local government responsible for funding the construction, renovation, and maintenance of public school facilities. 20. Unprecedented growth in the Cabarrus County and Kannapolis City School systems, independent of the effects of theNorth Carolina Research Campus, and primarily due to gowth management practices in the community from 1999-2009, will place a burden on our existing tax base in the short-term, before any real effects are felt from the Campus. 21. The short-term school needs will put a greater burden on our local citizenry and tax base to provided the needed funds to construct these schools. 22. The unique nature of the North Carolina Research Campus, due to its size, magnitude, and impact not just on Kannapolis, but on all of Cabarrus County and the entire region of our state warrant unique means of participation from the Cabarrus County Board of Commissioners. 23. The Cabarrus County Board of Commissioners, in 1906, granted the request of a private business person, James W. Cannon, to fund construction of a road from Concord to the proposed site of his new textile plant in northern Cabarrus County, with the tax proceeds from the mill being used to pay for the road. 29. Preliminary scenarios developed show that of the total new tax revenue collected in the Kannapolis TIF district, an estimated 50~ of the revenue will be needed to fund the debt service on TIF bonds issued by Kannapolis, leaving the other 50~ of the revenue as surplus to be used to fund other infrastructure needs in the remainder of Kannapolis and Cabarrus County.