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KAN <br />oso <br />Downtown Kannapolis Revitalization <br />Summary of Participation Request and Project Update <br />Cabarrus County Board of Commissioners <br />January 3, 2018 <br />Reauest for Partner Participation <br />Cabarrus County -City of Kannapolis Interlocal Agreement. <br />• 20 -year duration. <br />• County only obligated to provide 85% of new property tax revenues from new <br />development within the Municipal Service District (essentially the properties within the <br />Loop Road/Main Street boundary —map included in the agreement). <br />• County not obligated to any specific amount of funding per year. <br />• City assumes all risk between projected funding and actual funding needs. <br />• Existing NCRC properties are excluded from the base calculation (as some will go off <br />the tax rolls at the same time the City and County debt obligation ends in 2027). <br />• City projects that over the course of the 20 year agreement, the City will fund <br />approximately 75% of the downtown investments, Cabarrus County will fund <br />approximately 21% and the CVB will fund approximately 4%. <br />• The agreement describes the incremental tax revenue collection broadly. However, City <br />and County staff will reach an agreement on specific procedures especially as it relates <br />to the previous interlocal agreement related to the NCRC development. <br />Convention and Visitors Bureau -City of Kannapolis Interlocal Agreement. <br />• 20 -year duration <br />• $227,000 annual contribution to City with 2.5% increase per year. <br />• Status: March/April 2018 is the target date for consideration by the CVB Board upon the <br />conclusion of its strategic planning process. <br />Update: Property Acquisition <br />• 50 acres. 8 blocks; 700,000 square feet of space (about half in basements). 84 individual <br />leasable spaces. <br />• Constructed mostly by Cannon Mills between the 1920s and 1980s. <br />• Owned by David Murdock/Castle and Cooke since it was purchased from Cannon Mills <br />in 1982. Extensive renovation in the 1980's to "Williamsburg -design." <br />• Includes 20 acres of vacant property (former Plant 4 site). <br />• Includes the historic Gem Theatre (to be preserved). <br />Attachment number 1 \n <br />G-2 Page 152 <br />