036-03
COUNTY of FREDERICK
John R. Riley, Jr.
County Administrator
MEMORANDUM
I
540/665-5666
Fax 540/667-0370
E-mail:
jriley@coJrederick.va.us
FROM:
Board of Supervisors
John R. Riley, JL, County Admini'tra,+
April 2, 2003
TO:
DATE:
RE:
Amendment to the Home Depot Memorandum of Understanding (MOU)
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The original Memorandum of Understanding (MOU) required ratification of the document
by all parties on April I, 2003. This was indicated in number 9 of this document. The Industrial
Development Authority (IDA) could not meet in time to satisfy the requirement thereby requiring
us to amend the document for an April 30, 2003 ratification date.
This is a housekeeping matter and I would appreciate your endorsement of the amendment.
Please call me if you have any questions.
JRR/tjp
Attachment
Amendment Approved at the April 9, 2003 Board Meeting.
C:\TJP\edc\MmoBdofSupRevisedHomeDepotMOU. wpd
107 North Kent Street . Winchester, Virginia 22601-5000
MEMORANDUM OF UNDERSTANDING
THIS MEMORANDUM OF UNDERSTANDING, (the "Memorandum") made and dated this
_ day of April, 2003, evidences the agreement among the COUNTY OF FREDERICK, VIRGINIA, a
political subdivision of the Commonwealth of Virginia (the "County"), the INDUSTRIAL
DEVELOPMENT AUTHORITY OF THE COUNTY OF FREDERICK, VIRGINIA, a political subdivision
of the Commonwealth of Virginia (the "IDA"), the WINCHESTER-FREDERICK COUNTY ECONOMIC
DEVELOPMENT COMMISSION, a joint commission of the City of Winchester and Frederick County,
Virginia (the "Commission"), HOME DEPOT U.S.A., INC. ("Home Depot"), a Delaware corporation,
regarding a new location in the Commonwealth of Virginia for Home Depot's import distribution
operations.
RECITALS
A. Home Depot intends to invest Twenty Three Million Dollars ($23,000,000.00) in taxable
real estate and taxable improvements, to invest Two Million Dollars ($2,000,000.00) in
taxable personal property and to create One Hundred Twenty Five (125) new jobs at its
import distribution facility (the "Facility") to be located in Frederick County, Virginia
(collectively the "Project").
B. The County agrees to make a cash grant to the IDA in the sum of One Hundred Fifty
Thousand Dollars ($150,000.00), and the IDA agrees, upon receipt of such funds, to
make a cash grant to Home Depot in an identical amount (the "IDA Grant") to be applied
by Home Depot in order to complete the Project, as more fully set forth hereinafter.
C. The IDA shall also receive a grant of One Hundred and Fifty Thousand Dollars
($150,000.00) from the Governor's Opportunity Fund (the "Opportunity Fund Grant") and
the IDA, as administrator of the Opportunity Fund Grant, upon receipt of such funds, shall
disburse such funds to Home Depot as reimbursement for site purchase costs and
subsequent site development expenditures, as more fully set forth hereinafter.
NOW THEREFORE WITNESSETH: That for and in consideration in the sum often Dollars ($10.00),
cash in hand paid by each of the parties hereto unto the other, the receipt and sufficiency of which is
hereby acknowledged, and other consideration deemed adequate at law, including, but not limited to,
the covenants and conditions set forth in this Memorandum, the parties do hereby agree as follows:
1. Recitals: The Recitals are made a material part hereof and incorporated herein by
reference as if set out in full.
2. Terms and Conditions of Disbursement:
a. The obligations of the IDA to make disbursement of the IDA Grant to Home Depot is
expressly contingent upon receipt of such funds by the IDA from the County.
b. The obligation of the IDA to make disbursement of the Opportunity Fund Grant to
Home Depot is expressly contingent upon receipt of such funds by the IDA from the
Governor's Opportunity Fund.
c. Provided that the IDA receives the IDA Grant and Opportunity Fund Grant in a timely
fashion, the IDA shall disburse such funds to Home Depot on or before June 1, 2003.
4. Reimbursement/Default: Home Depot agrees to make reimbursement ofthe IDA Grant
and the Opportunity Fund Grant, as described in Section 4, below, in the event that
Home Depot fails to satisfy all the following terms and conditions, as reasonably
determined by the IDA:
a. Home Depot acquires and has fully operational taxable real estate in an amount
of not less than $23,000,000.00 and taxable personal property in an amount of
not less that $2,000,000.00 at the Facility located in Frederick County, Virginia by
June 30, 2004;
b. Home Depot creates One Hundred Twenty Five (125) net new jobs associated
with the Project by June 30, 2004;
c. Home Depot maintains the level of investment and new jobs created as part of
the Project until June 30, 2006; and Home Depot maintains and continues the
operation of the Project in Frederick County, Virginia for a four (4) year period
commencing on June 30, 2004.
4. Refund:
a. In the event that Home Depot fails to meet all of the foregoing conditions
set forth in Section 3, above, (the "Conditions") then and in that event Home
Depot shall refund to the IDA such portion of the IDA Grant and the Opportunity
Fund Grant as is proportionate to Home Depot's shortfall in satisfying the
Conditions (the "Home Depot Refund"). Upon receipt of the Home Depot Refund,
the IDA shall return the same, or such proportionate share thereof as called for
herein, to the County and to the Governor's Opportunity Fund, respectively.
b. Notwithstanding the foregoing, if Home Depot has met ninety percent (90%) of
the investment and employment goals set forth in this Memorandum by June 30,
2004, maintains the level of investment and jobs created through the Project for a
period of two (2) years beginning on June 30, 2004, and remains fully operational
in Frederick County, Virginia for a period of four (4) years until June 30, 2008,
then and in that event, Home Depot shall be deemed to have substantially
complied with the terms of this Memorandum and shall no longer be obligated to
repay the Home Depot Refund or any portion thereof unto the IDA.
5. Cooperation: The County agrees to use its best efforts to "fast track" any
building permits required for the construction and installation of the Facility by Home
Depot so that the appropriate building permits, if otherwise prepared and submitted in
proper form, can be issued in a timely manner in order to meet the deadlines set forth
above. The County and the Commission agree to reasonably cooperate with Home
,
Depot, its equipment suppliers and its equipment contractors, in order to assist Home
Depot in meeting its operational deadline so that the Facility is equipped by not later
than June 30, 2004. Nothing contained in this Section 5 shall be interpreted to in any
way require the County to issue any building permits unless and until all applicable
terms and conditions as required by law for such building permits have been met and
satisfied by Home Depot.
6. Time: Time is of the essence as to all matters set forth in this Memorandum.
7. BindinQ Effect: This Memorandum shall be binding upon and inure to the
benefit of the parties hereto and their respective successors upon the date of
acceptance of this Memorandum.
8. Construction: This Memorandum and the terms thereof shall be interpreted
and construed in accordance with the laws of the Commonwealth of Virginia.
9. Assianment: This Memorandum may not be assigned by any party hereto.
10. Ratification and Implementation: This Memorandum must be fully ratified by
all parties hereto not later than 5:00 p.m. on April 30, 2003, and the implementation
by Home Depot of the terms of this Memorandum must have commenced by June
30, 2004; otherwise, this Memorandum and the terms hereof shall be deemed
withdrawn and of no further force and effect.
COUNTY OF FREDERICK, VIRGINIA
By:
John
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE
COUNTY OF FREDERICK, VIRGINIA
By:
(SEAL)
(5~~
HOME DEPOT ~
By: .$ ~ ~f>EAL(fi>
Senitir Corporate Counsel. Real Estate
BOARD OF SUPERVISORS
RESOLUTION
THE HOME DEPOT
WHEREAS, The Home Depot has made known its intent to locate an import distribution center
by making new taxable real estate and personal property investments and adding new jobs; and
WHEREAS, the company meets the policy guidelines of the Frederick County Economic
Development Incentives Fund as established by the Winchester-Frederick County Economic Development
Commission in 1995;
BE IT RESOLVED, that the Board of Supervisors for the County of Frederick, Virginia does
hereby approve the payment of$150,000.00 to the Industrial Development Authority of Frederick County,
Virginia from the Frederick County Economic Development Incentive Fund to assist in locating a
distribution center for The Home Depot in Frederick County, Virginia.
BE IT RESOLVED, that the Board of Supervisors for the County of Frederick, Virginia does
hereby approve the payment of$150,000.00 to the Industrial Development Authority of Frederick County,
Virginia from the Governor's Opportunity Fund to assist in locating a distribution center for The Home
Depot in Frederick County, Virginia.
BE IT RESOLVED, that said funds are subject to an executed Memorandum of Understanding
outlining the required performance criteria.
BE IT FURTHER RESOLVED, that the Board of Supervisors for the County of Frederick,
Virginia, does authorize the County Administrator to execute the Memorandum of Understanding on its
behalf.
ADOPTED, this 12th day of February, 2003.
Upon motion duly made by Robert M. Sager, seconded by W. Harrington Smith, Jr., the above
resolution was approved by the following recorded vote:
Richard C. Shickle Aye Robert M. Sager Aye
W. Harrington Smith, Jr. Aye Margaret B. Douglas Aye
Lynda J. Tyler Aye Sidney A. Reyes Aye
Gina A. Forrester Aye
A COPY TESTE:
RESOLUTION NO.: 036-03
cc: Cheryl B. Shiffler, Finance Director
C. William Orndoff, Jr., Treasurer
MEMORANDUM OF UNDERSTANDING
THIS MEMORANDUM OF UNDERSTANDING, (the "Memorandum") made and
dated this _ day of February, 2003, evidences the agreement among the COUNTY OF
FREDERlCK, VIRGINIA, a political subdivision of the Commonwealth of Virginia (the
"County"), the INDUSTRIAL DEVELOPMENT AUTHORlTY OF THE COUNTY OF
FREDERlCK, VIRGINIA, a political subdivision of the Commonwealth of Virginia (the
"IDA"), the WINCHESTER-FREDERlCK COUNTY ECONOMIC DEVELOPMENT
COMMISSION, ajoint commission of the City of Winchester and Frederick County, Virginia
(the "Commission"), the HOME DEPOT U.S.A., INC. ("Home Depot"), a Delaware
corporation, regarding anew location in the Commonwealth of Virginia for Home Depot's
import distribution operations.
RECITALS
A. Home Depot intends to invest Twenty Three Million Dollars ($23,000,000.00) in
taxable real estate and taxable improvements, to invest Two Million Dollars ($2,000,000.00) in
taxable personal property and to create One Hundred Twenty Five (125) new jobs at its import
distribution facility (the "Facility") to be located in Frederick County, Virginia (collectively the
"Project").
B. The County agrees to make a cash grant to the IDA in the sum of One Hundred
Fifty Thousand Dollars ($150,000.00), and the IDA agrees, upon receipt of such funds, to make a
cash grant to Home Depot in an identical amount (the "IDA Grant") to be applied by Home
Depot in order to complete the Project, as more fully set forth hereinafter.
C. The IDA shall also receive a grant of One Hundred and Fifty Thousand Dollars
($150,000.00) from the Governor's Opportunity Fund (the "Opportunity Fund Grant") and the
IDA, as administrator of the Opportunity Fund Grant, upon receipt of such funds, shall disburse
such funds to Home Depot as reimbursement for site purchase costs and subsequent site
development expenditures, as more fully set forth hereinafter.
NOW THEREFORE WITNESSETH: That for and in consideration in the sum of Ten
Dollars ($10.00), cash in hand paid by each of the parties hereto unto the other, the receipt and
sufficiency of which is hereby acknowledged, and other consideration deemed adequate at law,
including, but not limited to, the covenants and conditions set forth in this Memorandum, the
patties do hereby agree as follows:
1. Recitals: The Recitals are made a material pati hereof and incorporated herein
by reference as if set out in full.
2. Terms and Conditions of Disbursement:
a. The obligations of the IDA to make disbursement of the IDA Grant to
Home Depot is expressly contingent upon receipt of such funds by the IDA from the County.
b. The obligation of the IDA to make disbursement of the Opportunity Fund
Grant to Home Depot is expressly contingent upon receipt of such funds by the IDA from the
Governor's Opportunity Fund.
c. Provided that the IDA receives the IDA Grant and Opportunity Fund
Grant in a timely fashion, the IDA shall disburse such funds to Home Depot on or before June 1,
2003.
3. ReimbursementJDefault: Home Depot agrees to make reimbursement of the
IDA Grant and the Opportunity Fund Grant, as described in Section 4, below, in the event that
Home Depot fails to satisfy all the following terms and conditions, as reasonably determined by
the IDA:
a. Home Depot acquires and has fully operational taxable real estate in an
amount of not less than $23,000,000.00 and taxable personal property in an amount of not less
that $2,000,000.00 at the Facility located in Frederick County, Virginia by June 30, 2004;
b. Home Depot creates One Hundred Twenty Five (125) net new jobs
at the Project by June 30, 2004;
c. Home Depot maintains the level of investment and new jobs created as
pati of the Project until June 30,2006; and
d. Home Depot maintains and continues the operation of the Project in
Frederick County, Virginia for a four (4) year period commencing on June 30,2004.
4. Refund:
a. In the event that Home Depot fails to meet all of the foregoing conditions
set forth in Section 3, above, (the "Conditions") then and in that event Home Depot shall
refund to the IDA such portion of the IDA Grant and the Opportunity Fund Grant as is
proportionate to Home Depot's shortfall in satisfying the Conditions (the "Home Depot
Refund"). Upon receipt of the Home Depot Refund, the IDA shall return the same, or such
proportionate share thereof as called for herein, to the County and to the Governor's Opportunity
Fund, respectively.
b. Notwithstanding the foregoing, if Home Depot has met ninety percent
(90%) of the investment and employment goals set forth in this Memorandum by June 30,2004,
maintains the level of investment and jobs created through the Project for a period of two (2)
years beginning on June 30, 2004, and remains fully operational in Frederick County, Virginia
for a period of four (4) years until June 30,2008, then and in that event, Home Depot shall be
deemed to have substantially complied with the terms of this Memorandum and shall no longer
be obligated to repay the Home Depot Refund or any portion thereof unto the IDA.
5. Cooneration: The County agrees to use its best efforts to "fast track" any
building permits required for the construction and installation of the Facility by Home Depot so
that the appropriate building permits, if otherwise prepared and submitted in proper form, can be
issued in a timely manner in order to meet the deadlines set forth above. The County and the
Commission agree to reasonably cooperate with Home Depot, its equipment suppliers and its
equipment contractors, in order to assist Home Depot in meeting its operational deadline so that
the Facility is equipped by not later than June 30,2004. Nothing contained in this Section 5 shall
be interpreted to in any way require the County to issue any building permits unless and until all
applicable terms and conditions as required by law for such building permits have been met and
satisfied by Home Depot.
6. Time: Time is of the essence as to all matters set forth in this Memorandum.
7.
Bindin!! Effect:
This Memorandum shall be binding upon and inure to the
benefit of the parties hereto and their respective successors upon the date of acceptance of this
Memorandum.
8. Construction: This Memorandum and the terms thereof shall be interpreted
and construed in accordance with the laws of the Commonwealth of Virginia.
9. Assi!!nment: This Memorandum may not be assigned by any party hereto.
10. Ratification and hnnlementation: This Memorandum must be fully ratified by
all parties hereto not later than 5:00 p.m. on April 1,2003, and the implementation by Home
Depot ofthe terms of this Memorandum must have commenced by June 30, 2004; otherwise, this
Memorandum and the terms hereof shall be deemed withdrawn and of no further force and effect.
COUNTY OF FREDERICK, VIRGINIA
. (SEAL)
ounty Administrator
INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE COUNTY OF FREDERICK, VIRGINIA
By:
(SEAL)
WINCHESTER-FREDERICK COUNTY
ECONOMIC DEVELOPMENT COMMISSION
By:
(SEAL)
HOME DEPOT U.SA, INC.
By:
(SEAL)
MLB/gg
c:\Contract.s\Home Depot
NET FISCAL IMPACT
PROPOSAL: The Home Depot Import Distribution Center
1 ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
NET DIRECT FISCAL IMPACT
Annual Return $171,490 $177,019 $177,019 $177,019 $177,019
Cumulative Return $171,490 $348,509 $525,527 $702,546 $879,565
NET INDIRECT RESIDENTIAL FISCAL IMPACT
Annual Return ($9,203) ($17,699) ($17,699) ($17,699) ($17,699)
Cumulative Return ($9,203) ($26,902) ($44,601) ($62,300) ($79,999)
NET IMPACT
Annual Return $162,286 $159,320 $159,320 $159,320 $159,320
Cumulative Return $162.286 $321,606 $480,926 $640,246 $799,566
IThree (3) Year Return
$480,9261
$799,5661
-IFlve (5) Year Return
ASSUMPTIONS
Demoaraohics
Persons per Residential Unit
School Children per Residential Unit
2.60
0.70
Investment and Emolovee Plan
(totals - 5 Year)
Real Estate
Machinery & Tools
Personal Property
Business License
$23.000,000
$0
$2,000,000
$0
125
$10.50
ASSUMPTIONS
PROPOSAL: The Home Depot Import Distribution Center
ASSUMPTIONS
Source
us Census 2000
NOTE: ALL VALUES ARE ANNUAL TOTALS
Residential
Per Residential Unit Real Estate Tax Revenue
Per Residential Unit Other General Fund Revenue
Per Residential Unit General Fund Service
$922
$1,724
$3,767
Per Capita Fiscal Impact Analysis Model, Frederick County 2001
Per Capita Fiscal Impact Analysis Model, Frederick County 2001
Per Capita Fiscal Impact Analysis Model, Frederick County 2001
Capital Facilities Cost per Pupil (Elementary)
Capital Facilities Cost per Pupil (Middle)
Capital Facilities Cost per Pupil (High)
Capital Facilities Costs: Fire & Rescue - Per Residential Unit
Capital Facilities Costs: Public Safety - Per Residential Unit
Ca ital Facilities Costs: Parkland - Per Residential Unit
Per Capita Fiscal Impact Analysis Model, Frederick County 2001
Per Capita Fiscal Impact Analysis Model, Frederick County 2001
Per Capita Fiscal Impact Analysis Model, Frederick County 2001
Per Capita Fiscal Impact Analysis Model, Frederick County 2001
Per Capita Fiscal Impact Analysis Model, Frederick County 2001
Per Ca Ita Fiscal 1m ct Anal sls Model, Frederick Count 2001
Non-Residential
See Investment and Employment Plan Sheet
See Investment and Employment Plan Sheet
$192 Per Capita Fiscal impact Analysis Model, Frederick County 2001
~ ''II Estate Tax Return
_~ T, BPOL, BE, pp. Tax
Per Employee Other General Fund Revenue
Per Employee General Fund Service
Capital Facilities Costs: Public Safety - Per Employee
Average Hourly Wage Employee
Residentlal-Non-Residential Linke
$145
$2
Per Capita Fiscal Impact Analysis Model, Frederick County 2001
Per Capita Fiscal Impact Analysis Model, Frederick County 2001
Taxes
Real Estate
Machinery and Tools
Year 1 (60%)
Year 2 (50%)
Year 3 (40%)
Year 4 (30%)
Personal Property
property taxed at 30% of original value
$0.61
$2.00
$1.20
$1.00
$0.80
$0.60
$4.20
$1.26
Consultant Estimates
Weldon Cooper Center, University of Virginia
Weldon Cooper Center, University of Virginia
Weldon Cooper Center, University of Virginia
Weldon Cooper Center, University of Virginia
Weldon Cooper Center, University of Virginia
Weldon Cooper Center, University of Virginia
Weldon Cooper Center, University of Virginia
Weldon Cooper Center, University of Virginia
Weldon Cooper Center, University of Virginia
American Chamber of Commerce and Research Association
Other Assumotions
Revenue and Expenditure (Operating & Capital) Levels will remain at 1999 - 2000 levels
1\1.... changes In any tax rates
,lack capacity In any general fund revenues and operating expenditures
No changes in number of persons per rasidential unit or school children per resldantial unit
INVESTMENT AND EMPLOYMENT PLAN
PROPOSAL: The Home Depot 1m ort Distribution Center
Projected Plans 1ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Value of New Conslnlctlon
Phase 1 23,000,000
Phase 2
Phase 3
Phase 4
Annual Value 23,000,000
Value of Machinery & Tool.
Phase 1
Phase 2
Phase 3
Phase 4
Annual Value
Value of taxeble personal property
Phase 1 2,000,000
Phase 2
Phase 3
Phase 4
Annuel Velue 2,000,000
ualne.. Ween.e
Phase 1
Phase 2
Phase 3
Phase 4
Annual Ve/ue
Sale. Tex Return from Employee.
Phase 1 3,022 5,811 5,811 5,811 5,811
Annual Value 3,022 5,811 5,811 5,811 5,811
Projected Employment 1 ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Phase 1 65
Phase 2 60
Phasa 3
Phase 4
Annual Valua 65 60
Projected Wage. 1 ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Phase 1 1,419,600 1,419,600 1,419,600 1,419,600 1,419,600
Phase 2 1,310,400 1,310,400 1,310,400 1,310,400
Phase 3
Phase 4
Annual Value 1,419,600 2,730,000 2,730,000 2,730,000 2,730,000
DIRECT FISCAL IMPACT
PROPOSAL: The Home Depot Import Distribution Center
DIRECT REVENUES
Real Estate Tax Return 1 ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual Revenues $140,300 $140,300 $140,300 $140,300 $140,300
Cumulative Revenues $140,300 $280,600 $420,900 $561,200 $701,500
M&T, BPOL, BE, PP* Tax 1ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual Revenues $25,200 $25,200 $25,200 $25,200 $25,200
Cumulative Revenues $25,200 $50,400 $75,600 $100,800 $126,000
Sales Tax 1ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual Revenues $3,022 $5,811 $5,811 $5,811 $5,811
Cumulative Revenues $3,022 $8,833 $14,645 $20,456 $26,267
Locel sales tax receipts reflect portion of purchases by new workers
(Besed on 54.5% of annual payroll spent on taxable purchases - US Chamber 2000) (New taxable sales based on proportion of total taxable
sales between Winchester and Frederick County for 1999 - Virginia Depertment of Taxation)
Other General Fund Revenue 1ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual Revenues $12,500 $24,038 $24,038 $24,038 $24,038
Cumulative Revenues $12,500 $36,538 $60,576 $84,614 $108,652
DIRECT REVENUES 1ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual Revanuas $181,022 $195,349 $195,349 $195,349 $195,349
General Fund: Operating Costs 1 ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual Costs $9,403 $18,082 $18,082 $18,082 $18,082
Cumulative Costs $9,403 $27,485 $45,567 $63,649 $81,731
Capital Facilities Costs 1ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual Costs $129 $249 $249 $249 $249
Cumulative Costs $129 $378 $626 $675 $1,124
DIRECT EXPENDITURES 1ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual Costs $9,532 $18,331 $18,331 $18,331 $18,331
$171,490
$177,019
$177,019
$177,019
$177,019
RESIDENTIAL FISCAL IMPACT
PROPOSAL: The Home Depot Import Distribution Center
INDIRECT REVENUES
Potential New Residential Units 1 ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual Unhs 3 2
Cumulative Units 3 5 5 5 5
Real Estate Tax Return 1ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual Revenues $2,304 $4,431 $4,431 $4,431 $4,431
Cumulative Revenues $2,304 $6,734 $11.165 $15,595 $20,026
General Fund Revenue (Other) 1 ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual Revenues $4,311 $8,290 $8,290 $8,290 $8,290
Cumulative Revenues $4,311 $12,601 $20,891 $29,181 $37,471
INDIRECT REVENUES 1ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual Revenues $6,615 $12,721 $12,721 $12,721 $12,721
INDIRECT EXPENDITURES
General Fund: Operating Costs 1 ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual Costs $9,418 $18,112 $18,112 $18,112 $18,112
Cumulative Costs $9,418 $27,531 $45,643 $63,755 $81,868
Capital Facilities Costs 1ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual Costs $6,400 $12,307 $12,307 $12,307 $12,307
Cumulative Costs $6,400 $18,707 $31,014 $43,321 $55,628
INDIRECT EXPENDITURES 1 ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual Costs $15.818 $30,419 $30,419 $30,419 $30,419
Cumulative Costs $15,818 $46,237 $76,657 $107,076 $137,495
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NET INDIRECT RESIDENTIAL FISCAL IMPACT
Annual Return ($9,203) ($17,699) ($17,699) ($17,699) ($17,699)
INDIRECT RESIDENTIAL CAPITAL FACILITIES COSTS
PROPOSAL: The Home Depot Import Distribution Center
POTENTIAL NEW STUDENTS
Elementary 1ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual New Public School Students 1
Cumulative New Public School Student 2 2 2 2
Middle 1ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual New Public School Students 0 0
Cumulative New Public School Student 0 1
High 1ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual New Public SChool Students 0 0
Cumulative New Public School Student 0 1
POTENTIAL CAPITAL FACILITIES COSTS
Elementary 1 ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual Capital Facilities Costs 2,275 4,375 4,375 4,375 4,375
Cumulative Capital Facilities Costs 2,275 6,650 11,024 15,399 19,774
Middle 1 ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual Capital Facilities Costs 1,343 2,583 2,583 2,583 2,583
Cumulative Capital Facilities Costs 1,343 3,926 6,509 9,091 11,674
High 1ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual Capital Facilities Costs 1,951 3,752 3,752 3,752 3.752
Cumulative Capital Facilities Costs 1,951 5,704 9,456 13,209 16,961
POTENTIAL OTHER CAPITAL FACILITIES COSTS
1ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual Capital Facilities Costs 830 1,597 1,597 1,597 1,597
Cumulative Capital Facilities Costs 830 2,427 4,025 5,622 7,219
TOTAL RESIDENTIAL CAPITAL FACILITIES COSTS
1 ST YEAR 2ND YEAR 3RD YEAR 4TH YEAR 5TH YEAR
Annual Capital Facilities Costs 6,400 12,307 12,307 12,307 12,307
Cumulative Capital Facllitlas Costs 6,400 18,707 31,014 43,321 55,628