Local officials question N.C. Research Campus bond funding
The three main buildings at NCRC. (NCRC photo)
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By Hugh Fisher, Salisbury Post
CONCORD, N.C. - Cabarrus County commissioners want to talk about the future of the N.C. Research Campus in Kannapolis.
Members of the board discussed their tax-revenue partnership with the city as part of their annual retreat Saturday. Although commissioners support the development, the consensus was that changes in the economy mean the future of the complex needs further discussion.
Four years ago, the city of Kannapolis sought a partnership with Cabarrus County to issue $168 million in bonds through tax increment financing, or TIF. Cabarrus County agreed to dedicate a portion of its property tax revenue from a downtown tax district to repaying those bonds, with the prospect extra revenue as property values went up.
(The bonds have not yet been sold, the paper reported.
("The whole economic model on which [the NCRC plan] was based is gone. The biotechnology industry and pharmaceutical industry is not what it was,” said Cabarrus County Manager John Day, according to the paper.)
For details, see the complete Salisbury Post report.
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