FISCAL IMPACT STATEMENT
FOR PROPOSED BOND FINANCING
Date: March 11, 2008
To the Board of Supervisors
of the County of Albemarle, Virginia
Applicant: The Covenant School, Inc.
Facility: 175 Hickory Street, Charlottesville, Virginia 22902 and 1000 Birdwood
Road, Charlottesville, Virginia 22901.
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1. Maximum amount of financing sought.
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$17,250,000 |
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2. Estimated taxable value of the facility's real property to be constructed in the locality.
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$23,700,000 |
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3. Estimated real property tax per year using present tax rates.
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N/A |
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4. Estimated personal property tax per year using present tax rates.
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$ 181,485 |
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5. Estimated merchants' capital tax per year using present tax rates.
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N/A |
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6. (a) Estimated dollar value per year of goods that will be purchased from Virginia companies within the locality.
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$787,384 |
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(b) Estimated dollar value per year of goods that will be purchased from non-Virginia companies within the locality.
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$381,293 |
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(c) Estimated dollar value per year of services that will be purchased from Virginia companies within the locality.
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$1,834,703 |
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(d) Estimated dollar value per year of services that will be purchased from non-Virginia companies within the locality.
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$342,687 |
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7. Estimated number of regular employees on year round basis.
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120[1]
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8. Average annual salary per employee. |
$ 38,473[2] |
__________________________________________
Chairman, Industrial Development Authority
of Albemarle County, Virginia
[1] Includes 102 full-time employees and 18 part-time employees. The School also employs a number of substitute teachers and coaches, which are not reflected in this number.
[2] Average annual salary for full-time employees.