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.

                       

1.            Maximum amount of financing sought.

 

            $17,250,000

2.            Estimated taxable value of the facility's real property to be constructed in the locality.

 

 

            $23,700,000

3.            Estimated real property tax per year using present tax rates.

 

 

                     N/A

4.            Estimated personal property tax per year using present tax rates.

 

 

            $     181,485

5.            Estimated merchants' capital tax per year using present tax rates.

 

 

                     N/A

6.     (a)   Estimated dollar value per year of goods that will be purchased from Virginia companies within the locality.

 

 

              $787,384

(b)  Estimated dollar value per year of goods that will be purchased from non-Virginia companies within the locality.

 

 

            $381,293 

(c)  Estimated dollar value per year of services that will be purchased from Virginia companies within the locality.

 

 

            $1,834,703 

(d)  Estimated dollar value per year of services that will be purchased from non-Virginia companies within the locality.

 

 

            $342,687 

7.            Estimated number of regular employees on year round basis.

 

120[1]

                                        

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.

Go to next attachment
Return to letter