A river focused activity park and amenities. February, 2017

Transcription

1 A river focused activity park and amenities. February, 2017

2 WNC Outdoor Development, LLC., proposes to develop 7.0 acres of riverfront property, currently owned by Jackson County, along the east and west banks of the Tuckesegee River near the Dillsboro town limits. The project will include a rafting center, food and beverage and retail operations, activities such as zip lines and/or rope courses and/or climbing wall, as well as lodging facilities to include campsites and primitive cabins. The project will also cater to fishing enthusiasts, as lodging facilities and river access points will be ideally located for their use in addition to rafting activities.

3 WNC Outdoor Development (WNCOD) is a newly created LLC, formed by local entrepreneur Kelly Custer. The company was formed for the purpose of this project. WNCOD will be the primary investors in the project, and will contract with management companies and vendors of their choosing to manage rafting, retail, activity, food and beverage, and lodging operations. Mr. Custer s local business investments include Sheds Hunting Supply, Blackrock Outdoor Company, Orvis Fly Shop, Current Medical Services, and Current Dermatology.

4 NC Gen. Statute County or Municipality may undertake economic development activities with the following provisions: Incentives may be offered in various approved methods County/city may construct buildings and engage in site preparations. Consideration can include increases in property, sales, and occupancy taxes, revenues from a sale or lease of property, and monetary credit for job creation. County/city may sell or lease property at less than Fair Market Value for incentive purposes. Consideration of equal value to the offered incentive must be returned to the County/City within 10 years of the initial agreement.

5 A purchase of the designated 7.0 usable acres of the aforementioned parcel, for the sum of $50,000. The developer will, within 5 years of the signing of an agreement, construct various buildings, activity infrastructure and improvements to the property pursuant to a site plan as provided for in the Economic Development Agreement, and consisting of the following: Rafting & Retail Center Observation Deck Improved Camping Sites Food and Beverage Center Cabins Zip Lines and/or Ropes Challenge and/or Climbing Apparatus Bathing and changing facilities

6 Create a minimum of ten (10) full time jobs that are compensated at or above the prevailing wage in Jackson County, NC ($563 per week). In addition, the developer will employ an additional seasonal workforce of approximately part-time or seasonal workers. Provide the County with monthly and quarterly financial and salary and wage data for all vendors with operating agreements. The terms of consideration that will be specified in the Economic Development agreement, including claw-back and reversionary clauses, and will provide personal guarantees as such. Allow for and encourage continued public access to the river throughout the proposed development area.

7 Sell the identified property, consisting of 7.0 acres as specified in the Development Agreement, for the sum of $50,000. Construct the necessary water and sewer infrastructure to the primary development site off Mockingbird Lane, at an estimated cost of $847,000. Provide or contract for basic site prep services, including grading, leveling, brush removal, at a cost estimated at no greater than $74,000. Complete a flood engineering study and Letter of Map Revision to FEMA as requested. Continue to provide assistance from the Jackson County Office Economic Development to identify funding sources for various ancillary components of the project.

8 Property Purchase $350,000 Water & Sewer Extension $847,000 ( less Current Funding Commitments of $400,000) Hydrologic/LMOR Study $ 45,000 Site Prep $ 74,000 Consulting/Professional Fees $ 10,000 TOTAL Investment = $926,000

9 Market Value (10 Acres - $113K per acre) $ 1,130,000 Less Public Access & Easements (3 acres) $ 339,000 Revised Market Value (7 acres) $ 791,000 Consideration (10 year): Sale Revenue $ 50,000 *Sales Tax Revenue $ 751,422 *Occupancy Tax Revenue $ 84,562 Job Creation (10 FT X 10K ea) $ 100,000 *Property Tax Revenue $ 45,000 TOTAL CONSIDERATION RETURN $ 1,030,984 Variance $ 239,984

10 Jackson County Investment = $926,000 Total Consideration Return = $1,030,984 Total Investment Return = $104,984

11 New Job Creation Trackable increases in taxes, including property, sales, and occupancy, exceeding minimum ROI threshold. *Projected increases in visitation of 25K 40K annually. *Projected increase in multiplied spending in excess of $60 million over 10 years.

12 The developers, as demonstrated good stewards of the environment, will agree to measures that will ensure.. the protection of our natural resources. the encouragement of public access to the river. compliance with all relevant land use regulations and ordinances. a commitment to becoming a welcomed business partner and neighbor in the Dillsboro community.