|
Orange County: Buckhorn Village
<br />Sales
<br />Total Projected Sales $5,947,500
<br />Tax Revenue .
<br />Source: Calculated from Buckhorn Road Associates, LLC Survey and East West Partners Information
<br />Retail Economic Review
<br />The consulting team reviewed existing retail sales and retail sales tax revenue data to
<br />place the above information in context. Retail sales and retail sales tax information was gathered
<br />from the NC Department of Revenue which regularly reports the information in the annual State
<br />Sales and Use Tax Statistics report. Orange County staff report that the County retains about half
<br />of the retail sales tax revenues and the other half is distributed to municipalities.
<br />Orange County Taxable Retail Sales and Retail Sales Tax Collections
<br /> 2005-2006
<br />Taxable Retail
<br />Sales 2005-2006
<br />Retail Tax
<br />Collections 2006-2007
<br />Taxable Retail
<br />Sales 2006-2007
<br />Retail Tax
<br />Collections
<br />Total $907,564,371 $40,822,603 $948,302,963 $41,765,632
<br />1% $6,181,427 $62,200 $518,533 $5,092
<br />2% and 3% $1,061.982 $25,483 $2,025,017 $53,219
<br />A arel $25,028,824 $1,133,752 $24,800,661 $1,090,740
<br />Automotive $45,934,632 $2,079,808 $52,016,868 $2,3.16,892
<br />Food $330,368,526 $14,949,810 $369,280,198 $16,261,090
<br />Furniture $24,458,457 $1,113,328 $23,000,577 $1,022,947
<br />General Merchandise $173,807,817 $7,856,122 $185,031,160. $8,147,212
<br />Lumber and Building
<br />Materials $154,687,206 $6,992,498 $147,086,886 $6,471,969
<br />Unclassified $146,035,500 $6,609,602 $144,543,063 ~ $6,396,472
<br />Source: NC Department of Revenue, State Sales and Use Tax Statistics For Fiscal Years 2005-2006 and 2006-2007
<br />The above table shows that the estimated retail sales of Buckhorn Village of $237.9
<br />million equals a bit over 25% of the total existing retail sales in the County during 2006-2007.
<br />The development will boost total County retail sales to almost $1.19 billion. Whereas the retail
<br />sales of Buckhorn Village would boost total sales by 25%, retail sales tax revenues would be
<br />increased by 14.2%.
<br />Sanford Holshouser 11
<br />
|