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Development: <br />Commercial development is expected to remain slow during 2003. The total valuation of <br />development in 2003 is projected at $45,249,041. There are 11 single-family units projected to be <br />developed at an average valuation of $293,091 (not including the cost of land). <br />60,000,000 <br />50,000,000 <br />40,000,000 <br />30,000,000 <br />20,000,000 <br />10,000,000 <br />New Development <br />1996 1997 1998 1999 2000 2001 2002 2003 <br />Budget Budget <br />0 Commercial Valuation Single Family Starts <br />140 <br />120 <br />100 <br />80 <br />60 <br />40 <br />20 <br />0 <br />Sales Tax: <br />The sales tax revenues have declined in the last two years as a result of the current economic <br />situation and the increase in retail development in neighboring municipalities. In addition, the <br />closing of the Kmart store in Louisville contributed significantly to the decline in sales taxes for <br />2002. <br />The budget for sales tax revenues in 2003 takes into account the closing of the Kmart store. No <br />additional revenues have been budgeted for this retail spot since it is unknown at this time when a <br />new tenant will be in place. The 2003 budget also takes into account the opening of several retail <br />and food and beverage establishments in the 4th quarter of 2002 as well as the continued success in <br />increasing compliance through self -collection of sales taxes that began in July 2002. The total 2003 <br />sales tax budget is $9,480,000. This is a decrease of approximately 1% from the 2002 budget. <br />13,000,000 <br />9,000,000 <br />8,000,000 <br />7,000,000 <br />6,000,000 <br />5,000,000 <br />4,000,000 <br />3,000,000 <br />2,000,000 <br />1,000,000 <br />1998 <br />Actual <br />Sales Tax Collections by Year <br />12199 2000 2001 <br />2002 2002 2003 <br />Actual Actual Actual Budget Estimate Budget <br />