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Attachment B of the JOINT ECONOMIC DEVELOPMENT AND GROWTH SHARING AGREEMENT
Formula For Calculating Shared Revenue in Economic Development
Service Area
STEP I CALCULATE INDUSTRIAL AND COMMERCIAL REVENUE GENERATED IN SHARED SERVICE AREA FOR FISCAL YEAR.
STEP 2 CALCULATE PERCENTAGE OF STEP I TO TOTAL SYSTEIM REVENUE.
STEP 3 CALCULATE TRANSFER TO GENERAL FUND.
STEP 4 CALCULATE TOTAL SHARED REVENUE BY IMUTIPLYTNG STEP 2 BY STEP 3.
STEP 5 CALCULATE INDUSTRIAL DEVELOPMENT AUTHORITY PORTION OF TOTAL SHARED REVENUE BY MULTIPLYING STEP 4 BY 50%.
In the event that deregulation enables customer choice of service providers, this formula will be reviewed.
Revenues from Leases, Contracts or other entrepunerial adventures such as Bedford Cablevision Pole Attachment Agreement and Skimmer Substation Lease with American Electric Power will be excluded from the calculation of Total System Revenue.
SHARED INDUSTRIAL AND COMMERCIAL ELECTRIC REVENUE IN ECONOMIC DEVELOPMENT AREA NUMBER I
(EAST 460 FROM CITY LIMITS TO VOGT)
| ACCT NUMBER NAME |
SV-TYPE |
Jul-95 |
Oct-95 |
Jan-96 |
Apr-96 |
AVERAGE |
| |
|
|
|
|
|
|
| 2800129100 WAL-MART |
LG |
6,084.26 |
4904.31 |
6454.26 |
4658.76 |
5,525.40 |
| 2800130100 |
OL |
37.50 |
38.04 |
37.5 |
37.5 |
37.64 |
| 2800131100 |
SG |
219.83 |
29.6 |
195.42 |
1 a4.67 |
137.38 |
| 2800132100 |
SG |
28.48 |
23.22 |
50.07 |
18.82 |
30.15 |
| 2900098100 REVCO |
SG |
1,313.54 |
1142.02 |
796.2 |
1029.16 |
1,070.23 |
| 2800136100 TCR CORP |
SG |
3,182.97 |
2987.4 |
3405.89 |
3122.67 |
3,174.73 |
| 2900436100 LONG JCHN SILVERS |
SG |
0.00 |
300.98 |
343.57 |
413.26 |
264.45 |
| 2900123100 CATO |
SG |
577.54 |
523.73 |
262.36 |
302.39 |
416.51 |
| 2900186100 FRANKS PIZZA |
OL |
11.86 |
11.86 |
11.86 |
11.86 |
11.86 |
| 2900392100 COMMUNITY TV |
SG |
296.50 |
188.94 |
158.17 |
151.99 |
198.93 |
| 2900045100 AMERICAN GENERAL |
SG |
74.67 |
61.9 |
90.79 |
57.47 |
71.21 |
| 5-i73 GOODES CATERING |
SG |
1,2-25.20 |
813-39 |
1265.12 |
910.76 |
1,053.62 |
| |
CL |
27.00 |
27 |
27 |
27 |
27.00 |
| 5607 BEDFORD PLAZA |
CL |
9.90 |
9.9 |
9.9 |
9.9 |
9.90 |
| 2900330100 |
SG |
147.22 |
112.66 |
97.51 |
90.45 |
111.96 |
| 2800140100 BENNIES HOMES |
CL |
23.72 |
23.72 |
23.72 |
23.72 |
23.72 |
| |
SG |
94.39 |
107.68 |
226.7 |
170.15 |
149.73 |
| 2900151100 VIDEO ELECTRONICS |
SG |
179.52 |
160.03 |
96.95 |
111.65 |
137.04 |
| 2800128100 PACK-IT-IN |
SG |
112.93 |
189.74 |
193.06 |
70.32 |
141.51 |
| Totals |
|
14,134.23 |
12,054.24 |
12,969.15 |
11,600.88 |
12,939.63 |
| REV GENERATED IN SHARED AREA |
$155,275.50 |
| TOTAL SYSTEM REVENUE |
$11,989,179.00 |
| % SHARED AREA |
1.30% |
| TRANSFER 95-96 AUDIT |
1,118,508.00 |
| TOTAL SHARED REV 1.30% |
$14,540.60 |
| SHARED REV TO IDA .90% |
$7,270.30 |
ESTIMATES ANNUAULIZED FROM FOUR MONTHS DATA BASED ON TWO PEAK DEMAND MONTHS AND TWO LOW DEMAND MONTHS.
STATISTICAL PROFILE OF THE CITY OF BEDFORD AND THE COUNTY OF BEDFORD
| |
City of Bedford |
County of Bedford |
| Population (1996) |
6400 |
54400 |
| Land Area (Square Miles) |
6.8 |
764.0 |
| Assessed Values (Fiscal Year 1996) |
|
|
| Real Estate |
$220,066,300 |
$2,364,073,182 |
| Public Service Corporation |
$9,772,456 |
$171,103,259 |
| Total Taxable Retail Sales (1996) |
$72,117,611 |
$142,941,427 |
SOURCES:
County of Bedford and City of Bedford.
Notice by the County of Bedford and the City of Bedford of their
Intent to Petition for an Order Affirming a Joint Economic
Development and Growth Sharing Agreement.
Virginia Department of Taxation,
Taxable Sales in Virginia Counties and Cities, Annual Report, 1996.
Weldon Cooper Center for Public Service,
"Population Estimates for Virginia Localities," (electronic data set).
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