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HomeMy WebLinkAboutCity of Rock Hill - Public Financial Report04 - WELCOME 06 - CITY AWARDS 07 - BY THE NUMBERS 08 - FINANCIAL TRANSPARENCY 09 - GENERAL FUND 11 - REVENUES 12 - EXPENSES 14 - DEBT TABLE OF CONTENTS 2021 PAFR | cityofrockhill.com2 David B. Vehaun, City Manager John P. Gettys, Jr. - Mayor Kathy Pender - Mayor Pro Tempore (Ward 2) Derrick Lindsay - Ward 1 Kevin Sutton - Ward 3 John A. Black III - Ward 4 Nikita Jackson - Ward 5 James C. Reno, Jr. - Ward 6 Mike Jolly, Electric Director Boards & Commissions Cindi Howard, General Services Director Leah Youngblood, Planning & Development Director Spencer & Spencer, City Attorney Anne Harty, Chief Financial Officer Melanie Brandon, Neighborhood Services Director Deana Keever, Human Resources Director Citizens of Rock Hill Jennifer Wilford, Economic & Urban Development Director James G. Bagley, Jr. Deputy City Manager Lisa Brown, Director of Strategic Management ORGANIZATIONAL CHART CITY OF ROCK HILL, SC Jeremy Winkler, Director of Government Affairs Mike Blackmon, Fire Chief Chris Watts, Police Chief Steven Gibson, Deputy City Manager Don Chamblee, Water/Sewer Director Terrence Nealy, Public Works Director John Taylor, Parks, Recreation, & Tourism Director 2021 PAFR | cityofrockhill.com 3 Operations Administration* Information Technology*City Management* Solicitor's Office* Municipal Court* *Denotes divisions within the organization David B. Vehaun City Manager DEAR ROCK HILL RESIDENTS, I am proud to present the Popular Annual Financial Report (PAFR) for the 2021 fiscal year. This document strongly reflects the City of Rock Hill's commitment to serving our community, engaging our residents, and growing Rock Hill. This year has been filled with opportunities as well as challenges and I want to thank you for placing your trust and confidence in our staff to serve our community throughout the pandemic. To facilitate accountability and transparency, we provide financial information in several formats for our customers. Each month, a financial report and a financial dashboard disclose our revenues and expenses for the period. Annually, the City produces an Annual Comprehensive Financial Report, or ACFR. The ACFR consists of a number of audited financial statements that provide the overall financial position of the City. The PAFR provides readers with high level data about the overall financial position of the City. For more details, please access this year's ACFR on the City’s website at www.cityofrockhill.com/transparency. Another tool is this Popular Annual Financial Report, an effort to condense information from the ACFR into an easy-to-understand report. This report does not include all funds, assets, liabilities, and component units; however, it does provide the highlights of the City’s finances over Fiscal Year 2021. In addition to the financial position of the City, this report also includes data from economic, demographic, and performance data sources that give context to why tax dollars are spent in the way they are. I hope that you find this report helpful and informative. Sincerely, CITY MANAGER'S MESESSAGE 2021 PAFR | cityofrockhill.com4 Should you have any questions about this report, please contact any of the following personnel: CITY MANAGER David B. Vehaun david.vehaun@cityofrockhill.com CHIEF FINANCIAL OFFICER Anne P. Harty anne.harty@cityofrockhill.com DIRECTOR OF STRATEGIC MANAGEMENT Lisa Brown lisa.brown@cityofrockhill.com STRATEGIC PLAN AND FY2021 YEAR END REPORT The Rock Hill Strategic Plan FY2019—FY2021 plan provides a roadmap that guides Rock Hill’s vision into reality. The plan is separated into three major focus areas; Serving the community, Engaging residents, and Growing Rock Hill. Rock Hill uses the strategic plan to align financial resources with initiatives, tying them to the broader vision. The goals and tasks included in this plan directly determine the City’s work plans. The City’s elected officials review progress on existing tasks regularly throughout the year. At the end of each fiscal year, the City reports out performance metrics on strategic goals and tasks to gauge progress. Each measure is given a “stoplight” color that provides the reader an easy-to-read indication of success. Additionally, the report provides more detailed information about the degree to which goals were achieved. This report holds the City accountable to its customers, City Council, and residents. The year-end report is typically available in August of each year. The FY2021 report highlights the performance of the third year of Rock Hill’s three-year strategic plan. Rock Hill’s performance management efforts, including the strategic plan and annual reporting earned ICMA’s Certificate of Excellence in Performance Management in FY2021. The City’s FY2021 Performance Report can be found on the Government Transparency and Performance website. CITY REPORTS 2021 PAFR | cityofrockhill.com 5 ANNUAL COMPREHENSIVE FINANCIAL REPORT (ACFR) The Popular Annual Financial Report (PAFR) is a high level summary of the Annual Comprehensive Financial Report. The Annual Comprehensive Financial Report (ACFR) is a set of governmental financial statements comprising the financial condition of a state, municipal or other governmental entity that complies with the accounting statements maintained by the Governmental Accounting Standards Board (GASB). The ACFR financial statements are audited by an independent firm to confirm that the City fairly presented its financial statements. There are four main sections of our ACFR; the introductory, financial, statistical, and federal awards sections. The financial information is based on generally accepted accounting principles (GAAP). Rock Hill received both the Award for Outstanding Achievement in Popular Annual Financial Reporting and Certificate of Achievement for Excellence in Financial Reporting in FY2021. There are a number of City reports and documents that provide the public with valuable information about our plans, goals, and progress. Here are brief descriptions of some of these documents. The Rock Hill Police Department was named Agency of the Year for 2020 for DUI enforcement by the South Carolina Department of Public Safety. We have received this meaningful award for the sixth consecutive term. Terms are now 3 years. We received the top designation known as the Diamond Designation. For the first time, Rock Hill’s application received a perfect score. Only earned by six communities in 2020, this award recognizes communities that have substantially implemented innovative, impactful projects. My Ride was awarded this designation for its use of data driven insights and commitment to equity. We received Bronze Level Bicycle Friendly Community designation from the League of American Bicyclists in May 2021. Our Fleet Maintenance staff continue to meet the Blue Seal of Excellence Recognition Program standards established by the ASE. The eligibility criteria require at least 75% of the technicians to have at least one ASE Certification. Many of our technicians have multiple certifications and 4 are designated as master technicians. The Division is now 100% certified. This award honors local governments who have received GFOA's Certificate of Achievement for Excellence in Financial Reporting, Popular Annual Financial Reporting Award, and the Distinguished Budget Presentation Award. This is the City's 30th consecutive year winning the Certificate of Achievement for Excellence in Financial Reporting award and the 29th consecutive year the City has won the Distinguished Budget Presentation award. Reliable Public Power (RP3) Award DUI Enforcement Agency of the Year Triple Crown Winner Blue Seal of Excellence Bicycle Friendly Community 2020 Crown Community Award CITY AWARDS 6 2021 PAFR | cityofrockhill.com code enforcement cases voluntarily abated population under 18** *U.S. Census, 2020 population ** U.S. Department of Commerce, BEA $56,682 income per capita** centerline miles of City maintained roads population* 3.12 89% 39.8 square miles 191 23% 74,372 34.6 median age** 34 minutes average police Priority 1 call response time miles of trails strategic goals met 64% 127 15,420 building inspections organized neighborhood associations 2021 PAFR | cityofrockhill.com 7 FINANCIAL DATA COMPARISONS Accounts payable reports, showing the detail of all checks written, are available monthly on the City’s website. The monthly financial reports provide graphs for reader consumption. As a graphic representation of the financial data, it can be more clear than tables of numbers and do a better job of highlighting trends. The City not only provides information on revenues and expenses, but also presents City rates for taxes and utility services showing they are competitive with other communities. The City annually benchmarks the average cost of any related household expenses to 28 other cities. The City seeks to balance rates in a fiscally responsible manner that provides reasonable rates to customers while also reinvesting in infrastructure. FINANCIAL TRANSPARENCY 2021 PAFR | cityofrockhill.com4 The City of Rock Hill has a number of funds and funding sources that make up the official financial statements. The City also offers public facing resources including monthly financial reports and cost of public service comparisons to help residents understand the City’s finances. The charts below are located on the City website at Microsoft Power BI (powerbigov.us). 2017 2018 2019 2020 2021 25 20 15 10 5 0 Total General Fund Balance Unassigned GENERAL FUND General Fund Balance (in millions) 8.01 15.51 14.41 12.01 20.6 The General Fund is used to account for all revenues and expenditures applicable to general operations of the City and is used to record all financial transactions not required to be accounted for in other funds. The General Fund accounts for the revenues and expenditures necessary to carry out basic governmental activities of the City such as public safety, recreation, public works, and general government expenditures. General property taxes account for 36% of General Fund revenue in the Fiscal Year 2022 adopted budget and Fiscal Year 2023 proposed budget. South Carolina law allows local governments to levy taxes on real and personal property valuations as assessed and equalized according to statutory guidelines (Code of Laws of South Carolina, Chapter 12, Article 3, Section 38 12- 43-220). The tax rate remained at 93.5 mils in Fiscal Year 2021. The Business License Fee, which is imposed on any business, occupation, or profession, in whole or in part, within the City limits, is a major source of revenue within this category and accounts for 16% of the General Fund revenues in Fiscal Year 2021. 36% 7%16% 16% 6% 7% 12% 33% 24% 11% 16% 14% GENERAL FUND REVENUES GENERAL FUND EXPENSES Property Tax $33,399,493 Accommodations and Hospitality Tax $6,741,933 Licenses and Permits $14,659,817 Intergovernmental $5,364,290 Charges for services $14,732,841 Other Revenues $6,264,553 Transfers In $11,189,437 General government $20,664,858 Public safety $27,930,926 Public works $9,216,118 Parks, rec, and tourism $13,451,590 Capital Outlay $1,861,187 Debt Service $11,751,281 2021 PAFR | cityofrockhill.com 9 Electric Water Sewer Stormwater 125 100 75 50 25 0 Operating Revenues Operating Expenses ENTERPRISE FUNDS Enterprise Fund Revenues vs Expenses (in millions) 2017 2018 2019 2020 2021 400 300 200 100 0 NET POSITION The statement of net position is a way to assess the balance of the City’s assets, or resources minus the City’s liabilities, or financial obligations. When comparing all business-type assets and liabilities the City had a total, positive net position of $ 343.8 million for FY2021. The City’s overall net position increased by 4.3% between FY2020 to FY2021. This increase was mainly due to contributions of capital assets received from developers and operating income from the electric, water, and sewer systems. The City of Rock Hill has seen steady increases in net position over the last few years (shown in the chart to the right)—adding high quality investments for the health, safety, and enjoyment of Rock Hill’s residents. Dollars (in millions) 261.5 279.7 302.2 329.6 343.8 business-type activities An enterprise fund is operated like a private business, where a fee is charged for goods and services. Electric sales represent the single largest source of revenue for the City of Rock Hill. The City monitors the Electric fund closely on a week-to-week basis in order to project the revenues accurately. Electric revenues account for approximately 65% of all Enterprise Fund revenues. Water revenue estimates are based on historical trends of customer growth and customer water usage patterns. Water revenues account for approximately 14% of all Enterprise revenue. Wastewater fees represent the second largest source of utility revenue for the City. The budget estimates are based on historical trends of customer growth. These fees comprise approximately 17% of all Enterprise revenues. Stormwater fees are imposed on residential and non-residential customers inside the City limits. 2021 PAFR | cityofrockhill.com10 Revenues - All Funds (millions) Charges for services 77.5% Property Taxes 14.3% Operating grants 3.1% The City of Rock Hill has various sources of revenue. The descriptions below provide an overview of the major revenue sources. For more information, please visit the City's website and review the ACFR for FY2021. General revenues - include property taxes, investment income, intergovernmental revenues, and accommodations and hospitality taxes (which is a fee lodging and a fee on prepared food and beverages ). Property taxes provide for majority of the General Fund expenditures but only make up about 14% of the total City revenues. Charges for services are the fees collected for business licenses, electric, water, sewer, stormwater, solid waste, etc. This year charges for both governmental and business-type activities totaled $196.69 million. This makes up 77% of all City revenues. Operating grants and contributions consist of grant funding received from the state or federal governments that goes towards a specific program function make up 3% of all revenues which is up 1% from FY20. Capital grants and contributions, grant funding received from the state or federal government that goes toward a specific capital purchase, make up 1% of all City revenues. Changes in Revenues between FY2020 and FY2021 - Overall, revenue from all sources increased from $250.42 million to $257.09 million between FY20 and FY21. The General Fund recognizes several different revenue sources that support city operations. The two largest sources of Revenue are: Property Taxes and Business Licenses and Permits. 2021 Budget: $ 34,740,229 2021 Actual: $ 33,399,493 Collection % 96.1% 2021 Budget: $ 12,971,199 2021 Actual: $ 14,659,817 Collection % 113% REVENUES SOURCES MAJOR GENERAL FUND REVENUE SOURCES PROPERTY TAXES LICENSES AND PERMITS Collection rates are monitored monthly REVENUE SOURCE FY2019 Charges for services Property taxes Capital grants Accommodations & Hosp. taxes Operating grants Miscellaneous Intergovernmental revenue $ 194.01 30.87 6.58 6.28 6.22 4.90 1.57 Total Revenue FY2020 FY2021 $ 196.69 36.28 3.36 6.74 7.84 4.58 1.60 $ 192.11 29.75 14.45 6.63 4.59 2.43 3.19 $253.16 $250.42 FY2021 Revenues - All Funds (millions) $257.09 2021 Budget: $ 79,485,398 2021 Actual: $ 65,663,825 % of Enterprise Operating Expenses: 52% Just like program revenues, program expenses are broken down by City functions. There are several expense categories that include multiple departments and divisions in the City (shown in the chart to the left). The City participates in the Piedmont Municipal Power Agency (PMPA), a wholesale electric provider for cities within South Carolina. The purchase of electricity to provide power to the community is the City’s largest expense, accounting for 52% of the City’s total enterprise operating expenses. PMPA continues to return some of it's equity to all cities resulting in lower purchase power expenses. Core governmental services in Public safety are the next largest expense, accounting for 13% of expenses, down 2% from last year. General government expenses also amount to 13% of City expenses which are largely made up of salaries and benefits for City personnel. Capital and electric expenses aside, most City funds are spent on City personnel and expenses related to the City’s 1,000+ employees. Increased expenses in employee health claims and retirement increases from the state added to expenses. Parks, recreation, and tourism expenses increased slightly due to full year operations of the Rock Hill Sports and Events Center. Changes in Expenses between FY2020 and FY2021 — Overall, expenses increased from $230.22 million to $239.78 million, a 4% increase when comparing FY2020 and FY2021. Tax increment financing (specifically, the Textile TIF) related expenses as well as expenses related to new parking services in Knowledge Park, and the expanded My Ride transit system impacted the City budget. The primary difference between revenues (prior page) and expenses was related to principal payments on debt and cash funded projects. EXPENSES BY FUNCTION PROGRAM EXPENSES Purchased Power 12 2021 Budget: $27,022,651 2021 Actual: $26,841,808 Electric Margin General government Public safety Electric Water Sewer Parks, recreation, and tourism Public works Stormwater Interest on long-term debt $ 26.61 27.97 98.62 18.06 17.94 13.60 10.54 4.22 4.88 $ 30.98 32.36 90.20 19.90 20.50 15.72 11.12 4.51 4.92 $ 31.42 32.17 101.99 17.65 17.87 17.34 11.09 4.34 5.92 Total Expenses $222.44 $230.22 FY2019 FY2020 FY2021FUNCTION 2021 PAFR | cityofrockhill.com $239.78 Each year, the City adopts an annual operating budget based on priorities articulated in the strategic plan. In comparing budget and actual expenses, it is important to note that many of the differences are brought up through different accounting methods— budgetary outcomes are calculated on a cash or modified accrual basis rather than from the pure accrual basis required under GAAP for accounting records. 0 25 50 75 100 125 General government Public safety Electric Water Sewer Parks, recreation, and tourism Public works Stormwater Dollars (in millions) Budget Actual ASSETS LIABILITIES NET POSITION DEFERRED INFLOWS OF RESOURCES DEFERRED OUTFLOWS OF RESOURCES 46,934,719 43,898,897 Change 329,631,867 290,015,929 13,857,978 (242,169,897) 274,742,305 (2,531,489) 681,479,039 3,993,175 (355,563,657) (276,690) GOVERNMENTAL ACTIVITIES BUSINESS-TYPE ACTIVITIES STATEMENT OF NET POSITION June 30, 2021 and 2020 2021 2021 2020 2020 19,701,890 (261,339,362) (1,443,738) ASSETS DEFERRED OUTFLOWS OF RESOURCES LIABILITIES DEFERRED INFLOWS OF RESOURCES NET POSITION 731,797,989 5,737,653 (393,307,417) (332,048) 343,896,177 15,273,624 5,843,912 (19,169,465) 1,087,751 3,035,822 50,318,950 1,744,478 (37,743,760) (55,358) 14,264,310 Change 2021 PAFR | cityofrockhill.com 13 $ $ $ $ $ $ $ $ STATEMENT OF ACTIVITIES June 30, 2021 and 2020 GOVERNMENTAL ACTIVITIES REVENUES EXPENSES TRANSFERS CHANGE IN NET POSITION BEGINNING NET POSITION ENDING NET POSITION BUSINESS-TYPE ACTIVITIES REVENUES EXPENSES TRANSFERS CHANGE IN NET POSITION BEGINNING NET POSITION ENDING NET POSITION 2021 2020 Change 91,044,056 78,380,820 12,663,236 (97,938,421)(95,109,063)(2,829,358) $$ 9,930,187 9,508,540 421,647 3,035,822 (7,219,703)10,255,525 43,898,897 46,934,719 51,118,600 43,898,897 (7,219,703) 3,035,822$$ 2021 2020 Change 166,045,282 172,046,026 (6,000,744) (141,850,785)(135,113,279)(6,737,506) (9,930,187)(9,508,540)(421,647) 14,264,310 27,424,207 (13,159,897) 329,631,867 302,207,660 27,424,207 343,896,177 329,631,867 14,264,310$$ $$ Utility Revenue BondsGeneral Obligation Bonds A large part of Rock Hill’s long-term financial plan focuses on managing debt. The City uses fiscal prudence in the issuance and repayment of debt. Debt financing is typically issued for large-scale capital projects. These projects and funding are included in the annual capital improvement plan and are reviewed by the management team quarterly. The City's total outstanding debt as of June 30, 2021 is $433 million. Of that, about 66% is related to Utility Revenue Bonds issued to fund various capital projects related to the upkeep of our utility systems. 20% is related to TIF bonds mainly to fund infrastructure improvements to downtown Rock Hill and Riverwalk area, and 8.6% is related to limited obligation bonds repaid through hospitality tax collections. Hospitality Tax BondsTax-Increment Financing Stormwater Bonds as of June 30, 2021 Dollars (in Millions) Total Debt Service By Year (Principal Only) Outstanding Debt By Type DEBT FY22 FY23 FY24 FY25 FY26 25 20 15 10 5 0 14.8 17.2 19.6 19.6 20.3 Utility Revenue 65.9% Tax Increment Financing 19.9% Hospitality Tax 8.6% General Obligation 3.1% Other Governemental 0.2% The preparation of the budget and the information provided in the financial statements are impacted heavily by economic trends. These trends include the local economy, long-term local and state financial implications, and the national economy. After a few years of increased unemployment rates due to COVID-19, Rock Hill unemployment rates have finally decreased to pre-pandemic levels. This decrease is attributed to many businesses opening up in FY21 and more jobs becoming available in our economy. In October 2020, Arrival, a global electric vehicle company announced plans to establish its first U.S. Microfactory in Rock Hill at Legacy East. The $46 million investment is expected to create 240 new jobs. Founded in 2015 and based in London, England, Arrival works with cities around the world to create zero-emission mobility solutions for today’s transportation challenges. The company’s South Carolina operations will utilize a new cell-based assembly method to produce vehicles rather than a traditional automotive production line. DIRTT Environmental Solutions Ltd. began operations in the spring of 2021 at Legacy East. DIRTT is an interior construction company that uses proprietary software to design, manufacture and install fully customizable environments. The first business is well on its way to completion at Aspen Business Park. Southwood is a veteran owned company making a $6.5 million investment and will create 73 new jobs. Southwood manufactures all types of signs, out of various materials, to the highest standards of sign fabrication possible. Knowledge Park has seen several announcements, investments, and agreements this year. New restaurants including Sweet Tea Café, Ay Papi, Kounter, and Old Town Kitchen and Cocktails opened in the Knowledge Park area representing investments of over $350,000. Construction at the Exchange, a new multi-family residential and retail community representing a total investment of over $35 million is well underway. The Common Market has renovated an existing building on Main Street. Common Market promotes itself as an uncommon convenience store, deli and bar with 3 Charlotte area locations. Each store uniquely embraces and reflects the community. This adaptive re-use project will maintain the integrity of the building. The Perch, developed by Warren Norman with contractor Leitner Construction, will include renovations to the old Coke building plus a new building. The Coke building has a square footage of 5,343 square feet. The Perch (new building) will be 23,000 square feet. Currently, two tenants have signed on to the project including Hobo’s in the former Coke building and Off the Tracks Brewery in The Perch. The total investment for this project is $14 million. The completion date with businesses ready to open is scheduled for next year. ROSS DRESS FOR LESS INC* $9,598,842 COMPORIUM $7,100,846 AMISUB OF SC, INC $3,884,985 WEST SHORE RIVERWALK $2,522,694 ATOTECH USA, INC $1,949,390 PIEDMONT MEDICAL CENTER $1,684,700 COROPLAST TAPE CORP* $1,598,878 LOWENSTEIN PARTNERS LLC $1,440,192 LIT INDUSTRIAL LP* $1,422,905 MCKESSON MEDICAL* $1,414,272 ROCK HILL SCHOOL DISTRICT 2,294 PIEDMONT MEDICAL CENTER 1,711 COMPORIUM 1,050 WINTHROP UNIVERSITY 944 CITY OF ROCK HILL 738 *includes property for which a fee-in-lieu is paid ECONOMIC AND DEMOGRAPHIC CHARACTERISTICSTOP 5 EMPLOYERS TOP 10 TAXPAYERS TAXPAYER ASSESSED VALUE EMPLOYER EMPLOYEES (FTE) 2021 PAFR | cityofrockhill.com 15 The City takes pride in keeping property tax rates reasonable—balancing the needs of the community and being good stewards of the public dollar. The City’s millage rate has remained flat at 93.5 mills for the last ten years. Over the last twenty years, the tax millage rate has dropped 12% (as high as 105 mils). The City has kept millage rates low due to the City’s priority of financial responsibility for tax dollars and leveraging of the growth of the community. The City is evaluated for its overall credit worthiness and for specific debt issuances. A good credit rating reduces borrowing costs and generally reflects an organization’s sound financial practices. The City’s underlying rating on general obligation debt was “AA-” from Standard & Poor’s and “Aa3” from Moody’s. The City’s underlying rating on its combined utility system revenue bonds was “A” from Standard & Poor’s and “A2” from Moody’s. This means the City is considered to have high credit quality. Standard and Poor’s describes the “AA-” rating as “very strong capacity to meet financial commitments.” For utility related debt, the City has maintained an “A” rating from Standard and Poor’s and “A2” from Moody’s. Moody’s describes “A2” as “upper-medium grade” and “subject to low credit risk.” Benchmark comparisons of the City’s credit ratings can be found at www.rankingrockhill.com. CREDIT RATINGS MILLAGE RATE HISTORY Tax Rate (Mills) 2011 2012 2013 2013 2014 2015 2016 2017 2018 2019 2020 2021 100 75 50 25 0 Miracle Park is a state-of-the-art park providing people of all abilities the opportunity to enjoy the park’s amenities and programming year-round. The park is operated, maintained and programmed by the City of Rock Hill Parks, Recreation and Tourism (PRT) Department. The park's development has been led by the York County Disabilities Foundation in partnership with the City of Rock Hill and Winthrop University and supported by numerous volunteers and donors. Playground and Sensory Wall: These areas provide space and activities for children and adults of all abilities to interact and play. Miracle Field: Miracle Fields are specifically designed for individuals with physical and cognitive challenges. The rubberized surface of the fields makes them wheelchair accessible. Bases and pitching mounds are painted on the surface so there are no raised obstacles. The dugout area is large enough to accommodate wheelchairs and other adaptive equipment. Baseball Field, Concessions and Restrooms: A traditional baseball field, concessions stand and restrooms are available. Parking: The park has 150 parking spaces and a drop off area at the Miracle Field. Overflow parking is available at Winthrop University Coliseum, across Eden Terrace from the park. For large events, wheelchair accessible shuttles will be available for transportation from the Coliseum parking lot to and from Miracle Park. 2021 PAFR | cityofrockhill.com 17 MIRACLE PARK 2021 PROJECT HIGHLIGHTS The Carolina Panthers announced in June 2019 that they would be moving their headquarters and practice facility from Charlotte, NC to Rock Hill. Since the announcement, the City has been working with the Panthers organization to finalize the intergovernmental agreement, land development agreements and financing agreement. The current masterplan includes a mixed-use development totaling over $2 billion in private investment. The City, County and School District have worked together to create a multi-county industrial park that will pledge fee-in-lieu-of-tax revenue towards the public infrastructure needed on the site. While the public investment is larger than any other project the City has been a part of, the private investment will change the landscape of the City forever. CAROLINA PANTHERS TRAINING FACILITY 2021 PAFR | cityofrockhill.com18 2021 PROJECT HIGHLIGHTS 155 Johnston Street | Rock Hill, SC 29730 www.cityofrockhill.com City of Rock Hill 2021 PAFR | cityofrockhill.com 19 City of Rock Hill rockhillsccity RockHillSCGOV City of Rock Hill