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including land use incentives offered by the town or qualitative evaluation factors (site improvements, <br />higher wage structure, employee benefits, etc.) proposed by the grantee. <br />Investment Calculation: The Wake County Revenue Department will determine the value of new <br />investment utilized to determine threshold eligibility and grant amounts under the terns of this policy. <br />The investment value shall be the initial ad valorem tax assessment of the new buildings and equipment. <br />The value of land, site work, inventory, and rolling stock including automobiles, trucks, tractors, trailers, <br />or other licensed vehicles shall not qualify for purposes of the investment calculation. <br />Job Creation: "New jobs" shall be defined as new full -time employees (minimum 35 hours per week and <br />subject to withholding) required to fill positions in the new or expanded business in Wendell. Employee <br />transfers (except transfers from other locations in the state of North Carolina) will qualify as "new jobs" <br />under the terms of this policy. <br />Where the job creation threshold applies in Section III of this policy, grantees must maintain an average <br />wage rate that is at least 100% of the average wage rate for Wake County as determined by the NC <br />Commerce Finance Center and underwrite at least 50% of the health insurance premiums for all new full - <br />time employees. In general, businesses will be required to create new jobs in proportion to the percentage <br />of their total incentive grant requested to date, with grant payments deferred or reduced when annual job <br />creation goals are not met (see Section VI). <br />Grant Payments: The initial grant payment made under the terms of the legally - binding agreement <br />prescribed by this policy will not be paid until all fees and charges due to the town for development <br />activity are paid, and proof is received from the Wake County Revenue Department that county and town <br />taxes have been paid for the year of the initial tax assessment that includes the new investment value <br />utilized to calculate the base grant amount. Requests for reimbursement of town taxes (grant payments) <br />shall be presented to the town prior to March 31st following the previous year's tax assessment. <br />Grant Adjustments: The town and the grantee may elect to negotiate a "base grant" based on the initial <br />amount (first taxable year) of the proposed investment and adjust the grant amount and performance <br />period upward over time as additional building improvements /equipment are added at the new /expanded <br />business site. However, the total grant amount received by any individual grantee under the terms of this <br />policy shall not exceed the maximum award specified in Section III, below. <br />Confidentiality: Financial information, employment profiles, site plans, etc., submitted to the Town of <br />Wendell for the town's review and consideration of applications for economic development incentives <br />will be kept strictly confidential. Review of required submittals and the actual application for incentive <br />funds shall be limited to designated representatives of the town staff and the Town of Wendell Board of <br />Commissioners. No information related to an application for incentive funds will be made available for <br />public review unless disclosure is approved in writing by the Town Manager and the designated <br />representative of the business snaking application to the town for incentive funds, unless such disclosure <br />is otherwise required by North Carolina statute. <br />III. Economic Development Incentives <br />A. New Industries /office Parks <br />Eligible Applicants: Eligible applicants for New Industry/Office Park grants include new manufacturing <br />facilities; warehousing, distribution, and transportation facilities; and service industries (including office <br />park facilities). New retail businesses are eligible for assistance under the Small Business incentive (see <br />Section IILC). <br />Investment Threshold: In order to receive consideration <br />from the Town of Wendell, New Industries /Office Park s <br />and/or equipment (exclusive of land) of five million d <br />Section ILD, above. <br />561Page <br />for an economic development incentive grant <br />must propose a new investment in building <br />ollars ($5 million) or greater as calculated in <br />