Orange County NC Website
Browse       Search
7. The business or industry will provide periodic verification of its compliance with the <br />requirements to which it has agreed; <br />8. New or expanding businesses or industries may qualify to receive an economic development <br />incentive grant based upon the actual value, schedule and payment of local property taxes for <br />a period of up to five tax years; <br />9. The Town will require the business or industry to "pray in full' annually total property taxes <br />due (If property taxes are not paid prior to January 5` , then agreement is void); <br />10. If the business or industry meets the specific criteria as outlined in a formal agreement, then <br />an amount determined by multiplying the property tax payment paid by the business or <br />industry by the percentage figure derived from the "Investment and Job Creation Chart' may <br />be granted to the business or industry for five consecutive tax years in the form of an <br />economic development incentive grant; <br />11. A business or industry shall be defined as any company that engages in manufacturing, <br />assembling, fabrication, processing, warehousing, distribution, data processing, software <br />development, central administrative office, telecommunication, research and development <br />facilities, biotechnology, information technology, corporate headquarters, or any other <br />business or industry as allowed by NCGS §158 -7.1 at the discretion of the Town Board of <br />Commissioners; <br />12. Retail space or general commercial facilities shall be excluded from the definition of <br />business or industry. <br />Investment and Job Creation Chart <br />New or Expansion <br />Amount <br />0 — 39 <br />Jobs <br />40 - 74 Jobs <br />75 - 99 Jobs <br />100 Jobs <br />and over <br />$500,000 - $2,499,999.99 <br />55% <br />60% <br />65% <br />70% <br />$2,500,000 - $7,499,999.99 <br />60% <br />65% <br />70% <br />75% <br />$7,500,000 and tip <br />65% <br />70% <br />75% <br />80% <br />• Investment dollar amount shall be determined by the increase in assessed value of real <br />property. <br />• Number of jobs shall be determined by counting each employee that averages 100% and <br />above the average weekly wage for Chatham County during a calendar year. <br />• Average weekly wage for Chatham County shall be determined by the most recent quarterly <br />report for Chatham County provided by the State of North Carolina. <br />• Average weekly wage for employees of the business or industry shall be determined by the <br />payroll data of the business or industry. <br />