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12 <br />KNIGHTDALE <br />• ape _ Reimbursement of new property tax revenue on the following <br />schedule: <br />o Year 1 - 95 <br />o Year 2 - 85 <br />o Years 3 - 5 (or until max incentive amt met)- 75% <br />• Grant Amount -1 % of total investment of new or expanded tax value; <br />additiona10.5% for corporate HQ with 50 new jobs with wages greater <br />than median Wake County wage. <br />• Required Capital Investment - $5M <br />• Miscellaneous Information <br />o Goal is 60% residentia140% non residential <br />o Tax Increment Financing (TIF) may be an incentive offered to <br />finance infrastructure <br />o Specific industries are targeted <br />MORRISVILLE <br />• TYpe _ not specified, referred to as '... performance-based cash grant...' <br />• Incentive Amount -benchmark of 1 % of total investment of new or <br />expanded tax value will guide discussions; 0.5 % additional incentive for <br />corporate HQ with at least 50 new jobs. Funded in long term financial <br />plan and paid from new/expanded tax base from an Economic <br />Development Fund <br />• Required Capital Investment -$10M for new business, $5M for expansion <br />• Required Tob Creation - 50 jobs for new business, 'some sustainable job <br />creation for expansion <br />• Wage Requirement -greater than or equal to average hourly wage of all <br />industry in county <br />• Job Quality -full time only, employers must pay at least 50% health <br />insurance premium for full time employees <br />• Time Period - 8 years, maximum <br />• Evaluation Criteria <br />o New jobs created <br />o Average wage rate <br />o Amount new investment in community <br />o Employee benefits <br />o State or County participation in project <br />o Eligibility for One North Carolina Funds <br />o Timeframe for investment /job creation <br />o Impact on public safety, public works, etc <br />o Sustainable building concepts <br />o Innovation in design concept <br />