Orange County NC Website
Browse       Search
9 <br />Miscellaneous Information <br />o Must be current in all taxes, fees etc <br />o Reimbursement provision included in contract <br />o Each project evaluated on individual basis <br />o Retail excluded <br />o Criteria may be waived for specific projects <br />Required Capital Investment - $8M for new projects, $1.5M for expansion <br />• Wage Requirements - at least equal to average hourly wage of all industry <br />in county <br />• Payback Period - 5 years <br />• Other Evaluation Criteria (in addition to jobs and investment) <br />o Impact on infrastructure <br />o Impact on county resources (public safety, public works, etc) <br />Process <br />o Written application <br />Miscellaneous Information <br />o Retail excluded <br />o Incentive contract will contain claw-back provisions <br />WAKE COUNTY -'Wake County Business Investment Grant Policy" <br />• Type _ not specified, referred to as 'grant' <br />Incentive Amount - up to 2.25% of assessed value of new investment <br />• Incentive Term -grant paid over a period up to 8 years 1' <br />Required Capital Investment - $100M (in 2004 dollars) (value of land not <br />included) for new projects, $50M for expansions if existing valuation is at <br />least $75M <br />Required Tob Creation - 50 new jobs <br />• Wage Requirements -Full time, pay at least 120% of average county wage <br />• Tob Quality -offer health insurance at least equal to that required under <br />William S Lee Act (i.e. must pay 50% of premium cost) <br />• Evaluation Criteria <br />o Type of business, relative to current tax base <br />o Types of new jobs <br />o Company reputation <br />o Competition for project <br />Miscellaneous Information <br />o All projects considered on case by case basis <br />o 'Special consideration provided for Fortune 500 companies and <br />large international companies <br />o Policy assumes collaboration with municipalities for projects <br />located within municipality <br />