Orange County NC Website
Browse       Search
25 <br />• Incentive 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 />• Wage Requirements -Greater than Wake County median wage <br />• Required Capital Investment -$10M and provides at least $1,100 of tax <br />base per gallon of sewer allocated; $8M for expansion <br />• Payback Period - 5 year, maximum (10 years for retail) <br />. Process -using application obtained from town manager, provide written <br />request to include: <br />o Amount of capital investment <br />o Previous years' employment numbers <br />o New job projections <br />o Water and sewer needs <br />o Type of business activity <br />o Any hazardous waste used, generated, discharged <br />Evaluation Criteria <br />o Amount of new investment in community <br />o Number and type new jobs <br />o Average wage rate <br />o Level of state or county participation <br />o Timeframe for investment /job creation <br />o Potential for expansion <br />o Reputation of company <br />o Competition for the project <br />o Impact of existing quality of life <br />o Corporate HQ <br />o Past record of community involvement <br />o Amenities provided (if mixed use project) <br />Miscellaneous Information <br />o Goal is 50%-50% residential -non-residential tax base split <br />o Retail/mixed use only considered for incentives if met other <br />criteria and adhere to set of design requirements/amenities <br />included in agreement <br />o All recipients of public funds will be involved in community, either <br />.actively or financially. Entity shall become member of Chamber of <br />Commerce as long as incentive payments being granted. Will <br />encourage employees to become involved in community <br />organizations <br />o Policy reviewed for updates every two years <br />o Specific criteria for Retail/Mixed Use projects ($50M investment <br />and greater than 50 acres with associated design guidelines) <br />Page 9 of 13 <br />