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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: October 15, 2013 <br />Action Agenda <br />Item No. 6 -a <br />SUBJECT: Economic Development Incentive for Morinaga America Foods, Inc. <br />DEPARTMENT: Economic Development, <br />Manager's Office, Attorney's <br />Office <br />ATTACHMENT(S): <br />1. Performance Agreement Between <br />Orange County & Morinaga America <br />Foods, Inc. <br />2. Resolution Authorizing a <br />Performance -Based Inducement <br />Grant Between Orange County & <br />Morinaga America Foods, Inc. <br />3. Public Hearing Notice <br />4. Summary of Project Recruitment and <br />Company Background <br />5. Power Point Summary <br />6. Aerial Site Map, Location & Proposed <br />Infrastructure Improvements <br />PUBLIC HEARING: (Y /N) Yes <br />INFORMATION CONTACT: <br />Steve Brantley <br />Economic Development, (919) 245 -2326 <br />Michael Talbert <br />County Manager, (919) 245 -2308 <br />John Roberts <br />County Attorney, (919) 245 -2318 <br />1 <br />PURPOSE: To hold a public hearing on the issuance of "performance- based" economic <br />development incentives to a private company, and to consider approval of the incentive <br />agreement, with claw back provisions, for the recruitment of Morinaga America Foods, Inc. to <br />Orange County. <br />BACKGROUND: Local and state government has the goal to promote economic development <br />by encouraging the location of new businesses and the expansion of existing businesses. This <br />activity serves to diversify the tax base, increase employment opportunities, and introduce new <br />technologies and job skills to a community and for the benefit of its residents. The Local <br />Government Act, North Carolina General Statute 158 -7.1, outlines the requirements of public <br />hearings, and the public hearing has been scheduled in compliance. <br />The subject property, a 21 -acre site located along Ben Wilson Road and Interstates 1- 85/1 -40, is <br />within Orange County's Buckhorn Economic Development District. The property will also be <br />annexed into the City of Mebane before the end of 2013, thereby creating a tax base benefit to <br />both County and City jurisdictions. Attachments include the Performance Agreement between <br />Orange County and Morinaga America Foods, Inc., a Resolution, the Public Hearing Notice, the <br />recruitment history of Morinaga America Foods, Inc., and company background, and an aerial <br />