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Attachment #4 <br />The Manager recommends that the Board: <br />I <br />1. Receive the proposal to consider the issuance of incentives to a private company for the recruitment of <br />Morinaga America Foods, Inc. to Orange County, and to consider approval of a "performance- based" <br />economic development incentive agreement with claw back provisions. <br />2. Conduct the Public Hearing and accept public and BOCC comments. <br />3. Close the Public Hearing. <br />4. Approve the "Performance- Based" economic development incentive agreement between Orange County <br />and the Company, and authorize the Chair to sign the agreement on behalf of the County. <br />All incentives from the County will come from the County property tax revenues that Morinaga generates after it <br />is in operation, supplemented by proceeds from the % cent sales tax. <br />Partners in the Successful Recruitment Process: <br />Key Participants: <br />• State of North Carolina <br />(Governor McCrory & Secretary of Commerce Sharon Decker) <br />• North Carolina Department of Commerce <br />(Business /Industry Development Division & Commerce Finance Division) <br />• Orange County <br />(Board of County Commissioners, Manager's Office, Economic Development, Planning & <br />Inspections, Legal, Financial Services, Visitor's Bureau, Public Affairs) <br />• City of Mebane <br />(Mayor, City Council & City Manager's office) <br />• Durham Technical Community College <br />(Hillsborough campus) <br />• North Carolina Community Colleges System <br />• North Carolina Department of Transportation <br />• InSpec Group <br />(Site selection consultant from Portland, OR) <br />Other Participants: <br />• University of North Carolina at Chapel Hill <br />(Chancellor's Office; Office for Innovation & Entrepreneurship) <br />• Progress Duke Energy <br />• PSNC Energy <br />• Research Triangle Regional Partnership <br />• Land owner <br />Chronology of Morinaga & Co.. Ltd. : <br />1899: Taichiro Morinaga returns from San Francisco and establishes a candy and confectionery company with <br />partner Hanzaburo Matsuzaki, becoming the first to introduce Western -style snacks to Japan. <br />1914: After years of research, Morinaga launches a caramel candy, Hi -Chew, designed to appeal to the Japanese <br />market. <br />1917: Morinaga establishes a dairy operation in Japan. <br />1918: Morinaga becomes the first company to market chocolate bars in Japan. <br />7 <br />