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Public Hearing on Orange County's Incentive: <br />The Inducement Grant paid by the County will come <br />from the County's "ad valorum" property tax revenues <br />that Morinaga generates after it is in operation, <br />supplemented by proceeds from the % cent sales tax. <br />Local and state government has the goal to promote <br />economic development by encouraging the location of <br />new businesses and the expansion of existing <br />businesses. The Local Government Act, North Carolina <br />General Statute 158 -7.1 outlines the requirements of <br />public hearings, and the public hearing has been <br />scheduled in compliance. <br />