Agenda - 01-23-2014 - 6a - Laserfiche WebLink

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8 1 $48 million investment @ 1.5% _ $144,000 annual grant x 5 years = $720,000 maximum total 2 grant. 3 4 State of North Carolina Incentives 5 • "One North Carolina Fund" program 6 $264,000 performance-based 3-year grant. 7 • N. C. Department of Transportation 8 $500,000 to provide road access to the site. 9 • Durham Technical Community College 10 $150,000 earmarked for technical training of new employees (Hillsborough 11 Campus). 12 • Division of Employment Security 13 Pre-screening of job applicants to help identify Orange County residents who wish 14 to 15 gain employment with Morinaga. 16 17 Conclusion 18 Our Morinaga Success Story: 19 • Highlights Orange County's efforts to diversify our local economy, tax base & 20 employment opportunities. 21 • Creates more & better jobs, with technical training, health & related employment 22 benefits for our residents. 23 • Demonstrates how the BOCC's commitment to prepare the Economic Development 24 Zones with utilities, zoning, incentives & thoughtful use of the '/4 cent sales tax for 25 economic development, has proven to be a winning formula for the long term. 26 • Highlights the public's commitment to economic development through passage of the 1/4 27 cent sales tax for economic development in Nov. 2011. 28 29 Michael Talbert discussed the performance based incentive and said there will be no 30 money distributed upfront. He said this will be a reimbursement based on the investment of the 31 company. He said the commencement date of this agreement is December 2015, and the full 32 term of the agreement is 5 years. He said the minimum taxable value of$34 million must be 33 achieved by January 31 of 2018, and the 90 jobs must be achieved by this same date. 34 He said the County tax office will provide verification for the "clawback" provision. 35 Michael Talbert said the company has an average mean salary of$38,000. He reviewed 36 the successes of this process. 37 He reviewed next steps with the Board, to include a public hearing. He said the 38 Manager's recommendation is that the Board approve the performance based economic 39 development incentive and move forward with this project. 40 41 Chair Jacobs recognized Everette Greene from the Mebane City Council. 42 43 PUBLIC COMMENT: 44 D.R. Bryan, Chair of the Economic Development Advisory Board, said the board offers 45 their enthusiastic support for this project and asks that the Commissioners support and approve 46 the incentives package. 47 Dr. Bill Ingram, President of Durham Tech, said the school is very supportive of the 48 Board of County Commissioners and the Morinaga Company. He said they have worked with 49 multi-national firms from Durham County. He said Durham Tech's mission is to enrich students' 50 lives and the broader community, through teaching, learning and service.