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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: October 18, 2016 <br /> Action Agenda <br /> Item No. 5-b <br /> SUBJECT: Public Hearing Regarding an Economic Development Recruitment Incentive for <br /> Wegmans Food Markets, Inc., and a Supplemental Interlocal Agreement <br /> Between Orange County & the Town of Chapel Hill <br /> DEPARTMENT: Economic Development, <br /> Manager's Office, Attorney's <br /> Office <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> 1. Performance Agreement between Steve Brantley, Economic Development <br /> Orange County & Wegmans Food (919) 245-2326 <br /> Markets, Inc. Travis Myren, Deputy County Manager <br /> 2. Public Hearing Notice (919) 245-2308 <br /> 3. Interlocal Agreement between <br /> Orange County & the Town <br /> Of Chapel Hill <br /> 4. PowerPoint Summary <br /> 5. Wegmans Food Market, Inc. <br /> Overview <br /> 6. Chronology/Projected Timeline <br /> 7. News Release <br /> PURPOSE: To: <br /> 1) Receive and hold a public hearing on the issuance of a "performance-based" economic <br /> development incentive by the County to a private company; <br /> 2) Consider approval of the incentive agreement, with claw-back provisions, for the <br /> recruitment of Wegmans Food Markets, Inc. to Orange County, NC; and <br /> 3) Consider a supplemental Interlocal Agreement between Orange County and the Town of <br /> Chapel Hill, whereby the County administers the performance-based incentive agreement <br /> with the Company, and the County and Town equally share 50/50 in the cost-sharing of <br /> the annual incentive payment during the 5-year term of the incentive agreement (The <br /> Town of Chapel Hill is scheduled to hold a public hearing on the proposal on Monday, <br /> October 17, 2016.). <br /> BACKGROUND: Local and state government in North Carolina has the goal to promote <br /> economic development by encouraging the location of new businesses and the expansion of <br /> existing businesses. This activity serves to diversify the local tax base, increase employment <br /> opportunities and introduce desired job skills and related benefits to a community, and for the <br /> benefit of its residents. The Local Government Act, North Carolina General Statute (NCGS) <br />