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Agenda - 10-18-2016 - 5-b - Public Hearing Regarding an Economic Development Incentive for Wegmans Food Markets, Inc., and Interlocal Agreement Between Orange County & Chapel Hill
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Agenda - 10-18-2016 - 5-b - Public Hearing Regarding an Economic Development Incentive for Wegmans Food Markets, Inc., and Interlocal Agreement Between Orange County & Chapel Hill
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10/13/2016 4:36:55 PM
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10/13/2016 4:18:13 PM
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BOCC
Date
10/18/2016
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
5b
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2019-804 Economic Dev - Town of Chapel Hill interlocal agreement Wegmans
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\Board of County Commissioners\Contracts and Agreements\General Contracts and Agreements\2010's\2019
Minutes 10-18-2016
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\Board of County Commissioners\Minutes - Approved\2010's\2016
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EWA <br /> Dec 2023 Dec 2024 <br /> Dec 2021 Dec 2022 <br /> Project Timeline 1st Incentive 2nd Incentive 3rd Incentive 4th Incentive 5 Incentive <br /> Payment to Payment to <br /> Payment to Payment to Payment to Wegmans <br /> Wegmans Wegmans Wegmans Wegmans (Fi al) <br /> 2017 2018 2019 2020 2021 T2022 2023 2024 2025 <br /> Jul Jan Dec Jan Jan Jan Jan Jan <br /> 5th year <br /> Performance <br /> Measures <br /> 4th year ; Persona Property Valuation <br /> Performance Retail Sales <br /> Measures 350 FTE <br /> Employment <br /> Property Valuation <br /> 3rd year <br /> Performance L $78,000,000 Retail Sales <br /> Measures ��+ dft Employment <br /> I <br /> $3.8M Real Property Valuation <br /> I I I I f year Retail Sales <br /> Performance <br /> Measures Employment <br /> Property Valuation <br /> 1st year $8.0'M Personal <br /> Performance 2A 1AII111M Retail Sales <br /> I I Measures " Employment Incentive Payments to Wegmans <br /> $3.8M Real& 3rd Max. Incentive <br /> $8.OM Personal Property Valuation Onn Year] MM Payout <br /> $62,000,000 Retail Sales <br /> Orange $400,000 $400,000 $400,000 $400,000 $400,000 I $2,000,000 <br /> Employment County <br /> Certificate of Occupancy(spring 2019) Town of <br /> The performance period will run 12 months from the date issued. Chapel $400,000 $400,000 $400,000 $400,000 $400,000 $2,000,000 <br /> Site Work&Redevelopment Hill <br /> ■Building Permits(winter 2017) Yearly $800,000 $800,000 $800,000 $800,000 $800,000 $4,000,000 <br /> Total <br /> ■Demolition Permits(Fall 2017) Estimated timeline dates subject to change based on when the actual Commencement Date <br /> Performance Automall relocates to Durham takes place and when the performance information is obtained annually. <br />
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