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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5 Dollars ($8,000,000), Company retail sales reaching at least Eighty-Three Million Dollars ($83,000,000); and Company employment reaching at least three hundred fifty (350) full-time equivalent jobs at the Chapel Hill facility. The attached supplemental Interlocal Agreement between the County and Town covers the County's overall administration of the Inducement Agreement with the Company, and the reimbursement by the Town to the County for the Inducement Grant to be paid to the Company. SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to this agenda item: • GOAL: ENSURE ECONOMIC SELF-SUFFICIENCY The creation and preservation of infrastructure, policies, programs and funding necessary for residents to provide shelter, food, clothing and medical care for themselves and their dependents. RECOMMENDATION(S): The Manager recommends that the Board: (1) Receive the proposal to consider the issuance of incentives to a private company for the recruitment of Wegmans Food Market, Inc. to Orange County; (2) Conduct the Public Hearing and receive public comments; (3) Close the Public Hearing; (4) Approve the "performance-based" economic development incentive agreement between Orange County and the Company, Wegmans Food Market, Inc., with claw-back provisions, subject to final review by the County Attorney, and authorize the Chair to sign the agreement on behalf of the County; (5) Receive the supplemental proposal to consider an Interlocal Agreement between Orange County and the Town of Chapel Hill, whereby the County administers the performance- based incentive agreement with the Company, and the County and Town equally share 50/50 in the cost-sharing of the annual incentive payment during the 5-year term of the incentive agreement; and (6) Approve the Interlocal Agreement, subject to final review by the County Attorney, and authorize the Chair to sign on behalf of the County.