Orange County NC Website
Browse       Search
7 <br /> 1 • Pizza <br /> 2 • Pub <br /> 3 • Sub shop <br /> 4 • Sushi <br /> 5 • Wine, liquor, beer <br /> 6 <br /> 7 Community Benefits <br /> 8 • Substantial employment, averaging 350 full-time equivalent jobs. <br /> 9 • Minimum starting wage of$12 per hour for at least 70% of FTE employees. <br /> 10 • Health insurance benefits provided to all full-time employees working at least 30 hours <br /> 11 per week. <br /> 12 • Significant gains in new property & retail sales taxes collected. <br /> 13 • Broad regional market draw from other areas & tourism boost. <br /> 14 • Direct synergies with Orange County's local food economy. <br /> 15 • Improvements to a critical U.S. 15-501 gateway location into Chapel Hill. <br /> 16 <br /> 17 Outline of Performance Based Incentives <br /> 18 (on a $4 million dollar incentive) <br /> 19 <br /> 20 Incentive Structure <br /> 21 • $4.0 million proposed total incentive, split 50/50 between Orange County ($2 million) <br /> 22 and the Town of Chapel Hill ($2 million). <br /> 23 • Orange County will serve as the primary administrator of the performance-based <br /> 24 incentive agreement between Wegmans and the local governments, and hold the <br /> 25 required public hearing. <br /> 26 • Orange County and the Town of Chapel Hill will have a supplemental Inter-local <br /> 27 Agreement governing the co-share incentive payment over the term of the incentive <br /> 28 period. <br /> 29 This incentive offering is based off the following: <br /> 30 1.) Gateway location along U.S. 15-501 into our community <br /> 31 2.) Large number of jobs that would be created (185 full-time and approximately 413 part- <br /> 32 time; or 350 full-time equivalent jobs). <br /> 33 3.) Significant amount of net new taxable investment being made to develop and improve <br /> 34 the site ($30+ million) <br /> 35 4.) Significant amount of sales tax that will be generated (potentially $1.5 million +/- <br /> 36 annually between the County and Town of Chapel Hill). <br /> 37 5.) This store location will be close to a potential light rail stop. <br /> 38 6.) Environmental clean-up associated with the site's redevelopment. <br /> 39 7.) Replacement of outgoing Performance Motors with another company that supports <br /> 40 community values. <br /> 41 <br /> 42 • Overall property valuation of at lease $18,144,000 in real property and at least <br /> 43 $8,000,000 in personal property. The award is calculated at 25% of the total incentive <br /> 44 based on real and personal property valuation. <br /> 45 • If the property tax valuation target is not achieved, the incentive payment will be reduced <br /> 46 proportionally. <br /> 47 • Wegmans store retail sales are projected to reach $83,000,000 by the end of the first <br /> 48 five years. The award is calculated at 50% of the total incentive based on retail sales. <br /> 49 • If the retail target is not achieved, the incentive payment will be reduced proportionally. <br />