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8
<br /> 1
<br /> 2 Retail Sales Projections:
<br /> 3 1st year $62,000,000
<br /> 4 2nd year $67,000,000
<br /> 5 3rd year $72,000,000
<br /> 6 4th year $78,000,000
<br /> 7 5th year $83,000,000
<br /> 8
<br /> 9 • Wegmans will maintain employment consistent with the job chart below during the term
<br /> 10 of the incentive agreement. The award is calculated at 25% of the total incentive based
<br /> 11 on job creation and wages.
<br /> 12 • If the employment target is not achieved, the incentive payment will be reduced
<br /> 13 proportionally.
<br /> 14
<br /> 15 Employment projections:
<br /> 16
<br /> 1St year 2nd year 3rd year 4th year 5th year
<br /> Full Time 185 185 185 185 185
<br /> Jobs
<br /> Part time jobs 250 287 325 350 413
<br /> (approximate)
<br /> Total (Full 285 300 315 325 350
<br /> time
<br /> equivalent)
<br /> 17
<br /> 18 Orange County Revenue Projections:
<br /> 19
<br /> 1St year 2nd year 3rd year 4th year 5th year TOTAL
<br /> Net New $103,782 $95,002 $86,222 $77,442 $68,662 $431,112
<br /> Property
<br /> Tax
<br /> Revenue
<br /> Sales Tax $813,426 $879,025 $944,624 $1,023,343 $1,088,941 $4,749,359
<br /> Revenue
<br /> TOTAL $917,208.3 $974,027.3 $1,030,846.3 $1,100,785.3 $1,157,603.3 $5,180,470.6
<br /> REVENUE 2 2 2 2 2 0
<br /> Incentive ($400,000) ($400,000) ($400,000) ($400,000) ($400,000) ($2,000,000)
<br /> Payment
<br /> 20
<br /> 21 Project Timeline (chart)
<br /> 22
<br /> 23 Commissioner Jacobs asked if the square footage for this building is known.
<br /> 24 Dan Aiken, Wegmans, said 120-130,000 square feet, and this is on the upper end of
<br /> 25 typical for a new store. He said each store is designed individually.
<br /> 26 Commissioner Rich asked if Dan Aiken could review how the retail sales will increase
<br /> 27 over a period offive5 years; and if it is based on other Wegmans stores, or on what happens in
<br /> 28 this region.
<br /> 29 Dan Aiken said it is based on how Wegmans sees its sales continue to grow from year
<br /> 30 to year. He said the 91 Wegmans stores, which are currently operational, have been reviewed,
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