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