Orange County NC Website
8 <br /> • Wegmans store retail sales are projected to reach $83,000,000 by the end of the first <br /> five years. The award is calculated at 50% of the total incentive based on retail sales. <br /> • If the retail target is not achieved, the incentive payment will be reduced proportionally. <br /> Retail Sales Projections: <br /> 1st year $62,000,000 <br /> 2nd year $67,000,000 <br /> 3rd year $72,000,000 <br /> 4th year $78,000,000 <br /> 5th year $83,000,000 <br /> • Wegmans will maintain employment consistent with the job chart below during the term <br /> of the incentive agreement. The award is calculated at 25% of the total incentive <br /> based on job creation and wages. <br /> • If the employment target is not achieved, the incentive payment will be reduced <br /> proportionally. <br /> Employment projections: <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 /> Orange County Revenue Projections: <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 /> REVENU 2 2 2 2 2 0 <br /> E <br /> Incentive ($400,000) ($400,000) ($400,000) ($400,000) ($400,000) ($2,000,000) <br /> Payment <br /> Project Timeline (chart) <br /> Commissioner Jacobs asked if the square footage for this building is known. <br /> Dan Aiken, Wegmans, said 120-130,000 square feet, and this is on the upper end of <br /> typical for a new store. He said each store is designed individually. <br />