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3 <br /> A company representative has been invited to attend tonight's meeting and will be available for <br /> comment and questions. <br /> -EVE"'Orange <br /> 1 S Year 22--Year 31 Year 4—Year 5—Year TOTAL <br /> 2020 2021 2022 2023 2024 <br /> New Property <br /> Tax $45,131 $277,554 $337,110 $324,489 $312,679 $1,296,963 <br /> Revenues <br /> Incentive -$33,848 -$208,166 -$252,832 -$243,367 -$234,509 -$972,722 <br /> Payments <br /> Annual Net $11,283 $69,289 $84,277 $81,122 $78,170 $324,241 <br /> Revenues <br /> Orange County • • <br /> 1 <br /> New Property Tax $2,706,336 <br /> Revenues , <br /> Incentive Payments -$972,722 <br /> Annual Net Revenues $1,733,614 <br /> Additional Partners' Participation: <br /> The State of North Carolina's "Economic Investment Committee" approved the following State <br /> incentives for ABB, Inc. at the North Carolina Department of Commerce's July 10t" meeting. <br /> Immediately following this event, a public announcement was held at the State Capitol Building <br /> in Raleigh, which was led by North Carolina Governor Roy Cooper, and attended by <br /> representatives from ABB, Inc., Orange County and the City of Mebane. The public <br /> announcement addressed ABB's decision to expand the Company's existing facility located in <br /> Orange County, instead of the competing location in Mississippi, subject to approval of local <br /> government incentives. <br /> State of North Carolina — Incentives <br /> Sales Tax Exemption on Machinery & Equipment $1,053,000 <br /> Jobs Development Investment Grant $4,369,500 <br /> Rural Division Building Reuse Grant *(forgivable loan) $500,000 <br /> N.C. Community College System's Customized Training $644,800 <br /> *Note Regarding the State of N.C.'s "Rural Division Building Reuse Grant": <br /> Orange County will have a managerial role as the "grant administrator" for the State of North <br /> Carolina's "Rural Division Building Reuse Grant" offer to ABB, Inc. This program is intended to <br /> support the renovation or expansion of vacant buildings, or buildings occupied by a company <br /> operating in North Carolina for at least 12 months. The program, which must be administered <br /> by a local government entity, requires the local government to hold a Deed of Trust on the <br /> building. This can create a potential financial obligation on the local government in the event the <br /> Company does not perform as expected. As ABB incurs actual costs associated with the facility <br /> improvements it plans to make to the existing building, and creates new employment, the <br /> $500,000 State grant will be passed through the County to the Company. The grant is in the <br /> form of a forgivable loan that is satisfied once ABB fulfills all investment and employment <br />