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37 <br /> Attachment C <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> Orange County Board of Commissioners <br /> Detailed Summary of Economic Development Recruitment <br /> Project Clear Blue Sky <br /> (ABB, Inc. plant expansion) <br /> July 23, 2019 <br /> Purpose: <br /> • Expansion of the existing ABB, Inc. factory (former General Electric Industrial Energy <br /> Solutions) facility located in Orange County. (The current tax value of existing operations as <br /> of Jul 10, 2019 is $20,081,568). <br /> • Consideration of an inducement incentive (based on the County's standard incentives <br /> formula approved by the BOCC with similar manufacturing projects). <br /> Incentive Proposal: <br /> • Performance-based grant calculated at 75% of actual property tax valuation, for 5 years <br /> • Orange County's estimated 5-year incentive total is $972,722.00 <br /> Project Description: <br /> • The ABB site search was assisted by the accounting consulting firm Deloitte US and the <br /> State of NC to conduct the project evaluation: Mississippi vs. North Carolina expansion. <br /> • $39.9 million in new capital investment (forecast to occur in the first 3 years of operation). <br /> o New building construction of 200,000 sq. ft. (approx. half of the investment) <br /> o Plus building improvements to the existing 400,000 sq. ft. factory <br /> o World-class sheet metal and copper fabrication equipment <br /> o Transfer of personal property <br /> • 378 new jobs in first 2 years, increasing to 403 lobs by 5th year <br /> • $70,789.00 average annual salary, plus benefits. <br /> • With Mebane site being selected, the current 400,000 sq. ft. footprint would be expanded <br /> by 50% and updated with world-class sheet metal and cooper fabrication equipment. <br /> • ABB currently has 550 employees, and is the largest manufacturer, with the most advanced <br /> technology, and highest average salary, among all major industries in Orange County. <br />