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3 <br /> Time Jobs <br /> 1 The proposed inducement payment will be in the form of a performance-based grant paid over a <br /> 2 five (5) year period at an amount equal to 75% of ABB's projected net increase in real & <br /> 3 personal property tax valuation. This specific formula represents the County's current incentive <br /> 4 policy that has been offered in the past to other industrial and commercial prospects. It ensures <br /> 5 that annual tax revenues from this project's additional investment, net of annual incentive <br /> 6 payments, remain positive in all years of the incentive agreement. <br /> 7 <br /> A company representative has been invited to attend tonight's meeting and will be available for <br /> comment and questions. Orange County Revenue Projections (5 Years) <br /> St nd rd to to TOTAL <br /> 1—Year 2 Year 3 Year 4 Year 5 Year <br /> 2020 2021 2022 2023 2024 <br /> New $45,131 $277,554 $337,110 $324,489 $312,679 $1,296,963 <br /> Property <br /> Tax <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 Revenue Projections <br /> (10 Years) <br /> New Property Tax $2,706,336 <br /> Revenues <br /> Incentive Payments -$972,722 <br /> Annual Net Revenues $1,733,614 <br /> 8 <br /> 9 Additional Partners' Participation: <br /> 10 The State of North Carolina's "Economic Investment Committee" approved the following State <br /> to <br /> 11 incentives for ABB, Inc. at the North Carolina Department of Commerce's July 10 meeting. <br /> 12 Immediately following this event, a public announcement was held at the State Capitol Building <br /> 13 in Raleigh, which was led by North Carolina Governor Roy Cooper, and attended by <br /> 14 representatives from ABB, Inc., Orange County and the City of Mebane. The public <br /> 15 announcement addressed ABB's decision to expand the Company's existing facility located in <br /> 16 Orange County, instead of the competing location in Mississippi, subject to approval of local <br /> 17 government incentives. <br /> 18 <br /> 19 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 $500,000 <br /> loan) <br /> N.C. Community College System's Customized $644,800 <br /> Training <br /> 20 <br /> 21 *Note Regarding the State of N.C.'s "Rural Division Building Reuse Grant": <br /> 22 Orange County will have a managerial role as the "grant administrator" for the State of North <br /> 23 Carolina's "Rural Division Building Reuse Grant" offer to ABB, Inc. This program is intended to <br />