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4 <br /> 1 support the renovation or expansion of vacant buildings, or buildings occupied by a company <br /> 2 operating in North Carolina for at least 12 months. The program, which must be administered by <br /> 3 a local government entity, requires the local government to hold a Deed of Trust on the building. <br /> 4 This can create a potential financial obligation on the local government in the event the <br /> 5 Company does not perform as expected. As ABB incurs actual costs associated with the facility <br /> 6 improvements it plans to make to the existing building, and creates new employment, the <br /> 7 $500,000 State grant will be passed through the County to the Company. The grant is in the <br /> 8 form of a forgivable loan that is satisfied once ABB fulfills all investment and employment <br /> 9 requirements. To eliminate any financial risk for the County, the pass-through funds will not be <br /> 10 requested from the State until the Company meets all investment and employment criteria and <br /> 11 satisfies any other program requirements. <br /> 12 <br /> 13 City of Mebane <br /> ABB's existing facility is currently located within the City of Mebane's Extraterritorial Jurisdiction (ETJ). <br /> The Company has agreed to annexation and the City of Mebane will consider the following additional <br /> incentives at the August 5, 2019 City Council meeting and public hearing. City of Mebane Incentives <br /> Performance Based Incentive $997,500 <br /> Waiver of Development Fees $150,000 <br /> 14 <br /> 15 FINANCIAL IMPACT: The attached Performance Agreement between Orange County and <br /> 16 ABB, Inc. outlines a total financial impact of up to $972,722 payable in five (5) annual <br /> 17 installments. Actual annual payments will be based on the Company's investments that create <br /> 18 new property tax value of at least $24,300,000 in Real Property, and at least $15,600,000 in <br /> 19 new Personal Property, totaling a combined $39,900,000 in new taxable value. Annual incentive <br /> 20 payments by the County will be paid from net new property tax revenues generated by ABB, <br /> 21 Inc. and from available Article 46 funds. <br /> 22 The Company will create at least Four Hundred Three (403) full-time jobs with an average <br /> 23 annual salary of$70,789 per year at the Mebane facility. Other economic benefit multipliers to <br /> 24 the County include enhanced job skills for those employees through advanced technical training <br /> 25 to be provided by the Orange County campus of Durham Technical Community College. <br /> 26 Construction employment for the new 200,000 square foot facility, and renovations to the <br /> 27 existing 400,000 square foot facility, will also create many additional skilled trade jobs. <br /> 28 <br /> 29 Steve Brantley, Economic Development Director, made the following PowerPoint <br /> 30 presentation: <br /> 31 <br /> 32 Proposal for Orange County's Financial Incentives for ABB, Inc. <br /> 33 Public Hearing by Orange County Board of Commissioners Whitted Buildin_g- <br /> 34 Hillsborou_ph, NC <br /> 35 July 23, 2019 <br /> 36 <br /> 37 Location of ABB, Inc. in Orange County (aerial photograph) <br /> 38 <br /> 39 Mebane City Limits & ETJ: ABB, Inc. (aerial photograph) <br /> 40 <br /> 41 Description of ABB's "Project Clear Blue Sky" <br /> 42 Consolidation into one U.S. hub of the manufacturing, engineering, & related electrical <br /> 43 products of ABB's "Distribution Services" line. <br /> 44 ABB hired consultant Deloitte U.S. to evaluate Mebane, NC versus a competing ABB <br /> 45 site in Senatobia, MS. <br /> 46 $39.9 million in investment <br />