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6 <br /> The proposed County inducement capped at $1,840,967 is a performance-based grant to be <br /> made to the Company over a five (5) year period, and is calculated in value at an amount equal <br /> to 75% of Medline's projected new investment in real & personal property tax valuation. This <br /> specific formula represents the County's current incentive policy which has been offered by the <br /> BOCC in the past to other industrial prospects. The formula ensures that annual property tax <br /> revenues from the new investment's additional property tax values, net of annual incentive <br /> payments, yield a positive cash flow in all years of the initial incentive agreement. <br /> IL Orange County Property <br /> 1 S'Year 2--d Year 3rd Year 41-'Year 5`—"Year 6`—"Year <br /> 2020 2021 2022 2023 2024 2025 TOTAL <br /> New <br /> Property Tax $243,012 $562,399 $555,630 $549,537 $544,045 $537,349 $2,991,972 <br /> Revenues <br /> Incentive 421 799 416 722 412 153 408 034 182 259 ($1,840,967) <br /> Payments <br /> Annual Net $243,012 $140,600 $138,907 $137,384 $136,011 $355,090 $968,745 <br /> Revenues <br /> * Note: There is no incentive payment scheduled for 2020 due to the company's request that payments begin after <br /> building completion. <br /> Orange County Property <br /> Projections 1 <br /> New Property Tax $5,086,350 <br /> Revenues Collected <br /> Incentive Payments ($1,840,96D <br /> Annual Net Revenues $3,245,383 <br /> State of North Carolina & City of Mebane — Supplemental Recruitment Incentives: <br /> The Company has also received financial inducement proposals from the State of North <br /> Carolina and the City of Mebane, as follows: <br /> 75tateMMorth Carolina — Incentives <br /> Discretionary Grant <br /> N.C. Department of Commerce ONE NC FUND $500,000 <br /> Workforce Development Support <br /> N.C. Community College System's Customized Training $225,000 <br /> Public Road Access Improvements to West Ten Road <br /> N.C. Department of Transportation $1,000,000 <br /> Total $1,725,000 <br /> City of Mebane - Incentives <br /> Performance Based Incentive — 5 years $653,000 <br /> Waiver of Development Fees $150,000 <br /> Total $803,000 <br />