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3 <br /> <br />The proposed inducement payment will be in the form of a performance-based grant paid over a <br />five (5) year period at an amount equal to 75% of ABB’s projected net increase in real & <br />personal property tax valuation. This specific formula represents the County’s current incentive <br />policy that has been offered in the past to other industrial and commercial prospects. It ensures <br />that annual tax revenues from this project’s additional investment, net of annual incentive <br />payments, remain positive in all years of the incentive agreement. <br /> <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 />1st Year <br />2020 <br />2nd Year <br />2021 <br />3rd Year <br />2022 <br />4th Year <br />2023 <br />5th Year <br />2024 <br />TOTAL <br />New <br />Property <br />Tax <br />Revenues <br />$45,131 $277,554 $337,110 $324,489 $312,679 $1,296,963 <br />Incentive <br />Payments <br />-$33,848 -$208,166 -$252,832 -$243,367 -$234,509 -$972,722 <br />Annual Net <br />Revenues <br />$11,283 $69,289 $84,277 $81,122 $78,170 $324,241 <br /> <br />Orange County Revenue Projections <br />(10 Years) <br />New Property Tax <br />Revenues <br />$2,706,336 <br />Incentive Payments -$972,722 <br />Annual Net Revenues $1,733,614 <br /> <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 10th 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 /> <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 <br />loan) <br />$500,000 <br />N.C. Community College System’s Customized <br />Training <br />$644,800 <br /> <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 by