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6 <br /> <br />FINANCIAL IMPACT: The attached “Performance Agreement” contract between Orange <br />County and Medline Industries, Inc. outlines a total financial impact of up to One Million Eight <br />Hundred Forty Thousand Nine Hundred Sixty Seven Dollars ($1,840,967.00), payable in five (5) <br />annual installments. This Inducement Agreement will be performance-based, measured <br />annually, and based on the Company’s actual 5-year capital investment schedule that will <br />generate new property tax valuation of at least Fifty Five Million Dollars ($55,000,000) in Real <br />Property, and at least Ten Million Three Hundred Thousand Dollars ($10,300,000) in new <br />Personal Property, reaching a combined Sixty Five Million Three Hundred Thousand Dollars <br />($65,300,000). <br /> <br />The Company will also create at least Two Hundred Fifty (250) full-time jobs, with full health <br />care and related employment benefits, and pay an average annual salary of $35,468 per year <br />at the facility during the first 5 years. Other economic benefit multipliers to the County include <br />enhanced job skills for those employees through advanced technical training to be provided by <br />the Orange County campus of Durham Technical Community College in Hillsborough. Also, <br />construction employment for the new distribution center will create many additional skilled trade <br />employment opportunities. <br /> <br />Annual incentive payments by the County will be paid from net new property tax revenues to be <br />generated by Medline Industries, Inc. and from available Article 46 funds, as required. <br /> <br />Steve Brantley made the following PowerPoint presentation: <br />Medline Industries, Inc. <br />“Project Tomorrow” <br />Public Hearing for Incentive Proposal <br />Southern Human Services Center <br />September 10, 2019 <br />Description of Medline’s “Project Tomorrow” <br />Investment: $65.3 million (majority in first 2 years) <br />Employment: 250 new jobs in first 5 years <br />• $35,468 average annual salary, plus health care, retirement & educational <br />benefits <br />• 500 jobs in 8-9 years, up to 600 jobs after 10 years <br />Facility: Distribution center of 1.2 million sq. ft. to supply medical products to hospitals, EMS <br />agencies, home health care providers, surgical centers, and critical care clinics. Will be built to <br />LEED-certified standards to promote environmental efficiency, with extensive solar panel <br />placement on the building’s rooftop; uses automated robotic inventory control technology <br /> <br />Commissioner Greene arrived at 7:06 p.m. <br /> <br />Outline of Orange County’s Performance-Based Incentive <br />Medline’s New Capital Investment By Year <br /> 2019 2020 2021 2022 2023 Total <br />Real Property $25,000,000 $30,000,000 $0 $0 $0 $55,000,000