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6 <br /> Company CEO and President Richie Richmond has been invited to attend the meeting and will <br /> be available for comment and questions. <br /> Orange <br /> 1 st Year 2--d Year Sid Year 41h-Year 51-h Year TOTAL <br /> 2021 2022 2023 2024 2025 <br /> Gross <br /> Property Tax $14,320 $15,926 $24,314 $26,005 $34,449 $115,014 <br /> Revenues <br /> Incentive <br /> Payments ($10,740) ($11,944) ($18,236) ($19,504) ($25,837) ($86,261) <br /> Annual Net $3,580 $3,981 $6,079 $6,501 $8,612 $28,753 <br /> Revenues <br /> Orange <br /> (10 Years) <br /> Gross Property Tax Revenues $274,709.00 <br /> Incentive Payments ($86,261.00) <br /> Annual Net Revenues $188,448.00 <br /> FINANCIAL IMPACT: The attached "Performance Agreement" contract between Orange <br /> County and Piedmont Metalworks, LLC outlines a total financial impact of up to Eighty Six <br /> Thousand Two Hundred Sixty One Dollars ($86,261), payable in five (5) annual installments. <br /> This Inducement Agreement will be performance-based, measured annually, and based on the <br /> Company's annual investments in 2020 through 2024 resulting in a new property tax valuation <br /> of approximately Three Million Fifty Thousand Dollars ($3,050,000) in Real Property, and <br /> approximately One Million One Hundred Thousand Dollars ($1,100,000) in new Personal <br /> Property, to yield a combined Four Million One Hundred Fifty Thousand Dollars ($4,150,000). <br /> Annual incentive payments by the County will be paid from net new property tax revenues to be <br /> generated by Piedmont Metalworks, LLC, and from available Article 46 funds, as required. <br /> The Company will create at least forty-two (42) full-time jobs, to include 30 new positions, with <br /> an average annual salary of $41,236 per year (average salary of $19.83 per hour). Other <br /> economic benefit multipliers to the County include enhanced job skills for those employees <br /> through advanced technical training to be provided by the Orange County campus of Durham <br /> Technical Community College in Hillsborough. Also, construction employment for the additional <br /> 40,000 square foot facility will create additional skilled trade jobs in the metalworking industry. <br />