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10 <br /> n♦ <br /> ►t a <br /> 1 <br /> 2 y = <br /> 3 <br /> 4 Basis to Calculate the Value of Orange County's Performance-Based Incentive: <br /> 5 <br /> 6 (1) NEW INVESTMENT— Piedmont Metalworks, LLC proposes to relocate its current Durham- <br /> 7 based sheet metal manufacturing facility to Orange County and build a new 40,000 square foot <br /> 8 production space adjacent to the existing Forma-Fab Metals operation. This plan will increase <br /> 9 real property valuation by approximately $3,050,000 and personal property valuation by <br /> 10 approximately $1,100,000 to yield a total of $4,150,000 in combined real and personal property <br /> 11 investment over the next 5 years. <br /> 12 <br /> Real Pro $1 500 000 Sfl $T50 000 so 5800 000 <br /> Personal Pro $150,000 5200,000 $250.000 $250.000 $250,000 <br /> 13 Total(annual) $1,85010W $200,000 $1.000.O a $260,000 $1,o60.000 <br /> 14 <br /> 15 TOTAL NEW INVESTMENT BY 2024: $4,150,000 <br /> 16 <br /> 17 (2) NEW EMPLOYMENT— Piedmont Metalworks will maintain employment consistent with the <br /> 18 hiring schedule outlined below during the term of the incentive agreement. If annual job targets <br /> 19 are not achieved, the incentive payment will be reduced proportionally. By year#5, the <br /> 20 Company plans to add 42 positions with an average salary of $41,236 per year (equivalent to <br /> 21 an average salary of$19.83 per hour), plus health and related employment benefits. Of these <br /> 22 42 jobs, 12 positions will be existing jobs that will relocate to Orange County, and 30 positions <br /> 23 will be new hires over the next 5 years. <br /> 24 <br /> Employment projection <br /> 1-Year 2—Year 3-Year d-Year 5-Year <br /> �2020 2021 2022 2023 2024 <br /> New Full Time 15 4 10 4 9 <br /> 25 Jabs annual <br /> 26 <br /> 27 TOTAL NEW EMPLOYMENT BY 2024: 42 Jobs <br /> 28 <br />