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11 <br /> 1 The proposed economic development incentive follows the County's previously adopted <br /> 2 incentive formula that has been utilized with other industrial prospects, and is calculated at an <br /> 3 amount equal to 75% of Piedmont Metalworks' projected investment in additional real & <br /> 4 personal property tax valuation over each of the first 5 years. County policy ensures that annual <br /> 5 revenues from this project's additional property tax values, net of annual incentive payments, <br /> 6 remain revenue positive in all years of the incentive agreement. <br /> 7 <br /> 8 The incentive will be performance-based, revenue positive, and require annual verification by <br /> 9 the County of Piedmont Metalworks' actual metrics over the next 5 years to note annual <br /> 10 increases in (1) employment, wages & benefits, and, (2) new taxable real & personal property <br /> 11 additions. Incentives would only be paid following confirmation of the Company's required <br /> 12 annual threshold growth in these measures, and, on a pro-rata reimbursement in case the <br /> 13 company's targeted growth in any year lags current growth projections. <br /> 14 <br /> 15 Company CEO and President Richie Richmond has been invited to attend the meeting and will <br /> 16 be available for comment and questions. <br /> 17 <br /> i2Q1 2M 2M 2024 2025 M& <br /> Gra99 .....�.4.a. <br /> Property Tax 614,370 M.926 $24,314 S26.005 S34.449 $116.014 <br /> onwuyo <br /> Payn»nWyvwt 1510.740) IS11,944! (518,236) IS19.5043 IS25.a) (ae MI) <br /> Annual ueNet S3.580 $3,981 36,079 S6,50S SS 1512 M763 <br /> Re•ren <br /> GroS6 PlppBrly Ta%R!Vlrlu06 i274,708.00 <br /> lr"r&a Payments IS 66.26 I.00! <br /> 18 Amnml N9 f0mm as $186,448.00 <br /> 19 <br /> 20 Steve Brantley, Economic Development Director, thanked the BOCC for considering <br /> 21 this project. He introduced Richie Richmond, owner/CEO Piedmont Metalworks, and Ron <br /> 22 Hamilton, President of Piedmont Metalworks, who are present to answer any questions. He <br /> 23 made the following PowerPoint presentation: <br /> 24 <br /> ORANGE COUNTY <br /> NORTII CAROLINA <br /> Piedmont Metalworks, LLC <br /> Public Hearing for Incentive Proposal <br /> for Industrial Recruitment Project <br /> Southern Human Services Center <br /> November 19, 2019 <br /> 25 <br /> 26 <br />