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14 <br /> Outline of Orange County's Performance-Based Incentive <br /> (1)County''sproposedincentiveof$86,28f.00w;Hbe paid in 5 <br /> annual instalments over each of the first 5 years of Piedmont <br /> Wfalworks'start-up operation. <br /> (2)Calculated in value as a grant equal to 75%of the project's <br /> expected new property tax valuaflon to be created <br /> (3)The incentive is performance-based,and will be measured <br /> annually against verification ofPiedmant Metatworks'actual hts[ory <br /> to create 42 jobs and invest$4,150,000.00 in new property <br /> valuation over each of the initial years,as proposed. <br /> f4)f f property fax revenue collected is positive in all years, <br /> after paying the annual grant incentive. <br /> '.$28,753.00in net new revenue in the first 5 years <br /> i$18$,448.00 in net new revenues o ver 10 years <br /> ORANGE COUNTY <br /> 1 sr,xrH rwuni try. <br /> 2 <br /> 3 Steve Brantley said this incentive uses the same methodology as other incentives <br /> 4 offered for Medline and ABB recently. He resumed the presentation: <br /> Proposed Orange County Incentive <br /> Net Property Tax Revenues <br /> (5&10 Year Protections) <br /> Hew <br /> Pr*p" $14,3Y0 815,M 844,314 W$.005 $34,449 ;115,014 <br /> T.x <br /> iGrox] <br /> Ince�rie iS 1310,-140] IS,t,9441 [318,2351 ,9,5 (325A87] ]S86,P81 <br /> Pavmens 0A] ] <br /> A-21 Not 53,590 S3.D3, Se.a70 Se,501 M612 ,753 <br /> um Pamny Tars lath::] f274,v"- <br /> tn._b"a�y� N& (S88,281.00) <br /> MnWI Net Tke6,44E-00 -` <br /> ORMIGE COUNNTY <br /> 5 �a1Tl,ro� <br /> 6 <br /> Proposed Orange County Incentive <br /> L IT <br /> OR <br /> MIGE COUNTY <br /> 7 <br /> 8 <br /> 9 Steve Brantley said this company has a low impact on the environment. <br /> 10 Richie Richmond, Owner and CEO, thanked the BOCC for the opportunity to speak <br /> 11 tonight. He said this expansion will offer over 40 new jobs, with the possibility of further <br /> 12 expansion. He said Orange County offers a good opportunity for his company. He said he <br /> 13 runs Forma-Fab Metals, and it will be convenient to run the two companies in close proximity to <br /> 14 each other. He said the company has a few other sites it is considering, and wants to make the <br /> 15 best financial decision possible. <br />