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10 <br /> <br /> <br />Basis to Calculate the Value of Orange County’s Performance-Based Incentive: <br /> <br />(1) NEW INVESTMENT – Piedmont Metalworks, LLC proposes to relocate its current Durham- <br />based sheet metal manufacturing facility to Orange County and build a new 40,000 square foot <br />production space adjacent to the existing Forma-Fab Metals operation. This plan will increase <br />real property valuation by approximately $3,050,000 and personal property valuation by <br />approximately $1,100,000 to yield a total of $4,150,000 in combined real and personal property <br />investment over the next 5 years. <br /> <br /> <br />TOTAL NEW INVESTMENT BY 2024: $4,150,000 <br /> <br />(2) NEW EMPLOYMENT – Piedmont Metalworks will maintain employment consistent with the <br />hiring schedule outlined below during the term of the incentive agreement. If annual job targets <br />are not achieved, the incentive payment will be reduced proportionally. By year #5, the <br />Company plans to add 42 positions with an average salary of $41,236 per year (equivalent to an <br />average salary of $19.83 per hour), plus health and related employment benefits. Of these 42 <br />jobs, 12 positions will be existing jobs that will relocate to Orange County, and 30 positions will <br />be new hires over the next 5 years. <br /> <br /> <br />TOTAL NEW EMPLOYMENT BY 2024: 42 Jobs <br /> <br />The proposed economic development incentive follows the County’s previously adopted <br />incentive formula that has been utilized with other industrial prospects, and is calculated at an <br />amount equal to 75% of Piedmont Metalworks’ projected investment in additional real & <br />personal property tax valuation over each of the first 5 years. County policy ensures that annual <br />revenues from this project’s additional property tax values, net of annual incentive payments, <br />remain revenue positive in all years of the incentive agreement. <br /> <br />The incentive will be performance-based, revenue positive, and require annual verification by <br />the County of Piedmont Metalworks’ actual metrics over the next 5 years to note annual <br />increases in (1) employment, wages & benefits, and, (2) new taxable real & personal property