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<br />requirements. To eliminate any financial risk for the County, the pass-through funds will not be <br />requested from the State until the Company meets all investment and employment criteria and <br />satisfies any other program requirements. <br /> <br />City of Mebane <br />ABB’s existing facility is currently located within the City of Mebane’s Extraterritorial Jurisdiction <br />(ETJ). The Company has agreed to annexation and the City of Mebane will consider the <br />following additional incentives at the August 5, 2019 City Council meeting and public hearing. <br /> <br />City of Mebane Incentives <br />Performance Based Incentive $997,500 <br />Waiver of Development Fees $150,000 <br /> <br />FINANCIAL IMPACT: The attached Performance Agreement between Orange County and <br />ABB, Inc. outlines a total financial impact of up to $972,722 payable in five (5) annual <br />installments. Actual annual payments will be based on the Company’s investments that create <br />new property tax value of at least $24,300,000 in Real Property, and at least $15,600,000 in <br />new Personal Property, totaling a combined $39,900,000 in new taxable value. Annual <br />incentive payments by the County will be paid from net new property tax revenues generated by <br />ABB, Inc. and from available Article 46 funds. <br /> <br />The Company will create at least Four Hundred Three (403) full-time jobs with an average <br />annual salary of $70,789 per year at the Mebane facility. Other economic benefit multipliers to <br />the County include enhanced job skills for those employees through advanced technical training <br />to be provided by the Orange County campus of Durham Technical Community College. <br />Construction employment for the new 200,000 square foot facility, and renovations to the <br />existing 400,000 square foot facility, will also create many additional skilled trade jobs. <br /> <br />SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to <br />this item: <br />• GOAL: ENSURE ECONOMIC SELF-SUFFICIENCY <br />The creation and preservation of infrastructure, policies, programs and funding necessary <br />for residents to provide shelter, food, clothing and medical care for themselves and their <br />dependents. <br /> <br />RECOMMENDATION(S): The Manager recommends that the Board: <br /> <br />(1) Conduct the Public Hearing and receive public comments; <br /> <br />(2) Close the Public Hearing; and <br /> <br />(3) Approve the five-year performance-based economic development incentive agreement <br />between Orange County and the Company, ABB, Inc., subject to final review by the <br />County Attorney, and authorize the Chair to sign the agreement on behalf of the County. <br />6