Orange County NC Website
Browse       Search
L . "Minimum Taxable Investment . " The aggregate Qualifying Expenditures made by the <br /> Company that Company anticipates will be made annually as reflected in Exhibit B and <br /> verified by the Orange County Tax Assessor, which verification may supplemented <br /> by proof of investment from Company at Company ' s discretion . <br /> M . " Orange County Facility" or "Facility . " The Company constructed and/or owned <br /> primary and secondary structures , utilities , and operations and service areas situated on <br /> the Subject Property or other real property in the Town of Chapel Hill , Orange County, <br /> North Carolina in and on which Company conducts its business and/or operations . <br /> N . "Person . " Any individual , partnership , trust, estate , association, limited liability <br /> company, corporation, custodian, nominee , governmental instrumentality or agency, <br /> body politic or any other entity in its own or any representative capacity . <br /> i <br /> O . "Personal Property . " All personal property the Company or an Affiliate owns or leases <br /> located at the Facility, including all (a) machinery and equipment, (b) furniture , <br /> furnishings , and fixtures , (c) property that is capitalized for federal or state income tax <br /> purposes , (d) all additions to any of the foregoing, and all replacements of any of the <br /> foregoing in excess of $ 100 , 000 , t <br /> i <br /> P . ' Qualifying Expenditure . " All expenditures the Company, an Affiliate , or lessor to the <br /> Company or an Affiliate makes for Eligible Property which is subject to Tax in the j <br /> t <br /> County, and is not subject to an exemption or exclusion from Tax, that the Company <br /> t <br /> uses . <br /> t <br /> Q . " State . " The State of North Carolina . <br /> f <br /> R . " Subject Property . " The property on which Company constructs and/or operates the <br /> Orange County Facility located at 419 West Franklin Street, 501 West Franklin Street, <br /> 503 West Franklin Street, and 108 South Roberson Street, Chapel Hill, North Carolina . <br /> 4 <br /> S . "Tax" or " Taxes . " Ad valorem property tax levied on real and personal property located <br /> in the Count y pursuant to Article 25 , Chapter 105 of the North Carolina General <br /> Statutes or any successor statute relating to ad valorem property tax the County levies on <br /> property . <br /> T . " Term" or "Full Term . " The duration of this Agreement meaning the date first above <br /> recorded through and including June 30 , 2030 , unless otherwise delayed or extended, as <br /> may be agreed by the Parties in writing in advance and as permitted by this Agreement <br /> and applicable law . <br /> U . " Total Taxable Investment . " The taxable value of all Qualifying Expenditures made by <br /> Company in and to its Orange County Facility as of December 31 , 2025 . <br /> c <br /> 2 . INDUSTRIAL INVESTMENT AND EMPLOYMENT AGREEMENT <br /> Page 3 of 17 <br />