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11 <br /> Travis Myren said yes. <br /> Commissioner Bedford arrived at 7:27 p.m. <br /> John Roberts said that at this point they are hopeful that the company will purchase the <br /> property and it will not get to that point but if they do not, they will continue at the flat rate. <br /> Commissioner Richards asked if the option to purchase was available every year. <br /> Travis Myren said yes. <br /> Commissioner McKee asked if the numbers they are seeing were from an incentive type <br /> package rather than like the incentives they have used for other companies. <br /> Travis Myren said usually it would be 75% of the tax value over a period of five or more <br /> years but that this is a unique case. <br /> Commissioner McKee said this is a unique design and is a hybrid example of a different <br /> type of an incentive package. <br /> Chair Price referenced the amount of $850,000 in year 7 and asked if staff adjusted for <br /> trends. <br /> Travis Myren said it is an estimate at a 3% escalation of rates in downtown Chapel Hill. <br /> He said that in year 7 they would have a commercial property professional tell the county what <br /> the current market rate is for the facility. <br /> Commissioner Fowler said the county is putting up $2 million in renovations, and the <br /> company may do more. She asked if they would be discounted any additional contributions on <br /> renovations if they were to purchase. <br /> Travis Myren said they would only be discounted what they have paid in rent up to that <br /> date. <br /> A motion was made by Commissioner Greene, seconded by Commissioner McKee, to <br /> open the public hearing. <br /> VOTE: UNANIMOUS <br /> PUBLIC COMMENT: <br /> Beth Gullette, the Chief Legal Officer for Well Dot, said the company was really excited <br /> to open in Chapel Hill. She said that they are excited to be building jobs in Chapel Hill and on <br /> Franklin St. She said that they are working with Durham Tech, mid-career, job fairs with A&T, <br /> NC Central, and UNC and are working to develop those relationships. She said all of the work <br /> they are doing is wonderful, but they need the space. She said that four hundred people is too <br /> many for the space they have now. She said this facility will triple their space and help them <br /> grow in the local area. She said the company appreciates the Board's consideration. <br /> A motion was made by Commissioner Greene, seconded by Commissioner Fowler, to <br /> close the public hearing. <br /> VOTE: UNANIMOUS <br /> Commissioner Hamilton asked that the Board amend the fifth "Whereas..." clause in the <br /> resolution to read as follows: <br /> "Whereas, in consideration of the economic development opportunities including the creation of <br /> 360 new full-time jobs by December 31, 2025..." <br /> She said that date would agree with the economic incentive targets. <br />