Browse
Search
Agenda - 09-17-2024; 5-a - Public Hearing Regarding a Proposed Economic Development Recruitment Incentive and Performance Agreement Between Orange County and Morinaga America Foods, Inc.
OrangeCountyNC
>
Board of County Commissioners
>
BOCC Agendas
>
2020's
>
2024
>
Agenda - 09-17-2024 Business Meeting
>
Agenda - 09-17-2024; 5-a - Public Hearing Regarding a Proposed Economic Development Recruitment Incentive and Performance Agreement Between Orange County and Morinaga America Foods, Inc.
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
9/12/2024 11:07:33 AM
Creation date
9/12/2024 11:12:12 AM
Metadata
Fields
Template:
BOCC
Date
9/17/2024
Meeting Type
Business
Document Type
Agenda
Agenda Item
5-a
Document Relationships
Agenda for September 17, 2024 BOCC Meeting
(Message)
Path:
\Board of County Commissioners\BOCC Agendas\2020's\2024\Agenda - 09-17-2024 Business Meeting
Minutes 09-17-2024 - Business Meeting
(Message)
Path:
\Board of County Commissioners\Minutes - Approved\2020's\2024
OTHER-2024-069-Performance Agreement Between Orange County and Morinaga
(Message)
Path:
\Board of County Commissioners\Various Documents\2020 - 2029\2024
OTHER-2024-070-FY26 Local Share Certification for Funding
(Message)
Path:
\Board of County Commissioners\Various Documents\2020 - 2029\2024
OTHER-2024-071-Public Hearing Record
(Message)
Path:
\Board of County Commissioners\Various Documents\2020 - 2029\2024
OTHER-2024-073-Petition for Annexation of Contiguous Property
(Message)
Path:
\Board of County Commissioners\Various Documents\2020 - 2029\2024
OTHER-2024-075-Stormwater Control Measure Easement and Maintenance Agreement with Town of Hillsborough
(Message)
Path:
\Board of County Commissioners\Various Documents\2020 - 2029\2024
PRO-2024-014-Emergency Management Professionals' Day
(Message)
Path:
\Board of County Commissioners\Proclamations\2020-2029\2024
PRO-2024-015-Orange County Preparedness Month
(Message)
Path:
\Board of County Commissioners\Proclamations\2020-2029\2024
PRO-2024-016-Adult Education and Family Literacy Week
(Message)
Path:
\Board of County Commissioners\Proclamations\2020-2029\2024
RES-2024-049-Public Transportation Program Resolution - FY26
(Message)
Path:
\Board of County Commissioners\Resolutions\2020-2029\2024
RES-2024-050-Resolution Authorizing Upset Bid Process for 0.2‐acre plot, PIN #9863668263
(Message)
Path:
\Board of County Commissioners\Resolutions\2020-2029\2024
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
42
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
14 <br /> C. DEVELOPMENT GRANT PARTICIPATION: Where applicable, the Company agrees to <br /> partner,through the commitment to create new jobs,with Orange County and other applicable <br /> agencies to apply for development grants that will improve or add water, sewer,road or other <br /> necessary infrastructure in order to facilitate the successful completion of this project. The <br /> Company agrees to meet with program representatives, and to participate in the grant request <br /> process as necessary to secure the required funding. <br /> D. GUARANTEED MINIMUM LEVEL OF PERFORMANCE: The Company agrees that its <br /> minimum level of performance pursuant to this Agreement shall be as set out in this Section 2. <br /> Furthermore,Company agrees that failure to meet the minimum level of new employment as <br /> reflected in Section 2.13. shall entitle the County to make reductions in inducement installments <br /> paid to the Company in an amount of Five Hundred dollars ($500.00)per employee not hired as <br /> reflected in Exhibit B. Company further agrees that failure to meet the minimum level of direct <br /> investment as reflected in Section 2.A. shall entitle County to make pro rata reductions in <br /> inducement installments paid to the Company as set out in Section 3. It is agreed and <br /> understood by the Parties hereto that the failure of the Company to meet the level of <br /> performance with respect to minimum level of investment or minimum level of new <br /> employment as specified herein shall not be considered a breach of this Agreement. <br /> E. STATUTORY COMPLIANCE: The Company understands that the County's participation is <br /> contingent upon authority found in North Carolina General Statute 158-7.1 and other relevant <br /> North Carolina General Statutes and that should such statutory authority be withdrawn by the <br /> North Carolina General Assembly County may terminate this Agreement without penalty to <br /> County and without County's further compliance with this Agreement. If a court having lawful <br /> jurisdiction determines the inducement grant itself is illegal, invalid, or unenforceable this <br /> Agreement shall immediately terminate without further obligation to the Parties except that the <br /> amount of any portion of the inducement grant already paid by the County shall be reimbursed <br /> to the County by the Company. <br /> 3. INDUCEMENT PACKAGE <br /> A. COUNTY INDUCEMENT GRANT: The County,upon execution of this Agreement, shall <br /> provide to the Company an Inducement Grant to offset facility development, expansion, and <br /> acquisition costs in an amount up to and not to exceed Two Million Nine Hundred Ten <br /> Thousand Eight Hundred Ninety-Eight Dollars ($2,910,898.00). This Inducement Grant shall <br /> be payable in up to seven installments over a seven year period(the "Inducement Grant <br /> Period"). The Inducement Grant is equal to seventy-five percent(75.0%) of the actual property <br /> tax for real and Personal Property taxes attributable to the amount of the Total Taxable <br /> Investment due and paid in each year of the Inducement Grant Period,up to the maximum not to <br /> exceed amount. The estimated annual amount of each year's grant payment is shown in Exhibit <br /> F for years two (2025)through six(2029). Subject to Section 6.B.,below, or delays caused by <br /> an event of Force Majeure,the first and second installments of the Incentive Grant shall occur <br /> no later than June 30 of the 2025 and 2026 calendar years respectively,upon receipt of proof <br /> reasonably satisfactory to the County, as described in Section 5 of this Agreement,that the <br /> investment numbers referenced in Section 2 of this Agreement have been met and that all local <br /> property taxes on the real and Personal Property owned by the Company and located within <br /> Orange County have been fully paid. Subsequent annual installments are anticipated to occur <br /> during the month of January for the term of this Agreement upon receipt of proof reasonably <br /> Revised 2023 Page 5 of 18 <br /> 4863-5202-3475.v5 <br />
The URL can be used to link to this page
Your browser does not support the video tag.