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37 <br /> Benefits of Morinaga Expanding in Orange County <br /> • Proposed recruitment incentive is revenue positive for all years, netting 25% per year during the first 5 <br /> years of the forecasted net new property tax valuation. Once the final incentive payment ends after <br /> year #5, annual net new property tax revenues for the County will rise to approximately $839,499 in <br /> the seventh year. A 10-year revenue forecast indicates Morinaga will generate approximately <br /> $7,147,526 to the County in additional gross property tax revenue, the County will pay Morinaga a <br /> maximum of $2,910,898 in incentive grants, and the County will net $4,506,628 in revenue. <br /> • Morinaga's tax value for 2023 was listed at $31 ,602,085. With the projected $136 million in additional <br /> investment, the firm will become Orange County's 2nd largest manufacturing related corporate <br /> taxpayer (behind #1 Thermo Fisher Scientific, and Medline Industries as #3). <br /> • Establishes another successful public/private partnership between Orange County & the City of <br /> Mebane to grow the industrial tax base and jobs in a designated Rural Census Tract area. <br /> • Demonstrates the County's success to apply Article 46 to fund water & sewer infrastructure in the <br /> Buckhorn Economic Development District, and attract significant growth in the non-residential tax <br /> base and employment. <br /> • Reinforces the County's partnership with the State of North Carolina's business and expansion efforts, <br /> as Governor Roy Cooper and N.C. Department of Commerce Secretary Machelle Sanders visited the <br /> company in Tokyo, Japan in October 2023 and met with parent company Morinaga & Co., Ltd. and <br /> President Ota. <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br />