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4
<br /> New
<br /> Property
<br /> Tax il $247,937 $846,025 $984,659 $920,458 $882,118 $3,881,197
<br /> Revenue ,
<br /> Incentive -$185,953 -$634,519 -$738,494 -$690,344 -$661,589 -$2,910,898
<br /> Payment
<br /> Annual
<br /> Net $61,984 $211,506 $246,165 $230,115 $220,530 $970,300
<br /> OrangeRevenue
<br /> New Property Tax Revenu $7,417,526
<br /> Incentive Payment -$2,910,898
<br /> Total $4,506,628
<br /> State of North Carolina — Incentives Approved on July 15, 2024
<br /> The State of North Carolina's "Economic Investment Committee" approved the State incentives
<br /> for Morinaga America Foods, Inc. (see table below) during the North Carolina Department of
<br /> Commerce's July 15, 2024 meeting. Immediately following this approval of State incentives, a
<br /> public announcement was held on July 16, 2024 which was led by North Carolina Department of
<br /> Commerce Secretary Machelle Baker Sanders, and attended by representatives from Morinaga,
<br /> Orange County, and the City of Mebane. The public announcement addressed Morinaga's
<br /> decision to expand the Company's existing facility located in Orange County, instead of the
<br /> competing locations (Taiwan, China, Vietnam), subject to approval of local government incentives.
<br /> State Tax Exemption on machinery & equipment purchases $5,936,558
<br /> One North Carolina Fund (discretionary grant) $100,000
<br /> N.C. Community College System's "Customized Training Value" $306,000
<br /> On-the-Job Training $50,000
<br /> Work Opportunity Tax Credit (WOTC) $146,400
<br /> Federal Bonding Program $255,000
<br /> City of Mebane — Incentives Approved on August 5, 2024
<br /> Morinaga's proposed expansion site is located adjacent to the existing facility and is currently
<br /> located within the City of Mebane's city limits. Mebane's City Council approved up to $1,076,999
<br /> in performance-based grant funds and waived fees for the project at its August 5, 2024 meeting.
<br /> Performance Based Incentive $576,999
<br /> Waiver of Development Start-Up Fees $500,000
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