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20 <br /> 1 Slide #10 <br /> Benefits of Morinaqa Expanding in Oranqe 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 2"d largest manufacturing related corporate <br /> taxpaver(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 /> �1 <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> 2 <br /> 3 <br /> 4 Slide #11 <br /> Proposal for Orange County's Financial <br /> Incentives for Morinaga America Foods, Inc. <br /> Questions & Discussion <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> 5 <br /> 6 Noriyuki Nishikawa, President and CEO of Morinaga America Foods, Inc. addressed the <br /> 7 Board. He said that they intend to construct a second facility next to their current facility in Orange <br /> 8 County. He said construction would begin in October 2024, and production will begin in January <br /> 9 2027. He expressed appreciation for the support of their investment. He said that Hi-Chew is the <br /> 10 top selling candy in Japan, but recent US sales have surpassed those in Japan. He said that H- <br />