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10
<br /> New Full- 57 51 48 36 12 204
<br /> Time Jobs
<br /> 2 The proposed inducement payment will be in the form of a performance-based grant payable in
<br /> 3 up to seven installments over a seven-year period, at an amount equal to 75% of Morinaga's
<br /> 4 projected net increase in real & personal property tax valuation over the five-year investment
<br /> 5 period as outlined in the chart above for 2024 —2028. Since the company's employment creation
<br /> 6 schedule (2026-2030) runs beyond the investment period, the County will withhold $500 per job
<br /> 7 that has not yet been created by December 31, 2030. The final payment will be made upon
<br /> 8 verification of job creation, with the final installment anticipated to occur in January 2031. This will
<br /> 9 ensure that annual tax revenues from this project's additional investment, net of annual incentive
<br /> 10 payments, remain positive in all years of the incentive agreement.
<br /> 11
<br /> Orange County • • during the incentive • • •
<br /> 1 1 . 1 1 1 • • .
<br /> New L
<br /> Property
<br /> _■
<br /> $247,937 $846,025 $984,659 $920,458 $882,118 $3,881,197
<br /> Tax ;0
<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 /> Revenue
<br /> 12
<br /> ' • " $7,417,526
<br /> Incentive Payment -$2,910,898
<br /> Total $4,506,628
<br /> da
<br /> 13
<br /> 14 State of North Carolina — Incentives Approved on July 15, 2024
<br /> 15 The State of North Carolina's "Economic Investment Committee" approved the State incentives
<br /> 16 for Morinaga America Foods, Inc. (see table below) during the North Carolina Department of
<br /> 17 Commerce's July 15, 2024 meeting. Immediately following this approval of State incentives, a
<br /> 18 public announcement was held on July 16, 2024 which was led by North Carolina Department of
<br /> 19 Commerce Secretary Machelle Baker Sanders, and attended by representatives from Morinaga,
<br /> 20 Orange County, and the City of Mebane. The public announcement addressed Morinaga's
<br /> 21 decision to expand the Company's existing facility located in Orange County, instead of the
<br /> 22 competing locations (Taiwan, China,Vietnam), subject to approval of local government incentives.
<br /> 23
<br /> State of North Carolina — 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
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