Orange County NC Website
11 <br /> Work Opportunity Tax Credit (WOTC) $146,400 <br /> Federal Bonding Program $255,000 <br /> 1 <br /> 2 City of Mebane — Incentives Approved on August 5, 2024 <br /> 3 Morinaga's proposed expansion site is located adjacent to the existing facility and is currently <br /> 4 located within the City of Mebane's city limits. Mebane's City Council approved up to $1,076,999 <br /> 5 in performance-based grant funds and waived fees for the project at its August 5, 2024 meeting. <br /> 6 <br /> Performance Based Incentive $576,999 <br /> Waiver of Development Start-Up Fees $500,000 <br /> 7 <br /> 8 Benefits of Morinaga America Foods Expanding in Orange County <br /> 9 • Add another 204 full-time manufacturing jobs by 2030, paying approximately $23.52 per <br /> 10 hour average wage. <br /> 11 <br /> 12 • The proposed recruitment incentive is revenue positive for each year of the incentive <br /> 13 period, netting 25% per year of the actual new property tax valuation in the first five years. <br /> 14 A ten-year revenue forecast (shown as Exhibit F in the Performance Agreement) indicates <br /> 15 Morinaga will generate approximately$7,417,526 in additional gross property tax revenue <br /> 16 for the County, receive up to a maximum of$2,910,898 in incentive grants, and the County <br /> 17 will receive $4,506,628 in net property tax revenue. <br /> 18 <br /> 19 Morinaga's Orange County property tax value for 2023 is listed at $31,602,085. With the <br /> 20 projected $136 million in additional investment, the firm would likely become Orange <br /> 21 County's 2nd largest manufacturing related corporate taxpayer (behind #1 Thermo Fisher <br /> 22 Scientific, and with Medline Industries at#3). <br /> 23 <br /> 24 Establishes another successful public/private partnership between Orange County and <br /> 25 the City of Mebane to grow the industrial tax base and employment in a designated Rural <br /> 26 Census Tract area. <br /> 27 <br /> 28 Further illustrates the County's success applying Article 46 sales tax proceeds to fund <br /> 29 water & sewer infrastructure in the Buckhorn Economic Development District for the goal <br /> 30 of attracting significant non-residential tax base and employment growth. <br /> 31 <br /> 32 Strengthen the County's partnership with the State of North Carolina's business and <br /> 33 expansion efforts, as Governor Roy Cooper and N.C. Department of Commerce Secretary <br /> 34 Machelle Sanders visited parent company Morinaga & Co., Ltd in Tokyo, Japan in October <br /> 35 2023 and met with President Eijiro Ota. <br /> 36 <br /> 37 State of North Carolina, Local Governments, &Workforce Development Partners Assisting <br /> 38 Orange County in the Recruitment Effort <br /> 39 The North Carolina Community Colleges System & the Hillsborough campus of Durham <br /> 40 Technical Community College will fund a"Customized Training Program"technical training <br /> 41 assistance for the employees. This support will further elevate the skill level of Orange <br /> 42 County residents who begin employment with Morinaga. <br /> 43 <br />