Orange County NC Website
Browse       Search
STATE OF NORTH CAROLINA <br /> ORANGE COUNTY <br /> PERFORMANCE AGREEMENT BETWEEN ORANGE COUNTY, NORTH CAROLINA, <br /> AND MORINAGA AMERICA FOODS , INC . INCORPORATED <br /> This Performance Agreement ("Agreement") made and entered into this the 7 day of OG to b e4^ <br /> 2024 (the "Effective Date") by and between Orange County, a body politic existing under the laws of the <br /> State of North Carolina (" County ") and Morinaga America Foods , Inc . , a subsidiary of Morinaga & Co . <br /> Ltd . , a multinational corporation, with facilities to be located in Mebane , Orange County , North <br /> Carolina (" Company") , for the purpose of incentivizing Company ' s investment in Orange County . The <br /> County and Company may be referred to as Party or Parties . <br /> Company ' s ultimate parent is a multinational corporation situated and doing business in Tokyo , Japan . <br /> The Company intends to expand the Company ' s existing confectionary food manufacturing facility in <br /> Orange County . Company represents it is duly authorized to conduct business in North Carolina . It is <br /> understood that the levels of performance required by this Agreement are to be met by Company as a <br /> whole at its Facility (as hereinafter defined) in Orange County . Accordingly , the term " Company" as <br /> used in this Agreement refers to the Company and any of its Affiliates conducting business at the <br /> Facility . <br /> WITNESSETH <br /> THAT WHEREAS , the County has offered to the Company an inducement package as hereinafter set <br /> forth; and <br /> WHEREAS , the State of North Carolina and the Cityof Mebane , North Carolina have offered separate <br /> inducement packages to the Company ; and <br /> WHEREAS , Pursuant to G . S . Section 153A449 , 15 & 7 . 1 , and 158 - 7 . 2 , as construed by the North <br /> Carolina Supreme Court in its opinion in Maready v . The City of Winston- Salem, et al , 342 N . C . 708 <br /> ( 1996) , and other judicial authority , the County may enter into an agreement with the Company in <br /> connection therewith ; and <br /> WHEREAS , the County finds that awarding the Company a grant based on its Total Taxable Investment <br /> will increase the taxable property base for the County and help create new jobs in the County at the <br /> agreed average annual salary , all of which will result in an added and valued benefit to the taxpayers of <br /> the County ; and <br /> WHEREAS , the Company has agreed to meet and continue meeting the minimum investment and <br /> employment requirements as hereinafter set forth ; and <br /> WHEREAS , but for the offer of an inducement package the Company would not be locating its <br /> manufacturing facility within Orange County , <br /> NOW, THEREFORE , the Parties hereto in consideration of these mutual covenants and agreements <br /> passing from each to the other do hereby agree as follows : <br /> 4863 -5202 -3475 .v5 <br />