Orange County NC Website
Browse       Search
10 <br /> New Full- 57 51 48 36 12 204 <br /> Time Jobs <br /> The proposed inducement payment will be in the form of a performance-based grant payable in <br /> up to seven installments over a seven-year period, at an amount equal to 75% of Morinaga's <br /> projected net increase in real & personal property tax valuation over the five-year investment <br /> period as outlined in the chart above for 2024—2028. Since the company's employment creation <br /> schedule (2026-2030) runs beyond the investment period, the County will withhold $500 per job <br /> that has not yet been created by December 31, 2030. The final payment will be made upon <br /> verification of job creation, with the final installment anticipated to occur in January 2031. This will <br /> ensure that annual tax revenues from this project's additional investment, net of annual incentive <br /> payments, remain positive in all years of the incentive agreement. <br /> Orange County Revenue Projections (first 5 years during the incentive period) 7 <br /> New <br /> Property <br /> Tax $24 M$84 10$3,881,197 <br /> Revenue <br /> IncentiVL_ <br /> -$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 /> • . . . mall <br /> • • $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 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 <br />