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9
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<br /> The proposed incentive will be performance-based with respect to the County's annual verification
<br /> of Morinaga' s targeted increases in (1) employment, wages & benefits, and (2) new taxable real
<br /> & personal property value over the next five years, as the Company expands. Incentives would
<br /> only be paid following confirmation of the Company's required annual growth measures.
<br /> Basis to Calculate the Value of Orange County's Performance-Based Incentives
<br /> 1) INVESTMENT — Morinaga will increase property valuation by at least $32,806,000 in real
<br /> property and at least $94,271,000 in personal property, to total $127,077,000 over five (5) years
<br /> as detailed in the table below. If these real and personal property valuation targets are not
<br /> achieved, the proposed annual incentive payment will be reduced proportionally.
<br /> im
<br /> $4,877,000 $25,778,000 $2,134,000 $17,000 $0 $32,806,000
<br /> • • $23,856,000 $45,919,000 $20,671,000 $675,000 $3,150,000 $94,271,000
<br /> • $28,733,000 $71,697,000 $22,805,000 $692,000 $3,150,000 $127,077,000
<br /> 2) EMPLOYMENT— Morinaga will add net new employment consistent with the job growth chart
<br /> below. If annual job targets are not achieved, the annual incentive payment will be reduced by
<br /> $500 per full-time equivalent employee not hired. By the year 2030, the Company will create 204
<br /> new positions with an average salary of$48,912 per year (or approximately $23.52 per hour).
<br /> ,,I-0 "411cli NEEMR,
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