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6 <br /> 1 Project Description: <br /> 2 The Board is requested to consider an inducement incentive for the international industrial <br /> 3 prospect CITEL, a French-owned manufacturer and research & development firm for electrical <br /> 4 surge protection devices. This project involves the relocation of the company's United States <br /> 5 operation from Florida to Orange County. <br /> 6 <br /> 7 • CITEL desires to relocate the current United States office and manufacturing footprint out <br /> 8 of Florida. This is driven by an increase in extreme weather events in Florida, and the <br /> 9 associated increase in costs. Proximity to the RDU Airport is also preferred, driven by <br /> 10 direct flights to Paris. <br /> 11 • An Orange County site would house both office and manufacturing operations and serve <br /> 12 as the new United States headquarters for the company. <br /> 13 • Project encompasses $15,250,000 million in total capital investment (forecast to occur in <br /> 14 2026 - 2030). <br /> 15 • 79 total jobs, with 38 new jobs to be created between 2025 — 2029 at an average annual <br /> 16 wage of $83,611 or approximately $40.20 per hour. It should be noted that 41 positions <br /> 17 currently based at the Florida location would be offered a transfer position to North <br /> 18 Carolina. The total number of employees to migrate and accept this offer is yet to be <br /> 19 determined. <br /> 20 • Competing sites are in Florida, South Carolina, Washington, and Texas. CITEL has <br /> 21 considered locations across the southeast that provide strong logistics, access to <br /> 22 workforce, high quality of life for employees, direct access to Paris and reasonable real <br /> 23 estate costs. Driving factors include overall operating costs and quality of life. <br /> 24 • Orange County's site is the former 80,596 square foot "Mid-Atlantic STIHL, Inc." building <br /> 25 located at 315 Executive Ct., Hillsborough, NC in the Meadowlands Business Park. <br /> 26 <br /> f <br /> 001 <br /> 27 <br /> i <br /> 28 <br />