Read without ads and support Scribd by becoming a Scribd Premium Reader.
See Premium Plans
 
North Carolina Department of Commerce
Beverly Eaves Perdue, Governor
J.
Keith Crisco, Secretary 
,<
, ~ .
October 19,2010
Marty
Reid
DirectorDuff
&
Phelps
1200
West
Peachtree
StreetAtlanta, Oeorga
30309
Dear
Marty:
The
State of
North
Carolina
welcomes
the
opportunity
to
work with
Project
Odyssey.
as they
considerlocating their
headquarters
inDurham.
North
Carolina.
Asyouknow.
North
Carolina
has
a
proven
track record
in
providing leading
edge
Initiatives
to support
the
success
of
quality
companies
in
locating
in
our State. Our State
is
consistently
recognized
in
leading
publications
for
our
superior
business
climate
and
our commitment toinvestment
in
education, workforce development,
infrastructure
and
cultural
assets.
.
On
behalf of
the
State, I
am
pleased to outline a
number
of
state
incentive programsfor
which this
project
might
be
eligible.
We
hope
we will
convince
you
that
North
Carolina
would
be
the
best
location
for
your
proposed
operations.The
possible
incentives
and
estimated
values
provided
below
are
based on
preliminary projectinformation
you have
provided. The
key
assumptions underlying
the
estimates
are
that
the
project
will
be
aheadquarters
located
in
Durham
County
(currently a tier 3
county),
1500
permanent, full-time
jobs
will
be
created
by
2014, theaverage
annual
wage
of
those jobs
willbe
$63.315.
there
will
be
private capital
Investment
of $70million
by
2013,
and
thecompany
will
subfnit
financial
statements demonstrating
financial
capacity. The value
of
any
particular
incentive
may
vary
as
additional infonnation concerning
the
project
becomes
available. This
summary
represents the Department's intent
to
identify
programs
that
are available
in
North Carolina that
may
benefit ProjectOdyssey.ln 
its
efforts to
locate
here,
and
creates
no
binding
legal
or
contractual obligation
on
the
part
of
either
party.
We
would be
happy
to assist
you
in
interpreting the requirements
and
preparing
paperwork
to
apply
for
these
programs.
State Incentives·
TOTAL
·Sfate
incentivel
QI't!
contingent
upon
lubmillion
of
all
required
documentation..
ltojfreview,
fulfillment
of
eligibility requirements
and
terma
and
conditions
of
programs,
and,
approval
by
responsible program
lItlminiltralon.
The
relevant
statutorypnwiaions
and
rules must
..
be
consu/tedfor a foil
understanding
of
the
terma
and
canditiona
of
each program.
Although various economic development
entities
may
reference Stote incentive
progroma,
only
odmlniatrolUl'S
directly
responsible
for
such progrqma
QI
the
relevant Stote agenciel
can
provide
definitive
terms.
PletJll!
note
tIrot
material
I
submitted
by
companiesare
subject
to
public
disclosure under
North
Carolina
:s
public
records
law,
unlusthey
qualfIY
for
confidential
treatment.Certain
laX
credit
and
tQJf
refund
provillons
hove been
(JIslgned
III1Iset
dates
by
the
General
Allembly.
which
may
be discussed
more
folly
In
the
attachments
10
ibis
leiter.
North Carol/na
301
North Wilmington
Slreet-4301
Mail
Service Centef'lRlileigh,
NorthCarolina
27699-4301 Tel:
(919)
733-41!lI-fwt:
(919)733-8356 
An
Equal
OpportwlitytAffirmatlve
Action
Employer 
 
Marty
Reid
October
19,
2010
Page
2
We
are
committedto
attracting
quality businesses
to
our State.
as demonstrated
bythe
scope
of
financial
inducements the
State
of
North
Carolina
can
make
available for eligible projects.
We
would
welcome
the
chance
to
explorethe details
of
these programs
and how we
mightbest
assist
your
company
in
advancing this
project.
We
look
forward
to
further
discussions
regardingthis important project.Sincerely,
Dale
B.
Carroll
Deputy
Secretary
and
Chief
Operating
Officer
North
ClII'OlInQ
301
North Wilmington Streete4301
Mail
Service CentereRaleigb,
North
Carolina
276994301 
Tel:
(919)
73341
SI
eFax;
(919)733·8356 
An
Equal
Opponllllity(AffirmativcAcllon Employer 
 
Month
the
Company
anticipates going
to
the
Tax Credit Authority:'"
May 2011
*Note-
(1)
The Company's baseline payroll
period
is
the
12
..
months
immediately
preceding
the month
that
theTax
CreditAuthority considers
the
request
for the Job
Creation
Tax
Credit.
(2)
Materials
to
be
placed
on
the Tax
Credit Authority
agenda
must
be submitted
by the
Department
of
Development'sdeadline
dates.
Actual Payroll
at
the
project site over
the
past 3
years:
Projected
Payroll for
12
months ended
Current Payroll,
May
201
I:
$98,000,000.00
Actual Payroll
for
12
monthsended
Payroll,
May 2010:
$106,000,000.00
Actual Payrollfor
12
months ended
Payroll,
May 2009:
$110,000,000.00
- - - . ~ - -
New
Payroll
to
be
generated at
the
project
site
over
the next
3
years:
2011:
$0.00
2012:
$0.00
2013:
$0.00
B.
Other
Company Employees within the State
of
Ohio. Please do not include employees
at
any retail operations:
Total Existing Full-Time Equivalents:
504
as
of
2/28/2011
Total
Full-Time
Equivalents
OneYear
Ago:
513
as
of
2/28/2010
Equivalents
at
other
Company
facilities (excluding retail) within
15
miles of project
site:
372
If
equivalents
have
decreased
atthe
project site, briefly describe
why:
in force in February 2010
FuU-Time Employment Commitments
Full-Time
Employees
committed
to
hire
at project site
no
later
than
12/3112014:
Average Hourly
Base
Wage:
$34.30
Average Hourly
Benefits:
$34.30
Number
of
Disadvantaged Full-Time
Employees:Are any
of
he
retained full-time jobs at risk
of
being
lost or
moved
out-of-state
if
the
Yes 
project
does not go forward? 
If
"Yes",
approximately
how many
retained, full-time jobs are at
risk?:
1521 
Why are these
jobs
atrisk? Where
will
they
be
movedto? 
~he
entire workforce would be at risk
if
the company were to relocate the headquarters to another state. ]
--
..
~ ~ . - - . ~ - -
..
- - - ~ ~ ' - ' - - ' - - ' ~ ~ ' - ~ ' ~ - - ' ~ - - ' ~ ~ ' - ~ ' - . - . ~ ~ . - . - . - - - . - ~ ~ ~ - -
..
~ - - - . - - - - . - . - - - ~ 
Job
Categories
Job
Category
N/A
Number
Employees
o
Relocation Impact
Page10of15
Search
Search History:
Searching...
Result 00 of 00
00 results for result for
  • p.
    • Notes
    Load more