Cushman & Wakefield Proposal

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SCOPE OF WORK

BUSINESS INCENTIVES CONT’D Below is a high level summary of typical economic development tools for five prominent states in the Southeast as well as a recently incented company benchmark.

Grants or Monetizable Incentives

Property Tax Relief or TIF Financing

Infrastructure Programs

Utility Cost Incentives

Location

Sales Tax Relief

Notes

Notable Recent Incentives

Nucor ($350M Capex, 180 Jobs)

Most state programs are based on headcount; however, depending upon location there could be a strong grant funding for capital investment. Recently reduced property tax assessment ratio for manufacturers. Property tax relief can be negotiated for up to 30 years. Strong state grant program and TVA (electric) can also provide cash grants to projects.

Incentives: - Employee Withholding Incentive - Cash Grant - Utility Infrastructure Incentive - Rail spur construction - Local cash grant on incremental property taxes

North Carolina

Yes (in form of grant)

Yes, in certain locations

Manufacturing

Yes

Yes

Tyson Food ($300M Capex, 376 Jobs)

Manufacturing and building materials 1

South Carolina

Yes

Yes

Yes

Yes

Incentives: - State Grant - Tobacco Region Opportunity Fund

Mullen Technologies ($362M Capex, 434 Jobs)

Tennessee

Yes

Yes

Yes

Manufacturing

Yes

Incentive: - Property tax relief on building and equipment

Shaw Industries Group ($400M Capex, 300 Jobs)

For a BTS location, company may have the opportunity to compete electric providers.

Yes, depending upon location Manufacturing

Incentive: - Infrastructure grant - Employee Withholding incentive - 20-year FILOT incentive

Georgia

Yes

Yes

Yes

Aspen Aerogels ($325M Capex, 250 Jobs)

Virginia has multiple cash grant programs. In counties boarding TN and NC, there is grant funding through the Tobacco Commission

Incentive: - Grant - 10-year property tax savings - Discounted project site - Infrastructure grant

Virginia

Yes

Generally, no

Yes

Manufacturing

Yes

1 Based upon investment structure

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