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Without it set, the build will choose the current OS version as the deployment target. 10.9 is the earliest usable, since that is when OS X introduced libc++.
This folder contains toolchains and additional files that are needed for cross compilation. For more information see introduction tutorials for target platform in documentation: http://docs.opencv.org/doc/tutorials/introduction/table_of_content_introduction/table_of_content_introduction.html#table-of-content-introduction