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STATE OF NORTH CAROLINA ECONOMIC DEVELOPMENT <br /> GRANT AGREEMENT <br /> COUNTY OF CABARRUS (Project Pinecone) <br /> This ECONOMIC DEVELOPMENT GRANT AGREEMENT (the"Agreement") <br /> is made and entered as of the day of February, 2017, by and between CABARRUS <br /> COUNTY, a body politic and political subdivision of the State of North Carolina <br /> ("County"), and PROJECT PINECONE APPLICANT. <br /> RECITALS <br /> 1. Project Pinecone Applicant is considering construction of an additional <br /> manufacturing facility(the"Facility") adjacent to its existing plant in the County by <br /> adding manufacturing capacity in the County at an estimated cost of One Hundred Nine <br /> Million Dollars ($109,000,000.00) for both real and personal property new investment <br /> (collectively the "New Investment") and by creating new jobs within the County. <br /> 2. The County has previously adopted an Industrial Development Grant <br /> Program(the"Program"), a copy of which is attached as Exhibit A and incorporated by <br /> reference, the public purpose of which is to encourage economic growth and <br /> development within the County. <br /> 3. Cabarrus Economic Development, Inc. (the "EDC")has reviewed the <br /> Project Pinecone Applicant application for inclusion in the Program and EDC's overview <br /> is attached as Exhibit B and incorporated by reference. <br /> 4. Project Pinecone Applicant has determined that location of this Facility <br /> adjacent to its existing plant (the "Site") in the County is a suitable location for the <br /> placement of the Facility and the New Investment. <br /> 5. Project Pinecone Applicant has indicated to the County that it is extremely <br /> doubtful that it would construct the Facility and make the New Investment in the absence <br /> of this Agreement. <br /> 6. To induce Project Pinecone Applicant to locate the New Investment in the <br /> Facility at the Site and to assist Project Pinecone Applicant in that activity, the County <br /> has offered incentives to Project Pinecone Applicant consistent with the Program. <br /> In consideration of the mutual promises set forth in this Agreement and other <br /> good and valuable considerations, the receipt and sufficiency of which are acknowledged <br /> by the parties, the County and Project Pinecone Applicant agree as follows: <br /> COVENANTS, TERMS and CONDITIONS <br /> Attachment number 3\n <br /> G-2 Page 123 <br />