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STATE OF NORTH CAROLINA ECONOMIC DEVELOPMENT AGREEMENT <br /> (PROJECT HERCULES) <br /> COUNTY OF CABARRUS <br /> This ECONOMIC DEVELOPMENT AGREEMENT ("Agreement") is entered into <br /> effective July_, 2017 by and between PROJECT HERCULES APPLICANT, a <br /> (the "Company"), and the COUNTY OF CABARRUS, North Carolina, a body politic and <br /> political subdivision of the State of North Carolina (the "County"), and describes the agreement <br /> between the parties relating to an economic development project to assist the Company in the <br /> construction of public infrastructure in and near 6501 Macedonia Church Road in Kannapolis, <br /> North Carolina (the "Site"). <br /> RECITALS <br /> 1. The County is vitally interested in the economic welfare of its citizens and the <br /> creation and maintenance of sustainable jobs for its citizens in strategically important industries <br /> and therefore wishes to provide the necessary conditions to stimulate investment in the local <br /> economy and promote business, resulting in the creation of a substantial investment in the <br /> County and to encourage economic growth and development opportunities which the County has <br /> determined will be made possible pursuant to the Project(as defined below). <br /> 2. The Company is engaged in the development of commercial speculative buildings <br /> in order to attract industrial and commercial enterprises to such buildings, generating economic <br /> growth and creating new jobs. <br /> 3. The Company has proposed to make a capital investment of at least $58,000,000 <br /> at the Site, all in the form of internal and external infrastructure and one (1) 1,000,000 square <br /> foot industrial or commercial building. Such infrastructure and building that are located on the <br /> Site are referred to as the "Facility." The Facility, along with the land constituting the Site, is <br /> referred to as the "Project." <br /> 4. The County recognizes that the Project will bring direct and indirect benefits to <br /> the County, including job creation, economic diversification and stimulus in technology and <br /> manufacturing skills, and has offered economic development incentives (the "County Incentives" <br /> as defined below) to induce the Company to locate the Project at the Site. <br /> 5. The Company fully intends to establish through the Project an important presence <br /> in Cabarrus County by making a substantial investment in the Project. The County hereby <br /> acknowledges that the terms of this Agreement, including specifically the County Incentives and <br /> other assistance described in this Agreement, constitute a dispositive inducement to the <br /> Company to locate the Project at the Site. Similarly, the Company hereby acknowledges that its <br /> decision to develop the Project at the Site resulted from the County's offer of local incentives <br /> and other assistance as described in this Agreement. <br /> PagakdaOfni6t number 3\n <br /> G-1 Page 67 <br />