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Based on the above Recitals and the Terms contained below, which the parties <br /> acknowledge constitute sufficient consideration to make this Agreement legally binding and <br /> enforceable, the parties agree as set forth below. <br /> TERMS <br /> I. COUNTY INCENTIVES GENERALLY <br /> The County will provide cash incentives (the "County Incentives") provided that the <br /> provisions of this Agreement are specifically met. The County will provide a cash grant <br /> to partially defray the cost of relocation of a portion of Macedonia Church Road, <br /> installation of public utilities and installation of signalization on Macedonia Church <br /> Road. <br /> II. COUNTY ECONOMIC DEVELOPMENT INCENTIVES RELATED TO LAND <br /> DEVELOPMENT AND INFRASTRUCTURE <br /> A. Land Development <br /> The Company agrees to develop the Facility on a tract of land to be acquired by <br /> the Company consisting of approximately acres located at Highway 73 and <br /> Macedonia Church Road in the City of Kannapolis,North Carolina (the "Site"). <br /> B. County's Incentives for a Public Road, Utilities and a Stoplight <br /> Within ten (10) days of completion of construction of the offsite public road <br /> changes and improvements incident to the Site, the County will pay one-half of a <br /> maximum Incentive grant of $1,487,500.00 as partial reimbursement for such <br /> cost, provided satisfactory evidence of the amount and satisfactory completion of <br /> the construction is given to the County. The balance shall be paid no later than <br /> July loth of the County's next fiscal year after payment of the initial one-half, <br /> assuming there has been no material adverse change to the Project in the <br /> meantime. The County incentive amount is roughly equivalent to a grant of 85% <br /> of the taxes paid on the net increase in the assessed value of the Project, for a <br /> period of five (5) years. <br /> III. REDUCTION AND RECAPTURE OF INCENTIVES <br /> A. If Company is not current on all other taxes, fees, assessments or other amounts <br /> owed to the County by Company related to the Facility at the time a County <br /> Incentive is to be paid, the County may set off from any County Incentive any <br /> amount(s) so owed by Company to the County. <br /> Pagt,A&0 46t number 3\n <br /> F-8 Page 136 <br />