AG 2017 10 16 - Laserfiche WebLink

Home Browse Search

STATE OF NORTH CAROLINA MODIFICATION OF SILVERMAN GROUP GRANT AGREEMENT COUNTY OF CABARRUS (SL 1000 Derita Road, LLC—Building 1) THIS MODIFICATION OF SILVERMAN GROUP GRANT AGREEMENT ("Modification") is made and entered into effective October_, 2017 by and between CABARRUS COUNTY ("County"), and SL 1000 DERITA ROAD, LLC ("Silverman Group"). RECITALS 1. On 92016, the County and Silverman Group entered into an Economic Development Grant Agreement("Agreement") under which the County agreed to pay certain grants to Silverman Group based on capital investment to be made by Silverman Group in Building 1 of the Concord Airport Business Park. 2. The Agreement contained a number of provisions and conditions governing the payment of the grant amounts for the construction of Building I of the Concord Airport Business Park. 3. Silverman Group originally contemplated that Building 1 would be a speculative building of approximately 300,000 square feet at an estimated cost of Seventeen Million Dollars ($17,000,000.00). 4. Silverman Group has determined that Building 1 needs to be enlarged to a total of 500,798 square feet to accommodate a potential tenant, with an adjustment of the estimated costs to Thirteen Million Dollars ($13, 000,000.00) 5. Silverman Group has indicated to the County that but for approval of this Modification, Building I would not be constructed to accommodate the tenant. 6. The County's Board of Commissioners has approved the terms of this Modification and believe its approval to be in the best interest of the County. In consideration of the above Recitals and the Terms below, which the parties believe make this Modification legally binding and enforceable, the parties agree as follows. TERMS 1. The Agreement is hereby modified to adjust the new Investment to Thirteen Million Dollars ($13,000,000.00) and increase the size of the speculative building facility to 500,798 square feet. Attachment number 3\n G-2 Page 83