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STATE OF NORTH CAROLINA ECONOMIC DEVELOPMENT <br /> GRANT AGREEMENT <br /> COUNTY OF CABARRUS (SL 1000 Derita Road, LLC-Building 2) <br /> This ECONOMIC DEVELOPMENT GRANT AGREEMENT (the "Agreement") <br /> is made and entered as of the day of , 2017, by and between <br /> CABARRUS COUNTY, a body politic and political subdivision of the State of North <br /> Carolina ("County"), and SL 1000 DERITA ROAD, LLC ("Silverman Group"), a limited <br /> liability company. <br /> RECITALS <br /> I. Silverman Group is considering locating an approximate 252,646 square <br /> foot speculative industrial facility in the County at an estimated cost of Eight Million <br /> Dollars ($8,000,000.00) and creating construction jobs. (referred to as "New <br /> Investment"). <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 /> Silverman Group application for inclusion in the Program and EDC's overview is <br /> attached as Exhibit B and incorporated by reference. <br /> 4. Silverman Group has determined that location of its speculative industrial <br /> facility in Concord Airport Business Park at 1040 Derita Road(Building No. 2) in <br /> Concord,North Carolina (the"Site") in the County is a suitable location for the <br /> placement of the New Investment. <br /> 5. To induce Silverman Group to locate the New Investment at the Site and <br /> to assist Silverman Group in that activity, the County has offered incentives to Silverman <br /> Group 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 Silverman Group agree as follows: <br /> COVENANTS, TERMS and CONDITIONS <br /> 1. Incentive Grants. Pursuant to the Program, the County shall in <br /> accordance with and as provided by this Agreement, pay to Silverman Group an <br /> economic development grant (the "Grants") in an amount equal to 85 percent of the <br /> increase in property tax paid by Silverman Group upon the actual assessed ad valorem tax <br /> Attachment number 3\n <br /> G-2 Page 85 <br />