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STATE OF NORTH CAROLINA <br />COUNTY OF CABARRUS <br />ECONOMIC DEVELOPMENT <br />GRANT AGREEMENT <br />(Project "Burgundy ") <br />This ECONOMIC DEVELOPMENT GRANT AGREEMENT (the "Agreement ") <br />is made and entered as of the day of , 2016, by and <br />between CABARRUS COUNTY, a body politic and political subdivision of the State of <br />North Carolina ( "County "), and PROJECT BURGUNDY APPLICANT, a corporation. <br />RECITALS <br />1. Project Burgundy Applicant is considering locating a 86,700 square foot <br />manufacturing facility in the County (the "Facility ") by constructing new facilities in the <br />County and installing furniture, fixtures and equipment in the Facility at an estimated cost <br />of at least Forty Million Dollars ($40,000,000.00) (collectively 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 />Project Burgundy application for inclusion in the Program and EDC's overview is <br />attached as Exhibit B and incorporated by reference. <br />4. Project Burgundy Applicant has determined that location of its <br />manufacturing facility on a 33.26 acre tract owned by the County adjacent to the <br />Aberdeen Western Railroad near Wallace Road near the Town of Midland, North <br />Carolina (the "Site ") in the County is a suitable location for the placement of the Facility <br />and the New Investment. <br />5. Project Burgundy Applicant has determined that it will employ <br />approximately 49 employees within two (2) years at the Facility, with a probable average <br />annual wage of $53,963.00. <br />6. To induce Project Burgundy Applicant to locate the New Investment in <br />the Facility at the Site and to assist Project Burgundy Applicant in that activity, the <br />County has offered incentives to Project Burgundy Applicant generally consistent with <br />the Program, but with a special arrangement relative to purchase of the underlying real <br />estate. <br />Attachment number 3 \n <br />G -1 Page 95 <br />