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AG 2016 03 21
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AG 2016 03 21
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Last modified
3/23/2016 8:54:48 AM
Creation date
11/27/2017 10:32:37 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
3/21/2016
Board
Board of Commissioners
Meeting Type
Regular
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STATE OF NORTH CAROLINA <br />COUNTY OF CABARRUS <br />ECONOMIC DEVELOPMENT <br />GRANT AGREEMENT <br />(1000 Derita Road LLC) <br />This ECONOMIC DEVELOPMENT GRANT AGREEMENT (the "Agreement ") <br />is made and entered as of the day of , 2016, by and between <br />CABARRUS COUNTY, a body politic and political subdivision of the State of North <br />Carolina ( "County "), and 1000 DERITA ROAD LLC ( "Silverman Group "), a limited <br />liability company. <br />RECITALS <br />1. Silverman Group is considering locating an approximate 300,000 square <br />foot speculative industrial facility in the County at an estimated cost of Seventeen Million <br />Dollars ($17,000,000.00) 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 on Derita Road in Concord, North Carolina <br />(the "Site ") in the County is a suitable location for the 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 />value increase occasioned by construction of the New Investment at the Site. The County <br />shall pay Grants to Silverman Group as follows: <br />Attachment number 3 \n <br />G -1 Page 106 <br />
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