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STATE OF NORTH CAROLINA <br />INCENTIVE GRANT AGREEMENT <br />COUNTY OF CABARRUS (F1yRight Holdings, Inc.) <br />THIS AGREEMENT (the "Agreement ") is made and entered as of the _ day <br />of 5 2016, by and between CABARRUS COUNTY, a body politic and <br />political subdivision of the State of North Carolina ( "County "), and FLYRIGHT <br />HOLDINGS, INC. ( "F1yRight"), a North Carolina corporation. <br />RECITALS <br />1. F1yRight is considering re- locating a flight simulator facility in the County <br />(the "Facility ") by upgrading an existing building to serve as the Facility in County and <br />by installing furniture, fixtures and equipment in the Facility at an estimated total cost of <br />Two Million Five Hundred Thousand Dollars ($2,500,000.00) (collectively referred to as <br />"New 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 />F1yRight application for inclusion in the Program and EDC's overview is attached as <br />Exhibit B and incorporated by reference. <br />4. F1yRight has determined that location of its Facility in the Silverman <br />Group building on Aviation Boulevard in Concord, North Carolina (the "Site ") in the <br />County is a suitable location for the placement of the Facility and the New Investment. <br />5. F1yRight has determined that it will employ an additional 10 full time <br />employees at the Facility, with an average annual wage of approximately $60,000.00. <br />6. To induce F1yRight to locate the New Investment in the Facility at the Site <br />and to assist F1yRight in that activity, the County has offered incentives to F1yRight <br />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 F1yRight 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 F1yRight an incentive grant <br />(the "Grants ") in an amount equal to 85 percent of the increase in property tax paid by <br />Attachment number 3 \n <br />G -1 Page 132 <br />