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AG 2016 05 16
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AG 2016 05 16
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Last modified
5/18/2016 12:20:36 PM
Creation date
11/27/2017 10:33:09 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
5/16/2016
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 />(4540 Fortune Ave, 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 4540 FORTUNE AVE, LLC ( "4540 Fortune Ave "), a limited <br />liability company. <br />RECITALS <br />1. 4540 Fortune Ave is considering locating an approximate 75,000 square <br />foot speculative commercial 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 />4540 Fortune Ave application for inclusion in the Program and EDC's overview is <br />attached as Exhibit B and incorporated by reference. <br />4. 4540 Fortune Ave has determined that location of its speculative <br />commercial facility on Lots 7 and 8 in Phase II of the International Business Park 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 4540 Fortune Ave to locate the New Investment at the Site and <br />to assist 4540 Fortune Ave in that activity, the County has offered incentives to 4540 <br />Fortune Ave generally 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 4540 Fortune Ave agree as follows: <br />COVENANTS, TERMS and CONDITIONS <br />L Incentive Grants. Pursuant to the Program, the County shall in <br />accordance with and as provided by this Agreement, pay to 4540 Fortune Ave an <br />economic development grant (the "Grants ") in an amount equal to 85 percent of the <br />increase in property tax paid by 4540 Fortune Ave upon the actual assessed ad valorem <br />tax value increase occasioned by construction of the New Investment at the Site. The <br />County shall pay Grants to 4540 Fortune Ave as follows: <br />Attachment number 3 \n <br />G -2 Page 141 <br />
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