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AG 2016 07 18
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AG 2016 07 18
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Last modified
7/20/2016 11:45:58 AM
Creation date
11/27/2017 10:34:09 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/18/2016
Board
Board of Commissioners
Meeting Type
Regular
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STATE OF NORTH CAROLINA <br />COUNTY OF CABARRUS <br />ECONOMIC DEVELOPMENT <br />INVESTMENT AGREEMENT <br />(Project Hornet Applicant) <br />This ECONOMIC DEVELOPMENT INVESTMENT AGREEMENT (the <br />"Agreement ") is made and entered as of the day of , <br />2016, by and between CABARRUS COUNTY, a body politic and political subdivision of <br />the State of North Carolina ( "County "), and PROJECT HORNET APPLICANT, a <br />corporation ( "Project Hornet Applicant"). <br />RECITALS <br />1. Project Hornet Applicant is considering constructing a 30,000 square feet <br />building in the County (the "Facility ") and installing furniture, fixtures and equipment in <br />the Facility at an estimated cost of at least Two Million, Seven Hundred Fifty Thousand <br />Dollars ($2,750,000.00) ( "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 />Project Hornet Applicant application for inclusion in the Program and EDC's overview is <br />attached as Exhibit B and incorporated by reference. <br />4. Project Hornet Applicant has determined that location of a distribution and <br />delivery facility at 840 Picscayne Drive in Kannapolis, North Carolina (the "Site ") in the <br />County is a suitable location for the placement of the New Investment in the Facility. <br />5. Project Hornet Applicant has determined that it will initially employ <br />approximately 10 full time employees and within two years another 4 full time <br />employees at the Facility, with a probable average annual wage in excess of $35,000.00. <br />6. To induce Project Hornet Applicant to locate the New Investment in the <br />Facility at the Site and to assist Project Hornet Applicant in that activity, the County has <br />offered incentives to Project Hornet Applicant 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 Project Hornet Applicant agree as follows: <br />Attachment number 3 \n <br />G -1 Page 109 <br />
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