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STATE OF NORTH CAROLINA <br />COUNTY OF CABARRUS <br />ECONOMIC DEVELOPMENT <br />INVESTMENT AGREEMENT <br />(Rehab Development, Inc.) <br />This ECONOMIC DEVELOPMENT INVESTMENT AGREEMENT (the <br />"Agreement ") is made and entered as of the day of , 2016, by <br />and between CABARRUS COUNTY, a body politic and political subdivision of the State <br />of North Carolina ( "County "), REHAB DEVELOPMENT, INC. ( "Rehab "). <br />RECITALS <br />I. The County is vitally interested in the economic welfare of its citizens and <br />the creation and maintenance of sustainable jobs for its citizens in strategically important <br />industries and therefore wishes to provide the necessary conditions to stimulate <br />investment in the local economy and promote business, resulting in the creation of a <br />substantial investment in the County and to encourage economic growth and <br />development opportunities which the County has determined will be made possible <br />pursuant to the Project (as defined below). <br />2. Rehab is engaged in the redevelopment and rehabilitation of existing <br />properties in order to create new residence and retail spaces, generating economic growth <br />and creating new jobs. <br />3. Rehab is proposing redevelopment of the historic Hotel Concord and the <br />Concord Telephone Exchange Company and Fifth Third Bank properties adjacent to the <br />Hotel into a mixed use residential /commercial retail project (the "Project "), at a total <br />estimated cost of Five Million Three Hundred Thousand Dollars ($5,300,000.00). <br />4. The County recognizes that the Project will bring direct and indirect <br />benefits to the County, including job creation, economic diversification and additional <br />residential and retail space and has offered an economic development investment (the <br />"Investment" of "Loan ") to induce Rehab to develop the Project. <br />5. Rehab fully intends to establish through the Project an important presence <br />in Cabarrus County by making a substantial investment in the Project. The County <br />hereby acknowledges that the terms of this Agreement, including specifically the County <br />Investment described in this Agreement, constitute a dispositive inducement for Rehab to <br />develop the Project. Similarly, Rehab acknowledges that its decision to develop the <br />Project resulted from the County's offer of the County Investment as described in this <br />Agreement. <br />Based on the above Recitals and the Covenants, Terms and Conditions contained <br />below, which the parties acknowledge constitute sufficient consideration to make this <br />Agreement legally binding and enforceable, the parties agree as set forth below. <br />COVENANTS, TERMS and CONDITIONS <br />G -1 <br />Attachment number 3 \n <br />Page 170 <br />