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AG 2016 11 21
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AG 2016 11 21
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Last modified
11/23/2016 2:25:13 PM
Creation date
11/27/2017 10:35:48 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
11/21/2016
Board
Board of Commissioners
Meeting Type
Regular
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STATE OF NORTH CAROLINA <br />COUNTY OF CABARRUS <br />ECONOMIC DEVELOPMENT <br />INVESTMENT AGREEMENT <br />(ISE Enterprises, Inc.) <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 ISE ENTERPRISES, INC., a corporation <br />( "ISE "). <br />RECITALS <br />1. ISE is considering constructing a 45,000 square feet building in the <br />County (the "Facility ") and installing furniture, fixtures and equipment in the Facility at <br />an estimated cost of at least Three Million Dollars ($3,000,000.00) ( "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 ISE <br />application for inclusion in the Program and EDC's overview is attached as Exhibit B and <br />incorporated by reference. This is a modification of the previous Project Hornet <br />application, which was approved by the Board of Commissioners. <br />4. ISE has determined that location of a corporate facility at 5885 Davidson <br />Highway in Kannapolis, North Carolina (the "Site ") in the County is a suitable location <br />for the placement of the New Investment in the Facility. <br />5. To induce ISE to locate the New Investment in the Facility at the Site and <br />to assist ISE in that activity, the County has offered incentives to ISE generally consistent <br />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 ISE agree as follows: <br />COVENANTS, TERMS and CONDITIONS <br />1. Tax Investments. Pursuant to the Program, as modified, the County <br />shall in accordance with and as provided by this Agreement, pay to ISE an economic <br />development investment (the "Investments ") as follows: <br />(a) For a period of three (3) consecutive years, the County shall make <br />Investments to ISE in an amount equal to 85 percent of the increase in property tax paid <br />Attachment number 3 \n <br />G -2 Page 207 <br />
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