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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 />(Project Linder) <br />This ECONOMIC DEVELOPMENT INVESTMENT AGREEMENT (the <br />"Agreement ") is made and entered as of the day of , 2016, by and <br />between CABARRUS COUNTY, a body politic and political subdivision of the State of <br />North Carolina ( "County "), and PROJECT LINDER APPLICANT. <br />RECITALS <br />1. Project Linder Applicant is considering constructing a new 39,000 square <br />foot dealership and regional headquarters facility in County (the "Facility ") at an <br />estimated cost of Five Million Nine Hundred Thousand Dollars ($5,900,000.00) and by <br />installing furniture, fixtures and equipment in the Facility at an estimated cost of One <br />Million Seven Hundred Thousand Dollars ($1,700.000.00) for a total estimated cost of <br />Seven Million Six Hundred Thousand Dollars ($7,600,000.00) (the "New Investment ") <br />and by creating seventy -five (75) new jobs within the County. <br />2. On October 28, 2008 as modified on September 21, 2009, the County had <br />previously adopted an Industrial Development Grant Program (the "Program "), a copy of <br />which is attached as Exhibit A and incorporated by reference, the public purpose of <br />which is to encourage economic growth and development within the County. <br />3. Cabarrus Economic Development, Inc. (the "EDC ") has reviewed the <br />Project Linder Applicant application for inclusion in the Program and EDC's overview is <br />attached as Exhibit B and incorporated by reference. <br />4. Project Linder Applicant determined that the location of its Facility on <br />North Carolina Highway 73 in Kannapolis, North Carolina (the "Site ") in the County is a <br />suitable location for the placement of the Facility and the New Investment. <br />5. To induce Project Linder Applicant to locate the New Investment in the <br />Facility at the Site and to assist Project Linder Applicant in that activity, the County has <br />offered investments to Project Linder Applicant consistent with spirit of the Program, but <br />in a different format, as indicated below. <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 Linder Applicant agree as follows: <br />COVENANTS, TERMS and CONDITIONS <br />Incentive Investments. <br />Consistent with the spirit of the Program, the <br />County shall in accordance with and as provided by this Agreement, pay to Project <br />Attachment number 3 \n <br />G -3 Page 216 <br />
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