Laserfiche WebLink
STATE OF NORTH CAROLINA <br />COUNTY OF CABARRUS <br />ECONOMIC DEVELOPMENT <br />GRANT AGREEMENT <br />(Project "Roy ") <br />This ECONOMIC DEVELOPMENT GRANT AGREEMENT (the "Agreement ") <br />is made and entered as of the day of , 2015, by and <br />between CABARRUS COUNTY, a body politic and political subdivision of the State of <br />North Carolina ( "County "), and PROJECT ROY APPLICANT, a corporation. <br />RECITALS <br />1. Project Roy Applicant is considering locating a multi square foot <br />distribution facility in County (the "Facility ") by constructing new facilities in the County <br />and installing furniture, fixtures and equipment in the Facility at an estimated cost of <br />Twelve Million Five Hundred Thousand Dollars ($12,500,000.00) (collectively referred <br />to as "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 Roy application for inclusion in the Program and EDC's overview is attached as <br />Exhibit B and incorporated by reference. <br />4. Project Roy Applicant has determined that location of its distribution <br />facility on Z -Max Boulevard in Harrisburg, 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 Roy Applicant to locate the New Investment in the <br />Facility at the Site and to assist Project Roy Applicant in that activity, the County has <br />offered incentives to Project Roy Applicant consistent with the Program, but with a <br />waiver as to the length of time of the economic development grant. <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 Roy Applicant agree as follows: <br />COVENANTS, TERMS and CONDITIONS <br />Incentive Grants. <br />Pursuant to the Program, a modified, the County <br />shall in accordance with and as provided by this Agreement, pay to Project Roy <br />Applicant an economic development grant (the "Grants ") in an amount equal to 85 <br />percent of the increase in property tax paid by Project Roy Applicant upon the actual <br />assessed ad valorem tax value increase occasioned by construction and equipment <br />Attachment number 1 <br />G -1 Page 117 <br />