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STATE OF NORTH CAROLINA <br />COUNTY OF CABARRUS <br />ECONOMIC DEVELOPMENT <br />GRANT AGREEMENT <br />(Project "Pac ") <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 PAC APPLICANT, a corporation. <br />RECITALS <br />1. Project Pac Applicant is considering locating a 343,000 square foot <br />distribution facility in the County (the "Facility ") by constructing new facilities in the <br />County at an estimated cost of at least Thirty -Nine Million Five Hundred Thousand <br />Dollars ($39,500,000.00) ( "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 Pac application for inclusion in the Program and EDC's overview is attached as <br />Exhibit B and incorporated by reference. <br />4. Project Pac Applicant has determined that location of its distribution <br />facility in the River Oaks Corporate Center in Concord, North Carolina (the "Site ") in the <br />County is a suitable location for the placement of the Facility and the New Investment. <br />5. Project Pac Applicant has determined that it will lease the Facility to a <br />larger delivery company. <br />6. To induce Project Pac Applicant to locate the New Investment in the <br />Facility at the Site and to assist Project Pac Applicant in that activity, the County has <br />offered incentives to Project Pac 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 Pac Applicant agree as follows: <br />COVENANTS, TERMS and CONDITIONS <br />1. Tax Grants. Pursuant to the Program, the County shall in accordance <br />with and as provided by this Agreement, pay to Project Pac Applicant an economic <br />development grant (the "Grants ") as follows: <br />Attachment number 2 \n <br />G -1 Page 339 <br />