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AG 2012 04 16
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AG 2012 04 16
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Last modified
4/18/2012 10:55:43 AM
Creation date
11/27/2017 11:08:33 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
4/16/2012
Board
Board of Commissioners
Meeting Type
Regular
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STATE OF NORTH CAROLINA ECONOMIC DEVELOPMENT <br />GRANT AGREEMENT <br />COUNTY OF CABARRUS <br />THIS AGREEMENT (the "Agreement ") is made and entered as of the _ day <br />of , 2012, by and between CABARRUS COUNTY, a body politic and <br />political subdivision of the State of North Carolina ( "County "), and CORNING, INC., a <br />New York corporation ( "Corning "). <br />RECITALS <br />1. Corning is considering construction of an additional manufacturing facility <br />adjacent to its existing plant in County (the "Facility ") by adding manufacturing capacity <br />in the County at an estimated cost of Fifty Million Dollars ($50,000,000.00) for both real <br />and personal property new investment (the "New Investment ") and by creating seventy <br />(70) new jobs within the County. <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 />Corning application for inclusion in the Program and EDC's overview is attached as <br />Exhibit B and incorporated by reference. <br />4. Corning has determined that location of this Facility adjacent to its <br />existing plant at 14556 Highway 601 in Midland, North Carolina (the "Site ") in the <br />County is a suitable location for the placement of the Facility and the New Investment. <br />5. To induce Corning to locate the New Investment in the Facility at the Site <br />and to assist Corning in that activity, the County has offered incentives to Corning <br />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 Corning agree as follows: <br />COVENANTS, TERMS and CONDITIONS <br />1. Incentive Grants. Pursuant to the Program, the County shall in <br />accordance with and as provided by this Agreement, pay to Corning an incentive grant <br />(the "Grants ") in an amount equal to 85 percent of the increase in property tax paid by <br />Corning upon the actual assessed ad valorem tax value increase occasioned by <br />Economic development grant Cab Co- Corning expansion <br />Attachment number 4 <br />G -1 Page 152 <br />
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