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STATE OF NORTH CAROLINA <br />DRAFT <br />INCENTIVE GRANT AGREEMENT <br />COUNTY OF CABARRUS (Corning, Inc.) <br />THIS AGREEMENT (the "Agreement ") is made and entered as of the _ day <br />of June, 2012, by and between CABARRUS COUNTY, a body politic and political <br />subdivision of the State of North Carolina ( "County "), and CORNING, INC. ( "Corning ") <br />a New York corporation. <br />RECITALS <br />1. Corning is considering locating additional manufacturing facilities in the <br />County (the "Facility ") by upfitting its existing building to serve as the Facility in the <br />County and by installing furniture, fixtures and equipment in the Facility at an estimated <br />total cost of Thirty Two Million Dollars ($32,000,000.00) (referred to as "New <br />Investment "), and by creating new jobs at the Facility. <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 its present location at 14556 Highway 601, <br />Midland, North Carolina (the "Site ") in the County is a suitable location for the <br />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 />construction and installation of the New Investment in the Facility at the Site. The <br />County shall pay Grants to Corning as follows: <br />Attachment number 3 <br />G -2 Page 240 <br />