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STATE OF NORTH CAROLINA DRAFT <br />INCENTIVE GRANT AGREEMENT <br />COUNTY OF CABARRUS (Project Tuxedo) <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 PROJECT TUXEDO <br />( "Tuxedo "). <br />RECITALS <br />1. Tuxedo is considering locating an additional manufacturing facility in <br />County (the "Facility ") by constructing such additional facilities in County (the "New <br />Real Property Investment "); and by installing furniture, fixtures and equipment in the <br />Facility (the "New Personal Property Investment "). The New Real Property Investment <br />and New Personal Property Investment are together contemplated to cost Forty One <br />Million Dollars ($41,000,000.00) (collectively referred to as the "New Investment ") and <br />create two hundred (200) 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. Tuxedo is requesting a waiver of some of the terms of <br />the Program, as specified below. <br />3. Cabarrus Economic Development, Inc. (the "EDC ") has reviewed the <br />Tuxedo application for inclusion in the Program and EDC's overview is attached as <br />Exhibit B and incorporated by reference. <br />4. Tuxedo has determined that location of its facility in Concord, North <br />Carolina (the "Site ") in the County is a suitable location for the placement of the Facility <br />and the New Investment. <br />5. To induce Tuxedo to locate the New Investment in the Facility at the Site <br />and to assist Tuxedo in that activity, the County has offered incentives to Tuxedo <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 Tuxedo agree as follows: <br />COVENANTS, TERMS and CONDITIONS <br />Attachment number 3 <br />G -1 Page 200 <br />