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J <br />STATE OF NORTH CAROLINA <br />COUNTY OF CABARRUS <br />ECONOMIC DEVELOPMENT <br />GRANT AGREEMENT <br />(S. P. Richards Company) <br />THIS ECONOMIC DEVELOPMENT GRANT AGREEMENT (the <br />"Agreement ") is made and entered as of the day of , 2011, by and <br />between CABARRUS COUNTY, a body politic and political subdivision of the State of <br />North Carolina ( "County "), and GENUINE PARTS COMPANY, dba S.P. RICHARDS <br />COMPANY ( "S.P. "). <br />RECITALS <br />' 1. S. P. is considering constructing a new 200,000 square foot facility in <br />County (the "Facility ") at an estimated cost of Ten Million Dollars ($10,000,000.00) and <br />by installing furniture, fixtures and equipment in the Facility at an estimated cost of One <br />' Million Eight Hundred Thousand Dollars ($1,800.000.00) for a total estimated cost of <br />Eleven Million Eight Hundred Thousand Dollars ($11,800,000.00) (the "New <br />Investment ") and by creating sixty -six (66) new jobs within the County. <br />2. On October 28, 2008 as modified on September 21, 2009, , the County <br />had previously adopted an Industrial Development Grant Program (the "Program "), a <br />' copy of which is attached as Exhibit A and incorporated by reference, the public purpose <br />of which is to encourage economic growth and development within the County. <br />' 3. Cabarrus Economic Development, Inc. (the "EDC ") has reviewed the S.P. <br />application for inclusion in the Program and EDC's overview is attached as Exhibit B and <br />incorporated by reference. <br />' 4. S.P. determined that the location of its Facility at Cold Stream <br />Boulevard /Glen Afton Boulevard in Kannapolis, 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 S.P. to locate the New Investment in the Facility at the Site and <br />' to assist S.P. in that activity, the County has offered incentives to S.P. consistent with the <br />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 SP 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 S.P. an incentive grant (the <br />"Grants ") an amount equal to 85 percent of the increase in property tax paid by S.P. upon <br />G -1 <br />Attachment number 3 <br />Page 106 <br />