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' STATE OF NORTH CAROLINA ECONOMIC DEVELOPMENT <br />GRANT AGREEMENT <br />COUNTY OF CABARRUS (390 Business Boulevard, LLC) <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 390 BUSINESS BOULEVARD, LLC, a North Carolina <br />' limited liability company ( "390 -1313"). <br />RECITALS <br />' 1. 390 -BB is considering constructing a new 88,527 square foot expandable <br />facility in County (the "Facility ") at an estimated cost of Six Million, Two Hundred <br />Seventy Two Thousand, Nine Hundred Sixty -Four Dollars ($6,272,964.00) (the "New <br />' Investment ") creating potential new jobs within the County. <br />2. On October 28, 2008 as modified on September 21, 2009, the County had <br />' previously adopted an Industrial Development Grant Program (the "Program "), a copy of <br />which is attached as Exhibit A and incorporated by reference, the public purpose of <br />which is to encourage economic growth and development within the County. <br />3. Cabarrus Economic Development, Inc. (the "EDC ") has reviewed the 390 - <br />BB application for inclusion in the Program and EDC's overview is attached as Exhibit B <br />' and incorporated by reference. <br />4. 390 -BB determined that the location of its Facility on its existing <br />' unimproved real property at 4541 Enterprise Drive in Concord, North Carolina (the <br />"Site ") in the County is a suitable location for the placement of the Facility and the New <br />Investment. <br />II I <br />5. To induce 390 -BB to make the New Investment by constructing the <br />Facility at the Site and to assist 390 -BB in that activity, the County has offered incentives <br />to 390 -BB 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 390 -BB 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 390 -BB an incentive grant <br />(the "Grants ") in an amount equal to 85 percent of the increase in property tax paid by <br />390 -BB upon the actual assessed ad valorem tax value increase occasioned by <br />G -1 <br />Attachment number 3 <br />Page 134 <br />