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AG 2011 08 15
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AG 2011 08 15
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Last modified
8/16/2011 9:32:21 AM
Creation date
11/27/2017 11:16:35 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
8/15/2011
Board
Board of Commissioners
Meeting Type
Regular
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STATE OF NORTH CAROLINA ECONOMIC DEVELOPMENT AGREEMENT <br />COUNTY OF CABARRUS (CELGARD, LLC) <br />THIS AGREEMENT ( "Agreement ") is entered into effective August , 2011 by and <br />between CELGARD, LLC, a Delaware limited liability company (the "Company "), a wholly <br />owned subsidiary of Polypore International, Inc., a Delaware corporation, and the COUNTY OF <br />CABARRUS, North Carolina, a body politic and political subdivision of the State of North <br />Carolina (the "County "), and describes the agreement between the parties relating to an <br />economic development project to assist the Company in the location of an expansion of the <br />Company's battery membrane research, manufacturing and distribution facility at the Company's <br />current property located in the International Business Park in the City of Concord, North <br />Carolina (the "Site "). <br />RECITALS: <br />WHEREAS, the County is vitally interested in the economic welfare of its citizens and <br />the creation and maintenance of sustainable jobs for its citizens in strategically important <br />industries and therefore wishes to provide the necessary conditions to stimulate investment in the <br />local economy and promote business, resulting in the creation of a substantial investment in the <br />County and to encourage economic growth and development opportunities which the County has <br />determined will be made possible pursuant to the Project (as defined below). <br />WHEREAS, the Company is engaged in state -of -the -art battery separator research, <br />manufacturing and distribution and is a premier provider of products and services required for <br />customers worldwide to build their battery cells and other industries relying on stored energy, <br />such as transportation, and Company is recognized by the United States government as a leader <br />in battery separator development and manufacturing. <br />WHEREAS, the Company has proposed to make a further capital investment of at least <br />$105,000,000 at the Site, as an expansion of its current battery research, manufacturing and <br />distribution facility ( "Project "). Such manufacturing and distribution facility and other buildings <br />that are owned and operated by the Company and used in connection with the Company's <br />business that are located on the Site are referred to herein as the "Facility." <br />WHEREAS, the County recognizes that the Project will bring direct and indirect benefits <br />to the County, including job creation, economic diversification and stimulus and training in <br />technology and manufacturing skills, and has offered economic development incentives (the <br />"EDI Grants" as defined below) to induce the Company to locate the Project at the Site. <br />WHEREAS, the Company fully intends to establish through the Project an important <br />presence in the County by employing a large number of local employees and making a <br />substantial investment in the Project and in the training and development of those employees. <br />The County hereby acknowledges that the terms of this Agreement, including specifically the <br />EDI Grants and other assistance described in this Agreement, constitute a dispositive inducement <br />to the Company to locate the Project at the Site. Similarly, the Company hereby acknowledges <br />Page 1 of 15 <br />Attachment number 1 <br />G -2 Page 215 <br />
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