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STATE; OF NORTH CAROLINA <br />INCENTIVE GRANT AGREEMENT <br />COUNTY OF CABARRUS ( Pregel America, Inc. and <br />Lares Real Estate USA, LLC) <br />T141S AGREEMENT (the "Agreement ") is made and entered as of the day <br />of ,WA, 2008, by and between CABARRUS COU'Wry, a body politic and <br />political sub ivision of the State of North Carolina ( "County "), and LARDS REAL <br />ESTATE, USA, LLC a North Carolina limited liability company and PREGEL <br />AMERICA, 1NC., a North Carolina corporation (collectively "Pregel "), <br />RECITALS <br />I . Pregel is considering locating a 125,000 square foot gelato manufacturing <br />facility in County (the "Facility ") by constructing such facilities in County at an <br />estimated cost of Eleven Million Five Hundred Thousand Dollars ($11,500,000) (the <br />"New Real Property Investment "); and by installing furniture, fixtures and equipment in <br />the Facility at an estimated cost of an additional Three Million Five Hundred Thousand <br />Dollars ($3,500,000) (the "New Personal Property Investment ") (also sometimes <br />collectively referred to as "New Investment "). <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, Pregel is requesting a waiver of some of the terms of the <br />Program, as specified below. <br />3. Cabarrus Economic Development, Inc. (the "EDC ") has reviewed tlli <br />Pregel application for inclusion in the Program and EDC's overview is attached as <br />Exhibit B and incorporated by reference. <br />4. Pregel has determined that location of its facility in the International <br />Business Park in Concord, North Carolina (the "Site ") in the County is a suitable location <br />for the placement of the Facility and the New Investment. <br />5. To induce Pregel to locate the New Investment in the Facility at the Site <br />and to assist Pregel in that activity, the County has offered incentives to Pregel consistent <br />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 Pregel agree as follows: <br />COVENANTS, TERMS and CONDITIONS <br />Attachment number 3 <br />G -4 Page 560 <br />