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AG 2010 09 20
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AG 2010 09 20
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Last modified
11/15/2011 8:25:30 AM
Creation date
11/27/2017 11:23:20 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
9/20/2010
Board
Board of Commissioners
Meeting Type
Regular
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STATE OF NORTH CAROLINA <br />DRAFT <br />INCENTIVE GRANT AGREEMENT <br />COUNTY OF CABARRUS (DNP IMS America Corporation) <br />THIS AGREEMENT (the "Agreement ") is made and entered as of the _ day <br />of , 2010, by and between CABARRUS COUNTY, a body politic and <br />political subdivision of the State of North Carolina ( "County "), and DNP IMS <br />AMERICA CORPORATION ( "DNP "), a Delaware corporation. <br />RECITALS <br />1. DNP is considering locating a manufacturing facility in the County (the <br />"Facility ") by renovating an existing building to serve as the Facility in the County and <br />by installing furniture, fixtures and equipment in the Facility at an estimated total cost of <br />Twenty Five Million Dollars ($25,000,000.00) (referred to as "New Investment "), and by <br />creating sixteen (37) new jobs at the Facility with an average annual wage of $43,000.00. <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. <br />3. Cabarrus Economic Development, Inc. (the "EDC ") has reviewed the <br />DNP application for inclusion in the Program and EDC's overview is attached as Exhibit <br />B and incorporated by reference. <br />4. DNP has determined that the location of the Facility at 4524 Enterprise <br />Drive NW, Concord, North Carolina (the "Site ") in the County is a suitable location for <br />the placement of the Facility and the New Investment. <br />5. To induce DNP to locate the New Investment in the Facility at the Site and <br />to assist DNP in that activity, the County has offered incentives to DNP consistent with <br />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 DNP 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 DNP an incentive grant (the <br />"Grants ") in an amount equal to 85 percent of the increase in property tax paid by DNP <br />upon the actual assessed ad valorem tax value increase occasioned by construction and <br />installation of the New Investment in the Facility at the Site. The County shall pay <br />Grants to DNP as follows: <br />AO%qgnM number 5 <br />G -3 <br />
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