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STATE OF NORTH CAROLINA <br />COUNTY OF CABARRUS <br />DRAFT <br />INCENTIVE GRANT AGREEMENT <br />(Distribution Technoldgy, Inc.) <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 DISTRIBUTION <br />TECHNOLOGY, INC. ( "DT "), a North Carolina corporation. <br />RECITALS <br />1. DT is considering re its business in the County (the "Facility ") by <br />renovating an existing building to serve as the Facility in the County (at an approximate <br />cost of $650,000.00) and by installing furniture, fixtures and equipment in the Facility (at <br />an estimate cost of $1,045,000.00) for a total estimated cost of One Million Six Hundred <br />Ninety Five Thousand Dollars ($1,695,000.00) (referred to as "New Investment ") and by <br />creating at least sixty -five (65) new full time jobs at the Facility with an hourly wage of <br />$14.00 to $16.00 per hour. <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 DT <br />application for inclusion in the Program and EDC's overview is attached as Exhibit B and <br />incorporated by reference. <br />4. DT has determined that the location of the Facility at 432 Pitts School <br />Road, Concord, North Carolina (the "Site ") in the County is a suitable location for the <br />placement of the Facility and the New Investment. <br />5. To induce DT to locate the New Investment in the Facility at the Site and <br />to assist DT in that activity, the County has offered incentives to DT 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 DT 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 DT an incentive grant (the <br />"Grants ") in an amount equal to 85 percent of the increase in property tax paid by DT <br />upon the actual assessed ad valorem tax value increase occasioned by construction and <br />G -2 <br />Attachment number 3 <br />Page 486 <br />