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STATE OF NORTH CAROLINA <br />INCENTIVE GRANT AGREEMENT <br />COUNTY OF CABARRUS (JRH Vehicle Investments II, LLC) <br />THIS AGREEMENT (the "Agreement") is made and entered into as of the <br />day of July, 2009, by and between CABARRUS COUNTY, a body politic and <br />political subdivision of the State of North Carolina ("County"), and JRH VEHICLE <br />INVESTMENTS II, LLC ("JRH"), a North Carolina limited liability company. <br />RECITALS <br />1. JRH is considering locating a new facility in County (the "Facility") at an <br />estimated cost of Four Million Dollars Eight Hundred Fifty Thousand Dollars <br />($4,850,000.00) (the "New Investment") and by creating five (5) new jobs within the <br />County. <br />2. The County has previously adopted. an Economic Development Grant <br />Program (the "Program"), a copy. of which is attached as Exhibit A and incorporated by <br />reference, the public purpose of vvhich is to encourage: economic growth and <br />development within the County. <br />3. Cabarrus Economic Development, Inc. (the "EDC") has reviewed the JRH <br />application for inclusion in the Program and EDC's overview is attached as Exhibit B and <br />incorporated by reference. <br />4. JRH has determined that the location of its facility on papa Joe Hendrick <br />Boulevard in 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 JRH to locate the New Investment in the Facility at the Site and <br />to assist JRH in that activity, the County has offered incentives to JRH 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 JRH 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 JRH an incentive grant (the <br />"Grants") in an amount equal to 85 percent of the increase in property tax paid by JRH <br />upon the actual assessed ad valorem tax value increase occasioned by construction and <br />equipment installation of the New Investment in the Facility at the Site. The County shall <br />pay Grants to JRH for a period of three (3) consecutive years. The Grants shall be paid <br />as provided in the Program. <br />Attachment number 4 <br />G-1 Page 368 of 627 <br />