AG 2009 08 17 - Laserfiche WebLink

Home Browse Search

COUNTY of CABARRUS ECONOMIC DEVELOPMENT NORTH CAROLINA AGREEMENT THIS ECONOMIC DEVELOPMENT AGREEMENT is dated as of May , 2009 (as supplemented or amended, the "Agreement"), and is between 390 BUSINESS BOULEVARD, LLC, a North Carolina Limited Liability Company ("COMPANY") and the CABARRUS COUNTY, A NORTH CAROLINA BODY POLITIC, a municipal corporation of the State of North Carolina (the "COUNTY"). RECITALS: The purpose of this Agreement is to describe certain incentives to be provided by the COUNTY to COMPANY pursuant to N.C. Gen. Stat. § 158-7.1, et seq. in connection with COMPANY'S construction of a speculative industrial shell building within the geographic limits of the COUNTY: NOW, THEREFORE, for and in consideration of the mutual promises and covenants contained in this Agreement, the parties agree as follows: ARTICLE I COMPANY'S COMMITMENTS In return for the assistance and consideration being provided by the COUNTY under the terms of this Agreement, COMPANY agrees as follows: 1.01. Make $7,800,000 Investment in Real Property COMPANY will spend at least $7,800,000 within 24 months of the Agreement Date on capital costs related to the construction of a speculative industrial shell building to be located at 390 Business Boulevard NW, Concord, NC 28027 (further described as Cabarrus County Property Identification Number (PIN) 5601513457, otherwise known as the "Facility"). COMPANY will provide to the COUNTY such information evidencing compliance with this requirement as the COUNTY may reasonably request. COMPANY will provide the requested information promptly after request from the COUNTY. 1.02. Construct, Open, and Market "Facility". (a) COMPANY must construct and market the Facility, consisting of a speculative industrial shell building of approximately 177,000 square feet. The Page 1 of 14 S/IS/200Qttachment number 5 Page 233 of 315 G-1