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STATE OF NORTH CAROLINA <br />INCENTIVE GRANT AGREEMENT <br />COUNTY OF CABARRUS (THE CREAMERY CONCORD) <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 THE CREAMERY <br />CONCORD (the "Creamery"), a North Carolina corporation. <br />RECITALS <br />1. The Creamery is considering renovating an existing vacant facility in <br />County (the "Facility") at an estimated cost of Three Million Dollars Six Hundred <br />Thousand Dollars ($3,600,000.00) (the "New Investment"). <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 which is to encourage economic growth and <br />development within the County. <br />3. Cabarrus Economic Development, Inc. (the "EDC") has reviewed the <br />Creamery's application for inclusion in the Program and EDC's overview is attached as <br />Exhibit B and incorporated by reference. <br />4. The Creamery has determined that the renovation of the facility at 363 <br />Church Street North in Concord, North Carolina PIN# 5621-51-7353 (the "Site") in the <br />County is a suitable location for the placement of the Facility and the New Investment. <br />5. To induce the Creamery to locate the New Investment in the Facility at the <br />Site and to assist the Creamery in that activity, the County has offered incentives to the <br />Creamery consistent 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 the Creamery 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 the Creamery an incentive <br />grant (the "Grants") in an amount equal to 85 percent of the increase in property tax paid <br />by the Creamery upon the actual assessed ad valorem tax value increase occasioned by <br />construction and equipment installation of the New Investment in the Facility at the Site. <br />The County shall pay Grants to the Creamery for a period of three (3) consecutive years. <br />The Grants shall be paid as provided in the Program. <br />Attachment number 3 <br />E ~ Page 52 of 362 <br />