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STATE OF NORTH CAROLINA <br />D] <br />INCENTIVE GRANT AGREEh <br />COUNTY OF CABARRUS (SBM Solar, Inc.) <br />THIS AGREEMENT (the "Agreement") is made and entered as of the <br />of , 2009, by and between CABARRUS COUNTY, a body ~ <br />political subdivision of the State of North Carolina ("County"), and SBM SOI <br />("SBM"), a North Carolina corporation. <br />RECITALS <br />1. SBM is considering locating a solar panel manufacturing facility in <br />County (the "Facility") by leasing an existing building to serve as the Facility in County <br />and by installing furniture, fixtures and equipment in the Facility at an estimated total <br />cost of One Million Three Hundred Thousand Dollars ($1,300,000.00) (referred to as <br />"New Investment"), and by creating sixteen (16) new jobs at the Facility with an average <br />annual wage of $40,000.00. <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 />SBM application for inclusion in the Program and EDC's overview is attached as Exhibit <br />B and incorporated by reference. <br />4. SBM has determined that location of the Facility on Central Drive in <br />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 SBM to locate the New Investment in the Facility at the Site <br />and to assist SBM in that activity, the County has offered incentives to SBM consistent <br />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 SBM 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 SBM an incentive grant (the <br />"Grants") in an amount equal to 85 percent of the increase in property tax paid by SBM <br />upon the actual assessed ad valorem tax value increase occasioned by construction and <br />G-1 <br />Attachment number 2 <br />Page 227 <br />