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p~ ~'~~ <br />STATE OF NORTH CAROLINA <br />INCENTIVE GRANT AGREEMENT <br />COUNTY OF CABARRUS (F1yRight, Inc.) <br />THIS AGREEMENT (the "Agreement") is made and entered as of the day <br />of , 2008, by and between CABARRUS COUNTY, a body politic and <br />political subdivision of the State of North Carolina ("County"), and FLYRIGHT, INC. <br />("F1yRight"), a North Carolina corporation. <br />RECITALS <br />1. F1yRight is considering locating a flight simulator facility in County (the <br />"Facility") by upgrading an existing building to serve as the Facility in County and by <br />installing furniture, fixtures and equipment in the Facility at an estimated total cost of <br />Sixteen Million Dollars ($16,000,000.00) (collectively referred to as "New Investment"). <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 />F1yRight application for inclusion in the Program and EDC's overview is attached as <br />Exhibit B and incorporated by reference. <br />4. F1yRight has determined that location of its facility in the Westwinds <br />Business Park in Concord, North Carolina (the "Site") in the County is a suitable location <br />for the placement of the Facility and the New Investment. <br />5. To induce F1yRight to locate the New Investment in the Facility at the Site <br />and to assist F1yRight in that activity, the County has offered incentives to F1yRight <br />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 F1yRight 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 F1yRight an incentive gant <br />(the "Grants") in an amount equal to 85 percent of the increase in property tax paid by <br />F1yRight 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 F1yRight as follows: <br />G-'~ <br />