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AG 2008 07 21
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AG 2008 07 21
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Last modified
2/1/2009 12:19:55 PM
Creation date
11/27/2017 11:28:37 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/21/2008
Board
Board of Commissioners
Meeting Type
Regular
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<br />STATE OF NORTH CAROLINA <br />COUNTY OF CABARRUS <br />DG°~/°aG~`~ <br />INCENTIVE GRANT AGREEMENT <br />(Saddle Creek Corporation) <br />THIS AGREEMENT (the "Agreement") is made and entered as of the _ day <br />of July, 2008 by and between CABARRUS COUNTY, a body politic and political <br />subdivision of the State of North Carolina ("County"), and SADDLE CREEK <br />CORPORATION ("Saddle Creek"), a corporation. <br />RECITALS <br />1. Saddle Creek is considering constructing a 300,000 square foot expansion <br />to its present facility in the County (the "Expansion") at an estimated cost of Twelve <br />Million Dollars ($12,000,000.00) (the "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. The program was amended in 2006. <br />3. Cabarrus Economic Development, Inc. (the "EDC") has reviewed the <br />Saddle Creek application for inclusion in the Program and EDC's overview is attached as <br />Exhibit B and incorporated by reference. <br />4. Saddle Creek has determined that the expansion of its existing facility in <br />Harrisburg, North Carolina (the "Site") in the County is a suitable location for the <br />placement of the Expansion and the New Investment. <br />5. To induce Saddle Creek to make the New Investment in the Expansion at <br />the Site and to assist Saddle Creek in that activity, the County has offered incentives to <br />Saddle Creek consistent with the Program, but with a waiver as to the length of time and <br />percentage amount of the incentive grant. <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 Saddle Creek 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 Saddle Creek an incentive <br />grant (the "Grants") in an amount equal to 85 percent of the increase in property tax paid <br />by Saddle Creek upon the actual assessed ad valorem tax value increase occasioned by <br />construction and equipment installation of the New Investment for the Expansion at the <br />Site. The County shall pay Grants to Saddle Creek as follows: <br />G-~ <br />
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