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DRAFT <br />STATE OF NORTH CAROLINA <br />INCENTIVE GRANT AGREEMENT <br />COUNTY OF CABARRUS (PreGel USA, Inc. and <br />Lares Real Estate USA, LLC) <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 LARES REAL <br />ESTATE USA, LLC a North Carolina limited liability company and PREGEL USA, <br />INC., a North Carolina corporation (collectively "Pregel"). <br />RECITALS <br />I. Pregel is considering locating an additiona140,000 square foot gelato <br />manufacturing facility in County (the "Facility") by constructing such additional facilities <br />in County at an estimated cost of Six Million Dollars ($6,000,000.00) (the "New Real <br />Property Investment"); and by installing furniture, fixtures and equipment in the Facility <br />at an estimated cost of an additional Six Million Dollars ($6,000,000.00) (the "New <br />Personal Property Investment") (also sometimes collectively referred to as "New <br />Investment") and by creating ten (10) new jobs within the County. <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. Pregel is requesting a waiver of some of the terms of the <br />Program, as specified below. <br />3. Cabarrus Economic Development, Inc. (the "EDC") has reviewed the <br />Pregel application for inclusion in the Program and EDC's overview is attached as <br />Exhibit B and incorporated by reference. <br />4. Pregel has detennined that location of its facility in the International <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 Pregel to locate the New Investment in the Facility at the Site <br />and to assist Pregel in that activity, the County has offered incentives to Pregel 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 Pregel agree as follows: <br />COVENANTS, TERMS and CONDITIONS <br />G-a <br />