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~'~i <br /><. ~ ~"'~ ~..Y <br />STATE OF NORTH CAROLINA <br />COUNTY OF CABARRUS <br />a~A~~ <br />INCENTIVE GRANT AGREEMENT <br />(Carolina Tractor & Equipment Company) <br />THIS AGREEMENT (the "Agreement") is made and entered as of the day <br />of March, 2007, by and between CABARRUS COUNTY, a body politic and political <br />subdivision of the State of North Carolina ("County"), and CAROLINA TRACTOR & <br />EQUIPMENT COMPANY ("Carolina Tractor"), a North Carolina corporation. <br />RECITALS <br />1. Carolina Tractor is considering relocating their corporate headquarters <br />facility in County (the "Facility") by constructing new facilities in County and installing <br />furniture, fixtures and equipment in the Facility at an estimated cost of Six Million Five <br />Hundred Thousand Dollars ($6,500,000.00) (collectively referred to as "New <br />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 />Carolina Tractor application for inclusion in the Program and EDC's overview is attached <br />as Exhibit B and incorporated by reference. <br />4. Carolina Tractor has determined that the location of its corporate <br />headquarters facility at 8201 Poplar Tent Road in Concord, North Carolina (the "Site") <br />in the County is a suitable location for the placement of the Facility and the New <br />Investment. <br />5. To induce Carolina Tractor to locate the New Investment in the Facility at <br />the Site and to assist Carolina Tractor in that activity, the County has offered incentives <br />to Carolina Tractor consistent with the Program, but with a waiver as to the length of <br />time and 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 Carolina Tractor 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 Carolina Tractor an incentive <br />grant (the "Grants") in an amount equal to 85 percent of the increase in property tax paid <br />by Carolina Tractor upon the actual assessed ad valorem tax value increase occasioned by <br />G-I <br />