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DRAFT <br />STATE OF NORTH CAROLINA <br />INCENTIVE GRANT AGREEMENT <br />COUNTY OF CABARRUS (International Speedway Corporation ) <br />THIS AGREEMENT (the "Agreement") is made and entered as of the day <br />of April, 2007, by and between CABARRUS COUNTY, a body politic and political <br />subdivision of the State of North Carolina ("County"), and INTERNATIONAL <br />SPEEDWAY CORPORATION d/b/a MRN RADIO ("MRN"), a Florida corporation. <br />RECITALS <br />1. MRN is considering locating a radio network operations facility in County <br />(the "Facility") at an estimated cost of One Million Eight Hundred Thousand Dollars <br />($1,800.000.00) (the "New Real Property Investment") and by creating thirty-five (35) <br />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. The program was amended in 2006. <br />3. Cabarrus Economic Development, Inc. (the "EDC") has reviewed the <br />MRN application for inclusion in the Program and EDC's overview is attached as Exhibit <br />B and incorporated by reference. <br />4. MRN has determined that the location of its facility at 400 Akins 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 MRN to locate the New Investment in the Facility at the Site <br />and to assist MRN in that activity, the County has offered incentives to MRN consistent <br />with the Program, but with a waiver as to the length of time and percentage amount of the <br />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 MRN 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 MRN an incentive grant (the <br />"Grants") in an amount equal to 85 percent of the increase in property tax paid by MRN <br />upon the actual assessed ad valorem tax value increase occasioned by construction and <br />equipment installation of the New Investment in the Facility at the Site. The County shall <br />pay Grants to MRN as follows: <br />C- ~ <br />