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STATE OF NORTH CAROLINA <br />INCENTIVE GRANT AGREEMENT <br />COUNTY OF CABARRUS (Great Wolf Resorts, Inc. ) <br />THIS AGREEMENT (the "AgreemenY') is made and entered as of the _ day <br />of June, 2007, by and between CABARRUS COIJNTY, a body politic and political <br />subdivision of the State of North Carolina ("County"), and GREAT WOLF RESORTS, <br />INC. ("Great Wolf Resorts"), a Wisconsin corporation. <br />RECITALS <br />1. Great Wolf Resorts is considering locating a new facility in CounTy (the <br />"Facility") at an estimated cost of One Hundred Million Dollazs ($100,000.000.00) (the <br />"New Real Property InvestmenY') and by creating four hundred (400) new jobs within <br />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, Ina (the "EDC") has reviewed the <br />Great Wolf Resorts application for inclusion in the Program and EDC's overview is <br />attached as Exhibit B and incorporated by reference. <br />4. Great Wolf Resorts has determined that the location of its facility on <br />Weddington Road Extension in Concord, North Carolina (the "Site") in the County is a <br />suitable location for the placement of the Facility and the New Investment. <br />5. To induce Great Wolf Resorts to locate the New Investment in the Facility <br />at the Site and to assist Great Wolf Resorts in that activity, the County has offered <br />incentives to Great Wolf Resorts consistent with the Program, but with a waiver as to the <br />length of 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 Great Wolf Resorts 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 Great Wolf Resorts an <br />incentive gant (the "Grants") in an amount equal to 85 percent of the increase in <br />property tax paid by Great Wolf Resorts upon the actual assessed ad valorem tax value <br />increase occasioned by construction and equipment installation of the New Investment in <br />the Facility at the Site. The County shall pay Grants to Great Wolf Resorts as follows: <br />G-3 <br />