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~~ <br />STATE OF NORTH CAROLINA <br />INCENTIVE GRANT AGREEMENT <br />COUNTY OF CABARRUS (Overhead Door of Company of Charlotte ) <br />THIS AGREEMENT (the "Agreement"), is made and entered as of the _ day <br />of October, 2007, by and between CABARRUS COUNTY, a body politic and political <br />subdivision of the State of North Carolina ("County"), and OVERHEAD DOOR <br />COMPANY OF CHARLOTTE("Overhead Door"), a North Cazolina corporation. <br />RECITALS <br />1. Overhead Door is considering locating a new facility in County (the <br />"Facility") at an estimated cost of Four Million Dollars Three Hundred Fifty Thousand <br />Dollars ($4,350,000.00) (the "New Investment") and by creating two hundred twenty <br />(220) 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. Caban•us Economic Development, Inc. (the "EDC") has reviewed the <br />Overhead Door application for inclusion in the Program and EDC's overview is attached <br />as Exhibit B and incorporated by reference. <br />4. Overhead Door has determined that the location of its facility on Mulberry <br />Road in Harrisburg, North Carolina (the "Site") in the County is a suitable location for <br />the placement of the Facility and the New Investment. <br />5. To induce Overhead Door to locate the New Investment in the Facility at <br />the Site and to assist Overhead Door in that activity, the County has offered incentives to <br />Overhead Door consistent with the Program, but with a waiver as to the length of time <br />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 Overhead Door 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 Overhead Door an incentive <br />grant (the "Grants") in an amount equal to 85 percent of the increase in property tax paid <br />by Overhead Door upon the actual assessed ad valorem tax value increase occasioned by <br />construction and equipment installation of the New Investment in the Facility at the Site. <br />The County shall pay Grants to Overhead Door as follows: <br />G-1 <br />