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AG 2007 12 17
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AG 2007 12 17
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Last modified
2/1/2009 12:18:45 PM
Creation date
11/27/2017 11:32:15 AM
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Template:
Meeting Minutes
Doc Type
Minutes
Meeting Minutes - Date
12/17/2007
Board
Board of Commissioners
Meeting Type
Regular
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STATE OF NORTH CAROLINA <br />INCENTIVE GRANT AGREEMENT <br />COUNTY OF CABARRUS (American Communication Network, Inc..) <br />THIS AGREEMENT (the "Agreement") is made and entered as of the day <br />of , 2007, by and between CABARRUS COUNTY, a body politic and <br />political subdivision of the State of North Carolina ("County"), and AMERICAN <br />COMMUNICATIONS NETWORK, INC. a subsidiary of LKN COMMUNICATIONS <br />NETWORK, INC. ("Grantees"). <br />RECITALS <br />Grantees are considering relocating its <br />County (the "Facility") by renovating an existing <br />Property") and by installing furniture, fixtures an. <br />estimated cost of Five Million Dollars ($S,000,Op <br />Investment"). <br />2. On January 1, 2004, the County has pry <br />Development Grant Program (the "Pf am"), a copy <br />and incorporated by reference, the puli~e pose of v <br />growth and development within the Couhty~`"I'f%~ Cou <br />provision of the Program as it relates to the Grari~ p~'~ <br />3. <br />Grantees' app <br />Exhibit B and <br />4. <br />the <br />5. ~ `To induce <br />and to assist GriiYees in <br />consistent with t~i~ Proar <br />e I~dquarters facility in <br />~.u= <br />;ount~,(the "Real <br />in the I~acllty at a total <br />tively refet'~ed.to as "New <br />adopted an Industrial <br />i is attached as Exhibit A <br />o encourage economic <br />u~Yved the specific <br />nd number of years. <br />Ina (tire "EDC") has reviewed the <br />in the Pro~am and EDC's overview is attached as <br />by <br />~d~h~f relocation of their operations on <br />orth Carolina (the "Site") in the County is a suitable <br />the R,~clity and the New Investment. <br />to locate the New Investment in the Facility at the Site <br />ty, the County has offered incentives to Grantees <br />In considera~i~n 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 Grantees 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 Grantees an incentive grant <br />(the "Grants") equivalent to Level 1 of the Program, i.e. an amount equal to 85 percent of <br />the increase in property tax paid by Grantees upon the actual assessed ad valorem tax <br />~'~ <br />
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