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<br />[Q)~ffi\lFiF <br /> <br />STATE OF NORTH CAROLINA <br /> <br />COUNTY OF CABARRUS <br /> <br />INCENTIVE GRANT AGREEMENT <br />(Bonitz Contracting, Inc.) <br /> <br />THIS AGREEMENT (the "Agreement") is made and entered as of the _ day <br />of ,2006, by and between CABARRUS COUNTY, a body politic and <br />political subdivision of the State of North Carolina ("County"), and BONITZ <br />CONTRACTING, INC. ("Bonitz"), a South Carolina corporation. <br /> <br />RECITALS <br /> <br />1. Bonitz is considering locating a 48,000 square foot facility in County (the <br />"Facility") by constructing new facilities in County at an estimated cost of Three Million <br />($3,000,000.00) (the "New Real Property Investment"); by installing furniture, fixtures <br />and equipment in the Facility at an estimated cost of an additional Three Hundred <br />Thousand Dollars ($300,000.00) (the "New Personal Property Investment") (also <br />sometimes collectively referred to as "New Investment"). <br /> <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 County has provided Bonitz with a waiver ofthe <br />requirements of relocating its headquarters to Cabarrus County as Bonitz is relocating a <br />division headquarters to Cabarrus County, not its overall corporate headquarters. <br /> <br />3. Cabarrus Economic Development, Inc. (the "EDC") has reviewed the <br />Bonitz application for inclusion in the Program and EDC's overview is attached as <br />Exhibit B and incorporated by reference. <br /> <br />4. Bonitz has determined that location of its division headquarters operations <br />in the International Business Park in Concord, North Carolina (the "Site") in the County <br />is a suitable location for the placement ofthe Facility and the New Investment. <br /> <br />5. To induce Bonitz to locate the New Investment in the Facility at the Site <br />and to assist Bonitz in that activity, the County has offered incentives to Bonitz consistent <br />with the Program and in accordance with the waiver of a corporate headquarters <br />requirement. <br /> <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 Bonitz agree as follows: <br /> <br />COVENANTS, TERMS and CONDITIONS <br /> <br />1. Incentive Grants. Pursuant to the Program, the County shall in <br />accordance with and as provided by this Agreement, pay to Bonitz an incentive grant (the <br /> <br />C:--2.. <br />