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<br />[Q)[R1~~ii <br /> <br />STATE OF NORTH CAROLINA <br /> <br />COUNTY OF CABARRUS <br /> <br />INCENTIVE GRANT AGREEMENT <br />(IHE Production Group, Inc.) <br /> <br />THIS AGREEMENT (the "Agreement") is made and entered as o.fthe _ day <br />o.f , 2006, by and between CABARRUS COUNTY, a bo.dy po.litic and <br />political subdivisio.n of the State o.fNo.rth Carolina ("Co.unty"), and JHE PRODUCTION <br />GROUP, INC. ("JHE"), a No.rth Carolina corporation. <br /> <br />RECITALS <br /> <br />1. JHE is co.nsidering Io.cating a 33,000 square fo.o.t headquarters facility in <br />County (the "Facility") by co.nstructing new facilities in Co.unty at an estimated Co.st o.f <br />Two. Millio.n Five Hundred Tho.usand Dollars ($2,500,000.00) (the ''New Real Property <br />Investment"); by installing furniture, fixtures and equipment in the Facility at an <br />estimated Co.st o.f an additio.nal Five Hundred Tho.usand Do.llars ($500,000.00) (the "New <br />Perso.nal Property Investment") (also. so.metimes co.llectively referred to as "New <br />Investment"). <br /> <br />2. The County has previo.usly ado.pted an Industrial Development Grant <br />Program (the "Program"), a co.py o.fwhich is attached as Exhibit A and incorporated by <br />reference, the public purpo.se o.fwhich is to. enco.urage eco.no.mic gro.wth and <br />develo.pment within the Co.unty. <br /> <br />3. Cabarrus Eco.no.mic Development, Inc. (the "EDC") has reviewed the JHE <br />applicatio.n fo.r inclusio.n in the Program and EDC's o.verview is attached as Exhibit Band <br />inco.rpo.rated by reference. <br /> <br />4. JHE has determined that lo.catio.n o.fits headquarters o.peratio.ns o.n <br />Shamrock Ro.ad in Harrisburg, No.rth Carolina (the "Site") in the Co.unty is a suitable <br />lo.cation for the placement o.fthe Facility and the New Investment. <br /> <br />5. To. induce JHE to.lo.cate the New Investment in the Facility at the Site and <br />to. assist JHE in that activity, the Co.unty has offered incentives to. JHE co.nsistent with the <br />Program. <br /> <br />In consideratio.n o.f the mutual promises set fo.rth in this Agreement and o.ther <br />goo.d and valuable co.nsideratio.ns, the receipt and sufficiency o.fwhich are ackno.wledged <br />by the parties, the Co.unty and JHE agree as fo.llo.ws: <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. JHE an incentive grant (the <br />"Grants") in acco.rdance with the Small Co.rpo.rate Headquarters catego.ry o.fthe Program, <br />i.e. an amo.unt equal to. 50 percent o.fthe increase in property tax paid by JHE upo.n the <br /> <br />~-3 <br />