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<br />[Q)l?J~~1 <br /> <br />STATE OF NORTH CAROLINA <br /> <br />COUNTY OF CABARRUS <br /> <br />INCENTIVE GRANT AGREEMENT <br />(Haas CNC Racing, Inc.! <br />lvey Cline Development) <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 HAAS CNC <br />RACING, INC.!IVEY CLINE DEVELOPMENT ("Haas"), a North Carolina corporation. <br /> <br />RECITALS <br /> <br />I. Haas is considering locating a multi square foot facility wind tunnel in <br />County (the "Facility") by constructing new facilities in County and installing furniture, <br />fixtures and equipment at an estimated total cost of Forty Million Dollars <br />($40,000,000.00) (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. <br /> <br />3. Cabanus Economic Development, Inc. (the "EDC") has reviewed the <br />Haas application for inclusion in the Program and has recommended a modification to the <br />program, EDC's overview is attached as Exhibit B and incorporated by reference. <br /> <br />4. Haas has determined that location of its wind tunnel facility on lvey Cline <br />Road in Concord, North Carolina (the "Site") in the County is a suitable location for the <br />placement of the Facility and the New Investment. <br /> <br />5. To induce Haas to locate the New Investment in the Facility at the Site and <br />to assist Haas in that activity, the County has offered incentives to Haas consistent with <br />the Program. <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 Haas agree as follows: <br /> <br />COVENANTS, TERMS and CONDITIONS <br /> <br />1. Incentive Grants. Pursuant to a duly approved modification to the <br />Program, the County shall in accordance with and as provided by this Agreement, pay to <br />Haas an incentive grant (the "Grants") in an amount equal to 85 percent of the increase in <br />property tax paid by Haas upon the actual assessed ad valorem tax value increase <br />occasioned by constmction and equipment installation of the New Investment in the <br />Facility at the Site. The County shall pay Grants to Haas as follows: <br /> <br />G-' <br />