AG 2006 06 19 - Laserfiche WebLink

Home Browse Search

DRAFT STATE OF NORTH CAROLINA COUNTY OF CABARRUS INCENTNE GRANT AGREEMENT (Fanz Enterprises, Inc.) THIS AGREEMENT (the "Agreement") is made and entered as of the _ day of , 2006, by and between CABARRUS COUNTY, a body politic and political subdivision of the State of North Carolina ("County"), and FANZ ENTERPRISES, INC. ("Fanz"), a Delaware corporation. RECITALS 1. FANZ is considering locating a new 11,000 square foot mezzanine facility in County (the "Facility") by constructing such facilities in County at an estimated cost of Five Million Five Hundred Thousand Dollars ($5,000,000.00) (the "New Real Property Investment"); by installing furniture, fixtures and equipment in the Facility at an estimated cost of an additional Two Million Seven Hundred Thousand Dollars ($2,700,000.00) (the "New Personal Property Investment") (also sometimes collectively referred to as "New Investment"). 2. The County has previously adopted an Industrial Development Grant Program (the "Program"), a copy of which is attached as Exhibit A and incorporated by reference, the public purpose of which is to encourage economic growth and development within the County. 3. Cabarms Economic Development, Inc. (the "EDC") has reviewed the Fanz application for inclusion in the Program and EDC's overview is attached as Exhibit B and incorporated by reference. 4. Fanz has determined that location of its facility on Westmoreland NE in Concord, North Carolina (the "Site") in the County is a suitable location for the placement of the Facility and the New Investment. 5. To induce Fanz to locate the New Investment in the Facility at the Site and to assist Fanz in that activity, the County has offered incentives to Fanz consistent with the Program. In consideration of the mutual promises set forth in this Agreement and other good and valuable considerations, the receipt and sufficiency of which are acknowledged by the parties, the County and Fanz agree as follows: COVENANTS, TERMS and CONDITIONS 1. Incentive Grants. Pursuant to the Program, the County shall in accordance with and as provided by this Agreement, pay to Fanz an incentive grant (the "Grants") in accordance with the Levell category of the Program, i.e. an amount equal to 65 percent of the increase in property tax paid by Fanz upon the actual assessed ad (;-2.