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<br />STATE OF NORTH CAROLINA <br /> <br />COUNTY OF CABARRUS <br /> <br />INCENTIVE GRANT AGREEMENT <br />(Double 0 Plastics, 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 ofthe State of North Carolina ("County"), and DOUBLE 0 <br />PLASTICS, INC. ("Double 0"), a North Carolina corporation. <br /> <br />RECITALS <br /> <br />1. DOUBt,E 0 is considering locating an additional 35,000 square foot <br />facility in County (the !'Facility") by constructing such facilities in County at an <br />estimated cost of One Million Seven Hundred Thousand Dollars ($1,700,000.00) (the <br />"New Real Property Investment"); by installing furniture, fixtures and equipment in the <br />Facility at an estimated cost of an additional Six Hundred Thousand Dollars <br />($600,000.00) (the "New Personal Property Investment") (also sometimes collectively <br />referred to as "New Investment"). <br /> <br />2. The County has previously adopted an Industrial Development Grant <br />Program (the "Program"), a copy of which is attached as Exhibit A and incorporated by <br />reference, the public purpose of which is to encourage economic growth and <br />development within the County. <br /> <br />3. Cabarrus Economic Development, Inc. (the "EDC") has reviewed the <br />Double 0 application for inclusion in the Program and EDC's overview is attached as <br />Exhibit B and incorpovated by reference. <br /> <br />4. Double:O has determined that location of its facility on Biscayne Drive in <br />Kannapolis, North Carblina (the "Site") in the County is a suitable location for the <br />placement of the Facility and the New Investment. <br /> <br />5. To indupe Double 0 to locate the New Investment in the Facility at the <br />Site and to assist Double 0 in that activity, the County has offered incentives to Double <br />o consistent with the Program. <br /> <br />In consideratiob ofthe mutual promises set forth in this Agreement and other <br />good and valuable con$iderations, the receipt and sufficiency of which are acknowledged <br />by the parties, the CoutJ,ty and Double 0 agree as follows: <br /> <br />COVENANTS, TERMS and CONDITIONS <br /> <br />1. Incenti~e Grants. Pursuant to the Program, the County shall in <br />accordance with and a~ provided by this Agreement, pay to Double 0 an incentive grant <br />(the "Grants") in an anj,ount equal to 85 percent of the increase in property tax paid by <br />Double 0 upon the acthal assessed ad valorem tax value increase occasioned by <br /> <br />c.-2- <br />