Laserfiche WebLink
<br />[Q)lRi~~u <br /> <br />STATE OF NORTH CAROLINA <br /> <br />COUNTY OF CABARRUS <br /> <br />INCENTIVE GRANT AGREEMENT <br />(Old Charlotte Centre) <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 OLD CHARLOTTE <br />CENTRE, INC, a North Carolina corporation ("Old Charlotte Centre"). <br /> <br />RECITALS <br /> <br />1. Old Charlotte Centre is considering locating an additional multi square <br />foot facility in County (the "Facility") by constructing additional real estate facilities in <br />County and by installing furniture, fixtures and equipment in the Facility at an estimated <br />total cost of One Million Six Hundred Ten Thousand Dollars ($1,610,000.00) <br />(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. Cabarrus Economic Development, Inc. (the "EDC") has reviewed the Old <br />Charlotte Centre application for inclusion in the Program and EDC's overview is attached <br />as Exhibit B and incorporated by reference. <br /> <br />4. Old Charlotte Centre has determined that the location of its <br />Facility at 611 Old Charlotte Road in Concord, North Carolina (the "Site") in the County <br />is a suitable location for the placement of the Facility and the New Investment. <br /> <br />5. To induce Old Charlotte Centre to locate the New Investment in the <br />Facility at the Site and to assist Old Charlotte Centre in that activity, the County has <br />offered incentives to Old Charlotte Centre consistent with the Program, but with a waiver <br />as to the length of time and percentage amount of the incentive grant. <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 Old Charlotte Centre 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 Old Charlotte Centre an <br />incentive grant (the "Grants") in an amount equal to 85 percent ofthe increase in <br />property tax paid by Old Charlotte Centre upon the actual assessed ad valorem tax value <br />