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<br />[Q)[R1b\lFir <br /> <br />STATE OF NORTH CAROLINA <br /> <br />COUNTY OF CABARRUS <br /> <br />INCENTNE GRANT AGREEMENT <br />(Shoe Show, 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 of the State of North Carolina ("County"), and SHOE SHOW, INC, <br />a North Carolina corporation ("Shoe Show"). <br /> <br />RECITALS <br /> <br />I. Shoe Show is considering locating an additional multi square foot facility <br />in County (the "Facility") by constructing additional real estate facilities in County and <br />by installing furniture, fixtures and equipment in the Facility at an estimated total cost of <br />Twenty Three Million Dollars ($23,000,000.00) (collectively referred to as "New <br />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 />Shoe Show application for inclusion in the Program and EDC's overview is attached as <br />Exhibit B and incorporated by reference. <br /> <br />4. Shoe Show has determined that the location of its Facility on Trinity <br />Church Road in Kannapolis, North Carolina (the "Site") in the County is a suitable <br />location for the placement of the Facility and the New Investment. <br /> <br />5. To induce Shoe Show to locate the New Investment in the Facility at the <br />Site and to assist Shoe Show in that activity, the County has offered incentives to Shoe <br />Show consistent with the Program, but with a waiver as to the length oftime and <br />percentage amount ofthe 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 Shoe Show 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 Shoe Show an incentive grant <br />(the "Grants") in an amount equal to 85 percent ofthe increase in property tax paid by <br />Shoe Show upon the actual assessed ad valorem tax value increase occasioned by <br /> <br />(;-.1.. <br />