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<br />6. The County has previously adopted an Industrial <br />Development Incentive Grant Program 2004 (the ~Programlf), a copy of <br />which is attached as Exhibit A and incorporated by reference, the <br />public purpose of which is to encourage economic growth and <br />development within the County. <br /> <br />7. Cabarrus Economic Development, <br />reviewed Oiles' application for inclusion <br />EDC's overview is attached as Exhibit B <br />reference. <br /> <br />Inc. (~EDC") has <br />in the Program, and <br />and incorporated by <br /> <br />8. Olies is interested in adding the above referenced real <br />estate expansion to its existing facility at the International <br />Business Park in the City (the ~Site"), which Site is more fully <br />described in Exhibit C attached, and has determined that the Site <br />is a suitable location for the placement of the above-described <br />new real property expansion and personal property investments and <br />perhaps other investments. <br /> <br />9. To induce Olies to locate the above referenced new real <br />property expansion and personal property investments at the Site <br />and to assist Oiles in such activity, the County has offered <br />incentives to Oiles consistent with the Program and as more <br />particularly described below. <br /> <br />In consideration of the above Recitals and the Terms below <br />and other good and valuable consideration, the receipt and <br />sufficiency of which are hereby acknowledged, the County and Oiles <br />do agree as follows. <br /> <br />TERMS <br /> <br />1. Construction of New Real Property Expansion and Personal <br />Property Investments. Oiles shall construct new real <br />property expansion to its existing facility at the Site and <br />add new furniture, fixtures, machinery and equipment <br />personal property to such facilities (such furniture, <br />fixtures, machinery and equipment shall be collectively <br />referred to as ~Personal Property") over a one (1) year <br />construction period. This one year construction period must <br />commence within three (3) months following full execution <br />of this Agreement and a certificate of occupancy must be <br />issued at the new facility within fifteen (15) months <br />following execution of this Agreement. Provided Oiles <br />constructs the new expansion to its existing facility in <br />the City, purchases the Personal Property and achieves the <br />employment goals as set forth in this Agreement, the County <br /> <br />G- \ <br />