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<br />DRAFT <br />7-05-05 <br /> <br />INCENTIVE GRANT AGREEMENT <br />(Haas CNC Racing) <br /> <br />This Agreement (the "Agreement"), made and entered as of the <br />day of 2005, by and between CABARRUS COUNTY (the <br />"County"), a body politic and political subdivision of the State <br />of North Carolina, and HAAS CNC RACING ("Grantee"), a California <br />Corporation. <br /> <br />WHEREAS, Grantee is considering locating 140,000 square foot <br />facility to Cabarrus County, N.C. (the "Facility") by constructing <br />new facilities in the County at an estimated cost of Ten Million <br />One Hundred Seventy Thousand Dollars ($10,170,000.00) (the "New <br />Real Property Investment"); by installing furniture, fixtures and <br />equipment therein at an estimated cost of an additional Six <br />Million Dollars ($6,000,000.00) (the "New Personal Property <br />Investment") (hereinafter sometimes cumulatively referred to as <br />the "New Investment") and by creating fifteen (15) to seventy <br />(70) new jobs within the County; and <br /> <br />WHEREAS, Grantee has received various proposals <br />economic incentives to induce it to place or replace <br />Investment at other sites outside the County; and <br /> <br />offering <br />the New <br /> <br />WHEREAS, the County has previously adopted an Industrial <br />Development Incentive Grant Program (the "Program"), a copy of <br />which is attached hereto marked Exhibit A and incorporated herein <br />by reference, the public purpose of which is to encourage economic <br />growth and development within the County; and <br /> <br />WHEREAS, Cabarrus Economic Development, <br />reviewed Grantee's application for inclusion <br />EDC's overview thereof is attached hereto <br />incorporated herein by reference; and <br /> <br />Inc. (the "EDC") <br />in the Program, <br />as Exhibit B <br /> <br />has <br />and <br />and <br /> <br />WHEREAS, Grantee has determined that <br />operations to the Gateway Business Park, <br />"Site") in the County is a suitable location <br />the Facility and the New Investment; and <br /> <br />relocation of its <br />Kannapolis, NC (the <br />for the placement of <br /> <br />WHEREAS, to induce Grantee to locate the New Investment in the <br />Facility at the Site and to assist Grantee in such activity, the <br /> <br />G-I <br />