AG 2005 10 17 - Laserfiche WebLink

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DRAFT 10-05-05 INCENTIVE GRANT AGREEMENT (Wight Lightning Motorsports, LLC) Thi s Agreement (the "Agreement"), made and entered as of the day of 2005, by and between CABARRUS COUNTY (the "County"), a body politic and political subdivision of the State of North Carolina, and WIGHT LIGHTNING MOTORSPORTS, LLC ("Grantee"), an Illinois Limited Liability Corporation. WHEREAS, Grantee is considering locating a new 189,500 square foot facility in Cabarrus County, N.C. (the "Facility") by constructing a new facility in the County at an estimated cost of Fifteen Million Seven Hundred Eighty-Four Thousand Dollars ($15,784,000.00) (the "New Real Property Investment"); by installing furniture, fixtures and equipment therein at an estimated cost of an additional Two Million Five Hundred Four Thousand Dollars ($2,504,000.00) (the "New Personal Property Investment") (hereinafter sometimes cumulatively referred to as the "New Investment") and by creating one hundred twenty (120) new jobs within the County; and WHEREAS, Grantee has received various proposals economic incentives to induce it to place or replace Investment at other sites outside the County; and offering the New WHEREAS, the County has pre~iously adopted an Industrial Development Incentive Grant Program (the "Program"), a copy of which is attached hereto marked Exhibit A and incorporated herein by reference, the public purpose of which is to encourage economic growth and development within the County; and WHEREAS, Cabarrus Economic Development, reviewed Grantee's application for inclusion EDC's overview thereof is attached hereto incorporated herein by reference; and Inc. (the "EDC") in the Program, as Exhibit B has and and WHEREAS, Grantee has determined that a site near the intersection of Poplar Tent Road and Derita Road in the Oakmont Business Park, Concord, NC (the "Site") in the County is a suitable location for the placement of the Facility and the New Investment; and (b-2-