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AG 2005 10 17
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AG 2005 10 17
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Last modified
3/3/2006 8:33:58 AM
Creation date
11/27/2017 11:36:24 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
10/17/2005
Board
Board of Commissioners
Meeting Type
Regular
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<br /> <br />DRAFT <br />10-05-05 <br /> <br />INCENTIVE GRANT AGREEMENT <br />(Wight Lightning Motorsports, LLC) <br /> <br />Thi s 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 WIGHT LIGHTNING MOTORSPORTS, LLC <br />("Grantee"), an Illinois Limited Liability Corporation. <br /> <br />WHEREAS, Grantee is considering locating a new 189,500 square <br />foot facility in Cabarrus County, N.C. (the "Facility") by <br />constructing a new facility in the County at an estimated cost of <br />Fifteen Million Seven Hundred Eighty-Four Thousand Dollars <br />($15,784,000.00) (the "New Real Property Investment"); by <br />installing furniture, fixtures and equipment therein at an <br />estimated cost of an additional Two Million Five Hundred Four <br />Thousand Dollars ($2,504,000.00) (the "New Personal Property <br />Investment") (hereinafter sometimes cumulatively referred to as <br />the "New Investment") and by creating one hundred twenty (120) <br />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 pre~iously 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 a site near the <br />intersection of Poplar Tent Road and Derita Road in the Oakmont <br />Business Park, Concord, NC (the "Site") in the County is a <br />suitable location for the placement of the Facility and the New <br />Investment; and <br /> <br />(b-2- <br />
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