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AG 2005 12 19
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AG 2005 12 19
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Last modified
3/3/2006 8:34:20 AM
Creation date
11/27/2017 11:36:48 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
12/19/2005
Board
Board of Commissioners
Meeting Type
Regular
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<br />DRAFT <br />12-12-05 <br /> <br />INCENTIVE GRANT AGREEMENT <br />(S. T. Motorsports, Inc.) <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 S. T. MOTORS PORTS , INC., ("Granteeh), a <br />North Carolina Corporation. <br /> <br />WHEREAS, Grantee is considering upfitting an existing 127,982 <br />square foot facility in Cabarrus County, N.C. (the "Facility") at <br />an estimated cost of Eight Hundred Thousand Dollars <br />($800,000.00) (the "New Real Property Investment"); by installing <br />furniture, fixtures and equipment therein at an estimated cost of <br />an additional Five Million Seven Hundred and Fifty Thousand <br />Dollars ($5,750,000.00) (the "New Personal Property Investment") <br />(hereinafter sometimes cumulatively referred to as the "New <br />Investment") and by creating thirty (30) new jobs within the <br />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 Harrisburg, <br />the County is a suitable location for the <br />Facility and the New Investment; and <br /> <br />relocation of <br />NC (the "Site") <br />placement of <br /> <br />its <br />in <br />the <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 />fr3 <br />
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