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DRAFT 12-12-05 INCENTIVE GRANT AGREEMENT (S. T. Motorsports, Inc.) This 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 S. T. MOTORS PORTS , INC., ("Granteeh), a North Carolina Corporation. WHEREAS, Grantee is considering upfitting an existing 127,982 square foot facility in Cabarrus County, N.C. (the "Facility") at an estimated cost of Eight Hundred Thousand Dollars ($800,000.00) (the "New Real Property Investment"); by installing furniture, fixtures and equipment therein at an estimated cost of an additional Five Million Seven Hundred and Fifty Thousand Dollars ($5,750,000.00) (the "New Personal Property Investment") (hereinafter sometimes cumulatively referred to as the "New Investment") and by creating thirty (30) 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 previously 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 operations to Harrisburg, the County is a suitable location for the Facility and the New Investment; and relocation of NC (the "Site") placement of its in the WHEREAS, to induce Grantee to locate the New Investment in the Facility at the Site and to assist Grantee in such activity, the fr3