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DRAFT 1-12-04 INCENTIVE ~RANT A~REEMENT (Perdue Farms) This Agreement (the "Agreement"), made and entered as of the day of , 2004, by and between CABARRUS COUNTY (the ~County"), a body politic and political subdivision of the State of North Carolina, and PERDUE FARMS, INCORPORATED, (~Grantee"), a Maryland Corporation. WHEREAS, Grantee is considering expanding its existing 132,000 square foot facility in Cabarrus County, N.C. (the ~Facility") by constructing an addition thereto in the County at an estimated cost of Three Million Five Hundred Fifty Thousand Dollars ($3,550,000.00) (the ~New Real Property Investment") and by installing furniture, fixtures and equipment therein at an estimated cost of an additional Ten Million Six Hundred Fifty Thousand Dollars ($10,650,000.00) (the ~New Personal Property Investment") (hereinafter sometimes cumulatively referred to as the "New Investment"); and WHEREAS, Grantee has received various proposals offering economic incentives to induce it to place or replace the New Investment at other sites outside the County; and 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, Inc. (the "EDC") has reviewed Grantee's application for inclusion in the Program, and EDC's overview thereof is attached hereto as Exhibit B and incorporated herein by reference; and WHEREAS, Grantee has determined that expansion of its existing facility at 862 Harris Street, Concord, NC (the ~Site") in the County is a suitable location for the placement of the Facility and the New Investment; and WHEREAS, to induce Grantee to locate the New Investment in the Facility at the Site and to assist Grantee in such activity, the