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~EVISION OF MP 4-23 DRAFT, AFTER 4-29 MEETING BET. CARL PARMER, <br /> <br /> BILL KOURI, RYANMCDANIELS, MARILYN <br />STATE OF NORTH CAROLINA <br /> INCENTIVE GRANT AGREEMENT <br />COUNTY OF CABARRUS (Prairie Packaging, Inc.) <br /> <br /> FINAL DRAFT BYMP, ] <br />'4-23-04~ <br /> <br /> THIS AGREEMENT (the "Agreement"), is made and entered as of <br />the __ day of , 2004, by and between CABARRUS COUNTY, a <br />political subdivision of the state of North Carolina ("County"), <br />and PRAIRIE PACKAGING, INC., ("PPI"). <br /> <br />RECITALS <br /> <br /> 1. PPI is considering locating an aggregate 650,000 <br />square foot facility in the town of Harrisburg, Cabarrus County, <br />North Carolina (~Town") by constructing two separate facilities or <br />an initial facility and a subsequent addition to the initial <br />facility, with an aggregate minimum taxable investment in such <br />real property facilities of Twenty One Million Five Hundred <br />Thousand Dollars ($21,500,000). <br /> <br /> 2. In addition to construction of these real property <br />facilities, PPI intends to add substantial personal property to <br />the facilities, including furniture, fixtures, machinery and <br />equipment in a total minimum aggregate amount of Thirty Eight <br />Million Dollars ($38,000,000). <br /> <br /> 3. PPI has committed to the County and the Town that these <br />real property and personal property investments in the Town will <br />be completed for a total aggregate minimum taxable investment of <br />Fifty Nine Million Five Hundred Thousand Dollars ($59,500,000) in <br />five proposed plant construction and expansion phases as more <br />fully set forth below. <br /> <br /> 4. PPI has received various proposals offering economic <br />incentives to induce it to place the above-referenced new real <br />property and personal property investments at other sites outside <br />the Town and the County. <br /> <br /> 5. ~e__Co~Y.~r~¥ip~s%Y 9~9Pt~ an In4~s~9~ Pp~9~PP99~ ..... <br />Incentive Grant Program ~999(the "Program"), a copy of which is "'.?-.f~4:~ <br />attached aSw~EXhibit ~oA and i~corPora~e~--by ~f~e~e,'--6he' ~'1'i%" <br />purpose of encourage economic growth and development "..{~: <br />within the County. In January 2004, the County adopted the <br />Industrial Development Incentive Grant ProGram 2004. However, PPI <br /> <br />was ~randfathered under the Pro~ram in December 2003. The County <br /> <br /> <br />