AG 2004 05 31 RECESSED - Laserfiche WebLink

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STATE OF NORTH CAROLINA COUNTY OF CABARRUS SECOND DRAFT BY MP: 5-27-04 INCENTIVE GRANT AGREEMENT (HSREI, LLC) THIS AGREEMENT (the "Agreement"), is made and entered as of the day of , 2004, by and between CABARRUS COUATTY, a political subdivision of the state of North Carolina ("County"), and HSREI, LLC., ("HSREI"), a North Carolina limited liability company with its principal place of business at 4400 Papa Joe Hendrick Boulevard, Charlotte, North Carolina, 28262. RECITALS 1. HSREI is considering locating an additional aggregate square feet in real property facilities on Speedway Boulevard in the city of Concord, Cabarrus County, North Carolina ("City") by constructing a minimum of two separate facilities with an aggregate new minimum taxable investment in such real property facilities of Eleven Million Dollars ($11,000,000). 2. In addition to construction of these real property facilities, HSREI intends to add substantial personal property to the above facilities, including furniture, fixtures, machinery and equipment in an additional total minimum aggregate amount of between Eight Hundred Thousand and Two Million Dollars ($800,000- $2,000,000). 3. HSREI has committed to the County and the City that these new real property and personal property investments in the City will be completed for a total aggregate minimum taxable investment of Eleven Million Eight Hundred Thousand Dollars ($11,800,000). 4. HSREI has committed to the County to provide a minimum of __new full-time employment positions at the new facilities, with each position having an average annual salary of $50,000.00 per year. 5. HSREI has received various proposals offering economic incentives to induce it to place the above-referenced new real property and personal property investments at other sites outside the City and the County. 6. The County has previously adopted an Industrial Development Incentive Grant Program 2004(the ~Program"), a copy of