AG 2004 05 31 RECESSED - Laserfiche WebLink

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which is attached as Exhibit A and incorporated by reference, the public purpose of which is to encourage economic growth and development within the County. 7. Cabarrus Economic Development, Inc. ("EDC") has reviewed HSREI's application for inclusion in the Program, and EDC's overview is attached as Exhibit B and incorporated by reference. 8. HSREI has determined that a minimum thirty (30) acre site in the City off Speedway Boulevard ("Site"), which Site is more fully described in Exhibit C attached, is a suitable location for the placement of the above-described new real property facilities and personal property investments and perhaps other investments. 9. To induce HSREI to locate the above referenced new real property facilities and personal property investments at the Site and to assist HSREI in such activity, the County has offered incentives to HSREI consistent with the Program and as more particularly described below. In consideration of the above Recitals and the Terms below and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the County and Hendrick do agree as follows. TERMS 1. Construction of New Real Property Facilities and Persona] Property Investments. HSREI shall construct new real property facilities at the Site and add new furniture, fixtures, machinery and equipment personal property to such facilities (such furniture, fixtures, machinery and equipment shall be collectively referred to as "Personal Property") over a one (1) consecutive year construction period. This one year construction period must commence within three (3) months following full execution of this Agreement and a certificate of occupancy must be issued at the new facilities within fifteen (15) months following execution of this Agreement. Provided HSREI constructs the new facilities, purchases the Personal Property and achieves the employment goals as set forth in this Agreement, the County will provide HSREI with the tax incentives set forth in this Agreement, in accordance with the terms and conditions of this Agreement and the Program.