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6. The County has previously adopted an Industrial <br />Development Incentive Grant Program 2004(the "Program"), a copy of <br />which is attached as Exhibit A and incorporated by reference, the <br />public purpose of which is to encourage economic growth and <br />development within the County. <br /> <br /> 7. Cabarrus Economic Development, Inc. ("EDC") has <br />reviewed Oiles' application for inclusion in the Program, and <br />EDC's overview is attached as Exhibit B and incorporated by <br />reference. <br /> <br /> 8. Olies is interested in adding the above referenced real <br />estate expansion to its existing facility at the International <br />Business Park in the City (the "Site"), which Site is more fully <br />described in Exhibit C attached, and has determined that the Site <br />is a s~iCable location for the placement of the above-described <br />new real property expansion and personal property investments and <br />perhaps other investments. <br /> <br /> 9. To induce Olies to locate the above referenced new real <br />property expansion and personal property investments at the Site <br />and to assist Oiles in such activity, the County has offered <br />incentives to Oiles consistent with the Program and as more <br />particularly described below. <br /> <br /> In consideration of the above Recitals and the Terms below <br />and other good and valuable consideration, the receipt and <br />sufficiency of which are hereby acknowledged, the County and Oiles <br />do agree as follows. <br /> <br />TERMS <br /> <br />1. Construction of New Real Property Expansion and Persona] <br /> Property Investments. Oiles shall construct new real <br /> property expansion to its existing facility at the Site and <br /> add new furniture, fixtures, machinery and equipment <br /> personal property to such facilities (such furniture, <br /> fixtures, machinery and equipment shall be collectively <br /> referred to as "Personal Property") over a one (1) year <br /> construction period. This one year construction period must <br /> commence within three (3) months following full execution <br /> of this Agreement and a certificate of occupancy must be <br /> issued at the new facility within fifteen (15) months <br /> following execution of this Agreement. Provided Oiles <br /> constructs the new expansion to its existing facility in <br /> the City, purchases the Personal Property and achieves the <br /> employment goals as set forth in this Agreement, the County <br /> <br /> <br />