AG 2004 05 31 RECESSED - Laserfiche WebLink

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STATE OF NORTH CAROLINA COUNTY OF CABARRUS FIRST DRAFT BY MP: 5-27-04 INCENTIVE GRANT AGREEMENT (Bonitz Contracting, Inc.) THIS AGREEMENT (the "Agreement"), is made and entered as of the day of , 2004, by and between CABARRUS COUNTY, a political subdivision of the state of North Carolina ("County"), and BONITZ CONTRACTING, INC., ("BONITZ"), a South Carolina corporation with its principal place of business at , South Carolina, - RECITALS 1. Bonitz is considering locating a minimum aggregate 48,000 square feet real property facility in the International Business Park in the City of Concord, Cabarrus County, North Carolina ("City") with an aggregate new minimum taxable investment in such real property facilities of Three Million Dollars ($3,000,000). 2. In addition to construction of the real property facility, Bonitz intends to add substantial personal property to the above facility, including furniture, fixtures, machinery and equipment in an additional total minimum aggregate amount of Three Hundred Thousand Dollars ($300,000.00). 3. Bonitz has committed to the County and the City that the new real property and personal property investments in the City will be completed for a total aggregate minimum taxable investment of Three Million Three Hundred Thousand Dollars ($3,300,000) . 4. Bonitz has committed to the County to provide a minimum of 175 new full-time employment positions at the new facilities, with each position having an average hourly wage of $16.18. 5. Bonitz 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 which is attached as Exhibit A and incorporated by reference, the