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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 Bonitz' application for inclusion in the Program, and <br />EDC's overview is attached as Exhibit B and incorporated by <br />reference. <br /> <br /> 8. Bonitz is interested in a minimum acre site in the <br />International Business Park in the City ("Site"), which Site is <br />more fully described in Exhibit C attached, and has determined <br />that the Site is a suitable location for the placement of the <br />above-described new real property facilities and personal property <br />investments and perhaps other investments. <br /> <br /> 9. To induce Bonitz to locate the above referenced new real <br />property facilities and personal property investments at the Site <br />and to assist Bonitz in such activity, the County has offered <br />incentives to Bonitz 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 <br />Bonitz do agree as follows. <br /> <br />TERMS <br /> <br />1. Construction of New Real Property Facilities and Persona] <br /> Property Investments. Bonitz shall construct new real <br /> property facilities at the Site and add new furniture, <br /> fixtures, machinery and equipment personal property to such <br /> facilities (such furniture, fixtures, machinery and <br /> equipment shall be collectively referred to as "Personal <br /> Property") over a one (1) year construction period. This <br /> one year construction period must commence within three (3) <br /> months following full execution of this Agreement and a <br /> certificate of occupancy must be issued at the new facility <br /> within fifteen (15) months following execution of this <br /> Agreement. Provided Bonitz constructs the new facility, <br /> purchases the Personal Property and achieves the employment <br /> goals as set forth in this Agreement, the County will <br /> provide Bonitz with the tax incentives set forth in this <br /> Agreement, in accordance with the terms and conditions of <br /> this Agreement and the Program. <br /> <br /> <br />