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DRAFT <br />10-6-03 <br /> <br />INCENTIVE GRANT AGREEMENT <br /> <br /> This Agreement (the "Agreement"), made and entered as of the <br /> day of , 2003, by and between CABARRUS COUNTY (the <br />"County"), a body politic and political subdivision of the State <br />of North Carolina, and Philip Morris USA ("Philip Morris"), a <br />Delaware corporation. <br /> <br /> WHEREAS, Philip Morris is considering plans to improve its <br />facility in Cabarrus County, N.C. (the "Facility") by placing or <br />replacing manufacturing equipment therein, the additional cost of <br />which is estimated at approximately One Hundred Twenty-Four <br />Million Five Hundred Fifty-Two Thousand Dollars ($124,552,000.00), <br /> (hereinafter referred to as the "New Personal Property"); and <br /> <br /> WHEREAS, Philip Morris has received various proposals <br />offering economic incentives to induce it to place or replace the <br />New Personal Property at other sites outside the County; and <br /> <br /> WHEREAS, the County has previously adopted an Industrial <br />Development Incentive Grant Program (the "Program"), a copy of <br />which is attached hereto marked Exhibit A and incorporated herein <br />by reference, the public purpose of which is to encourage economic <br />growth and development within the County; and <br /> <br /> WHEREAS, Philip Morris has determined that the Facility is a <br />suitable location for the investment in and the installation of <br />the New Personal Property; and <br /> <br /> WHEREAS, to induce Philip Morris to locate the New Personal <br />Property at the Facility and to assist Philip Morris in such <br />activity, the County has offered incentives to Philip Morris <br />consistent with the Program as described herein; <br /> <br /> NOW, THEREFORE, in consideration of the mutual promises set <br />forth in this Agreement and other good and valuable consideration, <br />the receipt and sufficiency of which are hereby acknowledged, the <br />County and Philip Morris do hereby agree as follows: <br /> <br />1.0 Incentive GrantS. Pursuant to the Program, the County shall, <br />in accordance with and as provided by this Agreement, pay to <br />Philip Morris an incentive grant (the "Grant") equivalent to Level <br />III of the Program, i.e. an amount equal to 85 percent of the <br /> <br /> <br />