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AG 2003 10 20
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AG 2003 10 20
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Last modified
3/3/2006 9:38:11 AM
Creation date
11/27/2017 11:42:00 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
10/20/2003
Board
Board of Commissioners
Meeting Type
Regular
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DRAFT <br />10-16-03 <br /> <br />INCENTIVE GRANT AGREEMENT <br /> <br /> This Agreement (the "Agreement"), made and entered as of the day of <br /> ., 2003, by and between CABARRUS COUNTY (the "County"), a body politic and <br />political subdivision of the State of North Carolina, and Philip Morris USA Inc. ("Philip <br />Morris"), a Virginia corporation. <br /> <br /> WHEREAS, Philip Morris is considering plans to improve its facility in Cabarrus <br />County, N.C. (the "Facility") by placing new manufacturing equipment therein (the "New <br />Personal Property"); and <br /> <br /> WHEREAS, the New Personal Property will be added to the Facility over a multiple <br />year period at an estimated original cost, net of the value of replaced equipment, of <br />approximately One Hundred Twenty-Four Million Five Hundred Fifty-Two Thousand <br />Dollars ($124,552,000.00); and <br /> <br /> WHEREAS, Philip Morris has received variods proposals offering economic <br />incentives to induce it to place or replace the New Personal Property at other sites outside <br />the County; and <br /> <br /> WHEREAS, the County has previously adopted an Industrial Development <br />Incentive Grant Program (the "Program"), a copy of which is attached hereto marked <br />Exhibit A and incorporated herein by reference, the public purpose of which is to <br />encourage economic growth and development within the County; and <br /> <br /> WHEREAS, Philip Morris has determined that the Facility is a suitable location for <br />the investment in, and the installation of the New Personal Property; and <br /> <br /> WHEREAS, to induce Philip Morris to locate the New Personal Property at the <br />Facility and to assist Philip Morris in such activity, the County has offered incentives to <br />Philip Morris consistent with the Program as described herein; <br /> <br /> NOW, THEREFORE, in consideration of the mutual promises set forth in this <br />Agreement and other good and valuable consideration, the receipt and sufficiency of <br />which are hereby acknowledged, the County and Philip Morris do hereby agree as follows: <br /> <br />1.0 Incentive Grant. <br /> <br /> 1.1 Grant Award. Pursuant to the Program, the County shall, in accordance with <br />and as provided by this Agreement, pay to Philip Morris an incentive grant (the "Grant") as <br />provided herein. The Grant shall initially be calculated at Level III of the Program, i.e. an <br />amount equal to eighty-five percent (85%) of the increase in property tax paid by Philip <br />Morris as occasioned by the installation of the New Personal Property at the Facility. The <br /> <br />lo-. It,,-oa draft+ <br /> <br /> <br />
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