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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 />10-9-03 <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 COD-NTY (the <br />"County"), a body politic and political subdivision of the State <br />of North Carolina, and SABCO RACING, INCORPORATED, d/b/a Chip <br />Ganassi Racing with Felix Sabates ("Ganassi"), a North Carolina <br />Corporation. <br /> <br /> WHEREAS, Ganassi is considering relocating its racing <br />facility to Cabarrus County, N.C. (the "Facility") by constructing <br />a new facility in the County at an estimated cost of Fifteen <br />Million Five Hundred Thousand Dollars ($15,500,000.00) (the "New <br />Real Property Investment") and by installing furniture, fixtures <br />and equipment therein at an estimated cost of an additional Five <br />Million Dollars ($5,000,000.00) (the "New Personal Property <br />Investment") (hereinafter sometimes cumulatively referred to as <br />the "New Real Property Investment" and the "New Personal Property <br />Investment"); and <br /> <br /> WHEREAS, Ganassi has received various proposals offering <br />economic incentives to induce it to place or replace the New <br />Investment 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, Ganassi has determined that a site near the <br />intersection of Poplar Tent and Derita Roads (the "Site") in the <br />County is a suitable location for the placement of the Facility <br />and the New Investment; and <br /> <br /> WHEREAS, to induce Ganassi to locate the New Investment in the <br />Facility at the Site and to assist Ganassi in such activity, the <br />County has offered incentives to Ganassi consistent with the <br />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 /> <br /> <br />
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