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DRAFT '10-20-03 INCENTIVE GRANT AGREEMENT This Agreement (the "Agreement"), made and entered as of the ~ day of 2003, by and between CABARRUS COUNTY (the "County"), a body .politic and politicai subdivision of the State of North Carolina, and SABCO RACING, INC., a North Carolina Corporation d/b/a Chip Ganassi Racing with Felix Sabates and FJC Real Property, LLC, a North Carolina Limited Liability Company, (hereinafter collectively referred to as "Ganassi"). WHEREAS, Ganassi is considering relocating its racing facility to Cabarrus County, N.C. (the "Facility") by constructing a new facility in the County at an estimated cost of Fifteen Million Five Hundred Thousand Dollars ($15,500,000.00) (the "New Real Property Investment") and by installing furniture, fixtures and equipment therein at an estimated cost of an additional Five Million Dollars ($5,000,000.00) (the "New Personal Property Investment") (hereinafter sometimes cumulatively referred to as the "New Real Property Investment" and the "New Personal Property Investment" or the "New Investment"); and WHEREAS, Ganassi has received various proposals offering economic incentives to induce it to place or replace the New Investment at other sites outside the County; and WHEREAS, the County has previously adopted an Industrial Development Incentive Grant Program (the "Program"), a copy of which is attached hereto marked Exhibit A and incorporated herein by reference, the public purpose of which is to encourage economic growth and development within the County; and WHEREAS, Ganassi has determined that a site near the intersection of Poplar Tent and Derita Roads (the "Site") in the County is a suitable location for the placement of the Facility and the New Investment; and WHEREAS, to induce Ganassi to locate the New Investment in the Facility at the Site and to assist Ganassi in such activity, the County has offered incentives to Ganassi consistent with the Program as described herein; NOW, THEREFORE, in consideration of the mutual promises set forth in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the County and Ganassi do hereby agree as follows: 1.0 Incentive Grants. Pursuant to the Program, the County shall, in accordance with and as provided by this Agreement, pay to Ganassi an incentive grant (the "Grants") equivalent to Level I of the Program, i.e. an amount equal to 75 percent of the increase in property tax paid by Ganassi upon the actual assessed ad valorem tax value increase