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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 />'10-20-03 <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 politicai <br />subdivision of the State of North Carolina, and SABCO RACING, INC., a North Carolina <br />Corporation d/b/a Chip Ganassi Racing with Felix Sabates and FJC Real Property, LLC, <br />a North Carolina Limited Liability Company, (hereinafter collectively referred to as <br />"Ganassi"). <br /> <br /> WHEREAS, Ganassi is considering relocating its racing facility to Cabarrus County, <br />N.C. (the "Facility") by constructing a new facility in the County at an estimated cost of <br />Fifteen Million Five Hundred Thousand Dollars ($15,500,000.00) (the "New Real Property <br />Investment") and by installing furniture, fixtures and equipment therein at an estimated <br />cost of an additional Five Million Dollars ($5,000,000.00) (the "New Personal Property <br />Investment") (hereinafter sometimes cumulatively referred to as the "New Real Property <br />Investment" and the "New Personal Property Investment" or the "New Investment"); and <br /> <br /> WHEREAS, Ganassi has received various proposals offering economic incentives to <br />induce it to place or replace the New Investment at other sites outside 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, Ganassi has determined that a site near the intersection of Poplar Tent <br />and Derita Roads (the "Site") in the County is a suitable location for the placement of the <br />Facility and the New Investment; and <br /> <br /> WHEREAS, to induce Ganassi to locate the New Investment in the Facility at the Site <br />and to assist Ganassi in such activity, the County has offered incentives to Ganassi <br />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 Ganassi do hereby agree as follows: <br /> <br /> 1.0 Incentive Grants. Pursuant to the Program, the County shall, in accordance with <br />and as provided by this Agreement, pay to Ganassi an incentive grant (the "Grants") <br />equivalent to Level I of the Program, i.e. an amount equal to 75 percent of the increase in <br />property tax paid by Ganassi upon the actual assessed ad valorem tax value increase <br /> <br /> <br />
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