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<br /> UPON MOTION of Commissioner Privette, seconded by Commissioner Fennel
<br /> and unanimously carried, the Board moved to come out of the Closed Session.
<br />
<br /> Fieldores~ Cannon (Pillowtex) '
<br />
<br /> UPON MOTION of Commissioner Fennel, seconded by Comm/ssioner Suggs and
<br /> unanimously carried, the Board authorized the execution of the Addendum to
<br /> the Incentive Grant Agreement with Fieldcrest Cannon, Inc., substantially in
<br /> the form before the Board and subject to minor technical edits approved by
<br /> Counsel, the County Manager and Tax Administrator; and likewise authorized
<br /> the execution of the Stipulation and Agreed Order in the Bankruptcy Court for
<br /> the District of Delaware regarding Pillowtex, Inc., substantially in the form
<br /> before the Board and subject to minor technical edits approved by Counsel,
<br /> the County Manager and Tax Administrator, provided that the combined effect
<br /> of the execution of both documents results in payments as final settlement
<br /> for taxes and grants in the amounts identified in the "Calculations for
<br /> Stipulation" also presented to the Board. The draft documents (Addendum to
<br /> the IncentiVe Grant Agreement, Stipulation and Agreed Order Regarding Tax
<br /> Incentive Agreement, and Calculations for Stipulation) were as follows.
<br />
<br /> ADDENDUM TO INCENTIVE GRA/~T AGREEMENT
<br />
<br /> THIS ADDENDUM TO INCENTIVE GRANT AGREEMENT (the "Addendum"} is made and
<br /> entered into as of the 17~" day of January 2002 by and between the COUNTY OF
<br /> CABARRUS (the "County"), a political subdivision of the State of North
<br /> Carolina; the CITY OF KANNAPOLIS ("Kannapolis"), a municipal corporation of
<br /> the State of North Carolina, the CITY OF CONCORD, a municipal corporation of
<br /> the State of North Carolina ("Concord"); and FIELDCREST CANNON, INC. (the
<br /> "COMPANY"), a Delaware Corporation.
<br /> WITNESSETH:
<br /> WHEREAS, County, Kannapolis, Concord, and Company entered into that
<br /> certain Incentive Grant Agreement (the "Agreement") dated as of December 10,
<br /> 1998, related to the modernization of the Company's manufacturing facilities
<br /> (the "Prpperties" as said term is defined in the Agreement); and
<br /> WHEREAS, the Agreement provides for certain Grants {as defined in the
<br />Agreement) to Company related to the projects pursuant to certain incentive
<br />programs provided by the County, Kannapolis and Concord (the "Programs," as s
<br />(sic) defined and described in the Agreement); and
<br /> WHEREAS, the Agreement references that the modernization of the facility
<br />will occur on specifically identified property (the "Property," as said terms
<br />are defined in the Agreement); and
<br /> WHEREAS, Exhibit B attached to the Agreement describes certain personal
<br />property suitable for the modernization, which exhibit is incorporated herein
<br />by this reference; and
<br /> WHEREAS, pursuant to the terms of the Agreement, Company's plans to
<br />modernize its facility are subject to expansion under the terms Of the
<br />Agreement; and
<br /> WHEREAS, pursuant to the terms of the Agreement, Company has expanded the
<br />program to specifically include the personal property on Exhibit B;
<br /> NOW, THEREFORE, in consideration of the premises and for other good and
<br />valuable consideration, the receipt and sufficiency of which are hereby
<br />acknowledged, the parties hereto hereby agree as follows:
<br />
<br />1. Incentive Grants, (a) Exhibit Bi of the Agreement is hereby amended to
<br />include the personal property on Exhibit B attached hereto and incorporated
<br />herein by reference.
<br />
<br />2. Miscellaneous. The notice required by Section 4.2 of the Agreement, as it
<br />relates to the COMPANY, shall be to the Attention of Todd Ross.
<br />
<br />3. Binding Effect. The Agreement, as supplemented by this Addendum, shall
<br />inure to the benefit of and is binding upon the County, Kannapolis, Concord
<br />and the Copmany (sic) and their respective successors and assigns.
<br />
<br /> IN WITNESS WHEREOF the parties hereto have caused this Addendum to be
<br />executed as of the day and year first above written.
<br />
<br />Fieldcrest Cannon, Inc.
<br />Additional Assets Requested Under Incentive Grant
<br />Exhibit B
<br />
<br /> TOTAL
<br />Plant wiring for Oracle $ 30,713
<br />Computer/monitors 4,443,019
<br />DEC Alpha servers 316,214
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