AG 1999 08 30 - Laserfiche WebLink

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INDUST~ DEVELOPM~ENT INCENTIVE GRANT AGREEMENT This AGREEMENT (the "Agreement") is made and entered in this the __ day of · 1999, among CABARRUS COUNTY (the "County"). a political subdivision of the State of North Carolina. CONCORD (the "City."), a municipal corporation of the State of North Carolina, and OWENS CORNING, a Delaware Corporation ( the "Company"). WITNESSETH: Wt-[EKEAS. the Company currently plans to lease and operate an existing facility (the "Facility"), as generally described in E.'d'fibit A, A-1 and A-2 subject to finalizing lease negotiations, environmental reviews by appropriate State and local jurisdictions and other financial considerations; and, Wq-t~KEAS the Company has met with the elected leaders of the County and City and understands that the County and City have authorized certain programs and incentives to encourage industrial development projects within Cabarrus County and the City of Concord similar and consistent with the plan proposed by the Company, and the Company has requested similar incentives fi.om other competing communities; and, WHEREAS. the Company, which has other business operations in other locations, has determined that the real property located in Concord, Cabarrus County. North Carolina, more particularly described in Exhibit B and B-I attached hereto and incorporated herein by this reference as all building, machinery, equipment and other personal property thereon (collectively, the "Property") is a suitable location for the Company's manufacturing operations and the availability of the local industrial development incentive grant program is a significant contributing factor in a f'mal decision by the Company to proceed with the project as proposed; and, WHEREAS, in order to encourage the Company to lease the Facility on the Property for fifteen (15) 3'ears and invest over $1.7MM in Tenant Improvements and to assist in such activities, the County and the City have offered an industrial incentive grant and such other agreements as set forth herein and within designated Exhibits; and, 9/24EREAS. after careful consideration and evaluation of this proposal and alternative site selection options elsewhere, the Company has substantially based its decision to locate and proceed xtith the leasing and implementing Tenant Improvements to the Faciliw in Concord, Cabarrus Count' on the incentives and other agreements with the County and City contained in this Agreement. NOW. THEREFORE. in consideration of the mutual promises set forth in this Agreement and of other consideration, the receipt and sufficiency of which is now acknowledged by the parties, the County. City. and the Company do hereby agree as follows: SECTION 1. Incentive Grants. The County and City shall in accordance with and as provided by this Agreement, agree to pay the Company the incentive grants (each a "Grant" and, collectively, the "Grants") generally described in the Industrial Development Incentive Grant Programs (collectively, the "Programs") as previously approved by the Board of County Commissioners of the County, and the City Council for the City of Concord which are attached hereto as Exhibit C (County Program) and Exhibit D (City Program). The Programs as described in Exhibit C and Exhibit D shall apply except as amended within the context and content of this agreement. Where a conflict or a modification of conditions shall exist within the terms of this agreement, the terms as stated within the agreement shall supersede those as stated in the Programs as described in Exhibit C and/or Exhibit D. The Count)' and the City hereby confirm that the Board of County Commissioners and the Concord City Council have approved the application of the Program to the Facility and have authorized the Grants and other terms of this Agreement as outlined herein. The County and City further confirm