AG 1999 12 20 - Laserfiche WebLink

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ECONOMIC INCENTIVE AGREEMENT TI-frS ECONOMIC INCENTIVE AGREEMENT (this "Agreement") is made and entered into this 30th day of ~ovember , 19 98Among Cabarrus County, a political subdivision of the State of North Carolina (the "County"), The City of Concord, a North Carolina municipal corporation (the "City"), Interstate Combined Ventures, a North Carolina partnership(ICV), and Zamias Services, Inc. a Pennsylvania corporation ("ZSI") or its assigns. WITNESSETH WHEREAS, ICV is the owner of approximately 134 acres of real property located in Cabarrus County, North Carolina, being more particularly described on EXhibit A- I and Exhibit A-2 attached hereto and incorporated herein by this reference (the "Property") upon which it intends to construct a commercial retail shopping center complex of at least 250,000 square feet for retail and associated use which use may be structured both as in-line and out-parcel developments subject to space lease, ground lease, or ground purchase (the "Facility"); and WHEREAS, the County has adopted a "Cabarrus County Commercial/Retail Development Incentive Grant Program" which provides for certain economic incentives to induce retail development within Cabarrus County, a copy of which, as previously approved by the Board of Commissioners of the County, is attached hereto as Exhibit C-I and incorporated herein by this' reference (the "County Program"); and WHF. REAS, City has adopted a"City of Concord Commercial/Retail Development Incentive Grant Program" which provides for certain economic incentives to induce retail development within the City of Concord, a copy of which, as previously approved by the City's City Council, is attached hereto as Exhibit C-2 and incorporated herein by this reference (the "City Program"); and WHEREAS, ZSI, has determined that the Property which is located in the City of Concord and Cabarrus County is a suitable location for the development of the Facility; and WHEREAS, in order to encourage ICV and ZSI to develop the Facility on the Property, and to assist ICV and ZSI in such development, the City and County have offered to ICV and ZSI the incentives and other agreements set forth below; and WHEREAS, ZSI intends to develop the Facility in substantial accordance with the site plan attached hereto as Exhibit B (as may be amended by.ZSI from time to time) and incorporated herein by this reference so long as it is able to acquire the necessary permits and approvals; and WHEREAS, ZSI decision to develop the Facility in accordance with the Site Plan is based on the incentives and other assistance from the City and the County contained in this Agreement;