AG 1998 09 21 - Laserfiche WebLink

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AGREEMENT This AGREEMENT (this "Agreement") made and entered into this 1 ?ttday of November , 1997 among CABARRUS COUNTY (the "County"), a political subdivision of the State of North Carolina, ~ CITY OF CONCORD (the "City"), a municipal corporation of the State of North Carolina, and TANGER PROPERTIES LIMITED PARTNERS1TFP ("Tanger"), a North Carolina limited partnership. WITNE. SSTH: WFI'EREAS, Tanger currently is the contract purchaser under a Purchase and Sale Agreement to acquire real property consisting of approximately 39 acres located in the County of Cabarrus, North Carolina more specifically described on Exhibit A attached hereto and made a part hereof(the "Property"), and upon acquisition of the Property intends to construct a 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 WWF. REAS, County has adopted a "Cabarm~ County Commercial/Retail Development Incentive Grant Program" (the "County Program") which provides for certain economic incentives to induce retail development within the County of Cabarrus; and WI:I-I~REAS, City has adopted a "City of Concord Commercial/Retail Development Incentive Grant Program" (the "City Program") which provides for certain economic incentives to induce retail development within the City of Concord; and WFrEREAS, Tanger has determined that the Property which is located in the City of Concord and County of Cabarrus is a suitable location for the development of the Facility; and WI:YEREAS, in order to encourage Tanger to develop the Facility on the Property, and to assist Tanger in such development, the City and County have offered to Tanger the incentives and other agreements set forth below; and wmc, REAS, after careful consideration and evaluation of this proposal, Tanger has based its decision, provided Tanger is able to acquire title to the Property and the necessary permits and approvals to develop the Facility in substantial accordance with the site plan attached hereto as Exhibit B (as may be amended by Tanger from time to time) in the City and the County on the incentives and other assistances from the City and the County contained in this Agreement. NOW, THEREFORE, in consideration of the mutual promises set forth in this Agreement and other consideration, the receipt and sufficiency of which are now acknowledged by the parties, the City, the County, and Tanger do hereby agree as follows: 042340-0~0002/84333-3