AG 1998 09 21 - Laserfiche WebLink

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2O DRAFT no present to address the Board regarding the proposed agreement, and Chairman Casper closed the public hearing. Mr. Hartsell clarified that the company's rolling stock sited in Cabarrus County would be included as a part of the provision relating to machinery, equipment and other personal property of A~neriServe. UPON MOTION of Commissioner Carpenter, seconded by Chairman Casper and unanimously carried, the Board approved the industrial development incentive grant agreement for AmeriServe Food Distribution, Inc. and authorized the Chairman to sign the Agreement on behalf of Cabarrus County. The Agreeement was as follows: AGREEMENT THIS AGREEMENT (this "Agreement") is made and entered into this the day of , 1998 among CABARRUS COUNTY (The "County"), a political subdivision of ~he State of North Carolina, THE CITY OF CONCORD, a political subdivision of the State of North Carolina (the "City"), and ~MERISERVE FOOD DISTRIBUTION, INC., a Delaware Corporation (";uneriServe"). WITNESSETH: WHEREAS, AmeriServe currently plans to construct a facility {the "Facility"), as generally described in the attached Exhibit Ag although the plans for such Facility may be modified from time to time by AmeriServe; and WHEREAS, AmeriServe has received a proposal from the County which provides for certain economic incentives to encourage the development of the Facility within Cabarrus County, and AmeriServe has considered requesting similar proposa]~ from competing communities; and WHEREAS, A~eriServe has determined that the real property located in Cabarrus County, North Carolina, more particularly described on Exhibit B attached hereto and incorporated herein by this reference and all building, machinery, equipment and other personal property thereon (collectively, the "Property") is a suitable location for the development of the Facility; and WHEREAS, the City may annex the Property (as defined below) in the near future, and agrees and desires, upon annexation, to offer AmeriServe similar tax incentives as described in this Agreement; and WHEREAS, in order to encourage AmeriServe to develop the Facility on the Property, and to assist AmeriServe in such activity, the County and the City have offered the incentives and other agreements set forth below; and WHEREAS, after careful consideration and evaluation of this proposal, A~eriServe has substantially based its decision to locate the Facility in the County on the incentives and other agreements from the County and the 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 are now acknowledged by the parties, the County, the City, and ~meriServe do hereby agree as follows: SECTION 1. Incentive Grants from the County. The County shall, in accordance with and as provided by this Agreement, agree to pay AmeriServe the incentive grants (each a "Grant" and, collectively, the "Grants") generally described in the Industrial Development Incentive Programs (collectively, the "Program") as previously approved by the Board of County Commissioners of the County, a copy of which is attached hereto as Exhibit C. The County hereby confirms that the Board of County Commissioners has approved the application of the Program to the Facility and has authorized the Grants and the other terms of this Agreement. The County further confirms that this Agreement constitutes the "formal agreement" required under the Program and that the terms of this Agreement and the applicable terms contained in the attached description of the Program (Exhibit C) shall govern the application of the Program to the Facility. The County and ~meriServe agree that th~ five-year period for the initial Grant to AmeriServe shall begin with such fiscal year of the County as AmeriServe shall elect by written notice to the County but shall begin no later than one fiscal year within twelve months of the completion of the proposed project as defined by AmeriServe. Further, any qualifying expansion of the Facility or the Property after the election by AmeriServe of the initial five-year Grant period shall (provided the Program is still in effect) be eligible for consideration as separate Grants under the Program, each for a separate five-year Grant period and each beginning with such fiscal year as AmeriServe shall elecT, but no later than one fiscal year within twelve months of the completion of the added expansion to be defined by ~u~eriServe by written notice to the County. Projects that may not separately qualify under the investment level criteria as established by the County if completed within the initial five year grant period may qualify for consideration within the remainder of the