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iL ouJ ex <br />P O ~ P O R A T I 0 <br /> <br />CANNON <br /> <br />Belles Texcs 75237-~ 699 <br />21 ..... -o~2 ..... < 2M/330-601~ <br /> <br />September 23, 1998 <br /> <br />Mr. Maurice Ewing <br />Cabarms Economic Development <br />2325 Concord Lake Road <br />Concord, NC 28025 <br /> <br />RE: Proposed Fieldcrest Cannon, Inc., Plant Improvements <br /> <br />Dear Mr. Ewing: <br /> <br />I wish to thank you for taking time to meet with CliffPaulsen and me. At this time, Fieldcrest Cannon <br />would like to move forward with an agreement with Cabarrus County and the City' of Kannapolis <br />regardhag economic incentives for capital improvements. More specifically, we want to complete the <br />process necessary, to procure incentive grants as outlined in a previous dra~ agreement for five specific <br /> <br />capital projects as follows: <br /> <br />Project Number Description Ex'tended Cost <br />C-3467 Install 88 air jet looms $53,000,000 <br />C-3470 Print Machines with dryers $ 2,500,000 <br />B-3463 Install 22 air jet looms $10,269,000 <br />B-3457 Install Finishing & Bleach Range $ 6,136,000 <br />B-3428 Install Dye & Finishing Range $10,542,000 <br /> <br />As we discussed, Pillowtex and Fieldcrest Cannon are planning substantial future capital improvements <br />beyond what is listed above. Incentive arrangements will help to ensure a significant part of future <br />spending will take place in Cabarrus.county. <br /> <br />As noted above, Fieldcrest Cannon is ready to push forward with an incentive/capital spending <br />agreement. Let us know what further steps are required to keep the processes moving. In Kannapolis, <br />please contact CliffPaulsen, Fieldcrest Cannon Controller, at (704)939-4589 or phone me at <br />(214) 333-3~5 Ext. 563. <br /> / I <br />Sir~cerel~// <br /> <br />Dafrel1 Jones <br />Direct6r of Tax <br /> <br />DJ/lm <br /> <br /> <br />