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AG 1998 11 16
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AG 1998 11 16
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Last modified
3/25/2002 6:09:44 PM
Creation date
11/27/2017 11:52:51 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
11/16/1998
Board
Board of Commissioners
Meeting Type
Regular
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ECONOMIC INCENTIVE AGREEMENT <br /> <br /> THIS ECONOMIC INCENTIVE AGREEMENT (this "A~eement") is made .and entered <br />into this day of November, 1998 among Cabarrus County, a political subdivision of the <br />State of North Carolina (the "County"), The City of Concord, a North Carolina municipal <br />corporation (the "City"), and Fourth Quarter Properties IV, Inc., a Georgia corporation <br />("FQPIV"). <br /> <br />WITNESSETH <br /> <br /> WHEREAS, FQPIV is the owner of approximately 43.30 acres of real property located in <br />the City of Concord, Cabarrus County, North Carolina, being more particularly described in <br />Exhibit A attached hereto and incorporated herein by this reference (the "Property") upon which <br />it intends to construct a commercial retail shopping center complex of at least 250,000 square <br />feet for retail and associated use which use may be structured both as in-line and out-parcel <br />developments subject to space lease, ground lease, or ground purchase (the "Facility"); and <br /> <br /> WHEREAS, FQPIV intends to develop the Facility in substantial accordance with the site <br />plan attached hereto as Exhibit B (as may be amended by FQPIV from time to time) and <br />incorporated herein by this reference so long as it is able to acquire the necessary permits and <br />approvals; and <br /> <br /> WHEREAS, the County has adopted a "Cabarrus County Commercial/Retail <br />Development Incentive Grant Program" which provides for certain economic incentives to <br />induce retail development within Cabarrus County, a copy of which, as previously approved by <br />the Board of Commissioners of the County, is attached hereto as Exhibit C-1 and incorporated <br />herein by this reference (the "County Program"); and <br /> <br /> WHEREAS, City has adopted a "City of Concord Commercial/Retail Development <br />Incentive Grant Program" which provides for certain economic incentives to induce retail <br />development within the City of Concord, a copy of which, as previously approved by the City's <br />City Council, is attached hereto as Exhibit C-2 and incorporated herein by this reference (the <br />"City Program"); and <br /> <br /> WHEREAS, FQPIV has determined that the Property is a suitable location for the <br />development of the Facility; and <br /> <br /> WHEREAS, in order to encourage FQPIV to develop the Facility on the Property, and to <br />assist FQPIV in such development, the City and County agree to offer to FQPIV the incentives <br />and other agreements set forth below; and <br /> <br /> WHEREAS, FQPIV's decision to develop the Facility in accordance with the Site Plan is <br />based on the incentives and other assistance from the City and the County contained in this <br />Agreement; <br /> <br /> NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements <br />set forth in this Agreement and other good and valuable consideration, the receipt and sufficiency <br /> <br /> <br />
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