AG 1998 11 16 - Laserfiche WebLink

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ECONOMIC INCENTIVE AGREEMENT THIS ECONOMIC INCENTIVE AGREEMENT (this "A~eement") is made .and entered into this day of November, 1998 among Cabarrus County, a political subdivision of the State of North Carolina (the "County"), The City of Concord, a North Carolina municipal corporation (the "City"), and Fourth Quarter Properties IV, Inc., a Georgia corporation ("FQPIV"). WITNESSETH WHEREAS, FQPIV is the owner of approximately 43.30 acres of real property located in the City of Concord, Cabarrus County, North Carolina, being more particularly described in Exhibit A 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, FQPIV intends to develop the Facility in substantial accordance with the site plan attached hereto as Exhibit B (as may be amended by FQPIV 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, 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-1 and incorporated herein by this reference (the "County Program"); and WHEREAS, 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, FQPIV has determined that the Property is a suitable location for the development of the Facility; and WHEREAS, in order to encourage FQPIV to develop the Facility on the Property, and to assist FQPIV in such development, the City and County agree to offer to FQPIV the incentives and other agreements set forth below; and WHEREAS, FQPIV's 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; NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements set forth in this Agreement and other good and valuable consideration, the receipt and sufficiency