AG 1998 11 16 - Laserfiche WebLink

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of which are hereby acknowledged by the parties, the City, the County, and FQPIV do hereby agree as follows: I. Info,marion Regarding FQPW. FQPIV is a Georgia corporation that was duly incorporated on September 28, 1994 and which is qualified to do business in the State of North Carolina. FQPIV is solely owned by Stanley E. Thomas, one of the premier developers of "big box" retail centers in the country. Mr. Thomas has developed retail centers in ranges of anywhere from 250,000 square feet of gross leasable floor area up to over 1,000,000 square feet of gross leasable floor area in Georgia, Florida, Kentucky and North Carolina, including Carolina Pavilion in Charlotte, North Carolina, which is nearly 900,000 square feet. A copy of the deed vesting title to the property in FQPIV and more detailed information regarding Mr. Thomas and FQPIV's plans for The Pavilion at Kings Grant are attached hereto as Exhibit D and incorporated herein by this reference. 2. Incentive Grants. (a) Payment of Incentive Grants. Each of the City and the County, in accordance with and as provided by this Agreement, agree to pay FQPIV the incentive grants (the "Grants") generally described in the County Program and in the City Program (collectively, the "Incentive Programs"). During the time period that the Grants are in effect, FQPIV shall remain current on payments of real property taxes applicable to the Property and other fees, taxes or other assessments levied by the City or the County against ihe Property or the Facility in order to remain eligible for the grants. Failure of FQPIV to do so after reasonable notice and an opportunity to cure any default shall result in termination of the Grants. Real and personal property assessments shall be made in a manner consistent with and in compliance with recognized state and local standards and procedures and shall take into account FQPIV's representations as to the scope, quality and value of the Facility. (b) Approval of Application of Grants to the Facility. The City and the County hereby confirm that the County's Board of Commissioners and the City's City Council have approved the application of the Incentive Programs to the Facility and have authorized the Grants described below in this Agreement, so long as FQPIV commences construction on the Facility (by applying for building permits according to an approved site plan) within twelve (12) months of the final approvals of the award of the Grants to it by both the City and the County. (c) Contractual Agreement. The City and the County further confirm that this Agreement constitutes the "contractual agreement" required under the Incentive Programs and that the terms of this Agreement and the applicable terms contained in the attached descriptions of the Incentive Programs shall govern the application of the Incentive Programs to the Facility. (d) Grant Payments. After the Facility achieves a sales tax goal of at least $200.00 per square foot of gross leasable area, the City and the County shall distribute to FQPIV incentive payments as provided in the Incentive Programs which shall be calculated based on the sales tax generated from the Facility (such distribution by the City and the County being referred to hereinafter as "Grant Payments"). Grant Payments shall be for a period of five (5) full years 2