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A~REEMENT <br /> <br /> TI-lIS AGREEMENT (~hc "Agreement") is made and cntcred into this the <br />__ day of , 1998 ~nong CABARRUS COUNTY <br />(thc "County"). a polit/cal subdivision of the State of North C~roline. THE CITY OF <br />KANNAPOLLg (the "City"), a municipal corporation of the S~atc of North Carol/ha, and <br />I?[ELDCREST CANNON, INC. ("FCI"), a Delaware corporation with a place of <br />business in Kannapol/s, North Carolina. <br /> <br />WITNESSETH: <br /> <br /> WI~.REAS, FCI from time to time develops proposals for capital investments to <br />new and existing manufacturing' operations and facilities and considers economic <br />inccnfives offered by statc and local governments when it evaluates propo~sls for capital <br /> <br /> WI~,REAS, FCI has developed plans to modernize ccrtsin manufacluring <br />operations as generally described in the attached Exhibit A as thc plans for such <br />modernization may be modified from time to time by FCI (thc "FCI Pln,~,'~; <br /> <br /> WHEREAS, FCI hss received a proposal f~om thc City and the County which <br />provides for certain economic incentives to encourage thc dcvelopment of ~c FCI Plans <br />within thc Civ/and the County; <br /> <br /> WHEREAS, FCI h~s deumnined that ~h¢ FCI manufacturing facility located in <br />the City ~-d the Cou,ty, commonly referred to a.s Plmt 1 and located on thc real property <br />more particularly described on Exhibi! B attached hereto and all build/nBs, m~ehinery, <br />cqu/pment ami o~her pel'so~al property ~hcreon (collectively, the "Property")/s a ssfitable <br />locmion for the FCI PIs,~s; and <br /> <br /> WFIE~REAS, in order to encourage FCI to implcmcnt the FCI Plnn~ and <br />encourage future investments on thc Property, the City and the County have offered the <br />inceniives, granm and such other agreements set forth below. <br /> <br /> NOW, Ti~,REFORE, in considcration of the mutual promises and coveuants sot <br />forth in this Agreement and for other good and valuable consideration, the receipt and <br />sufficiency of which arc hcrcby acknowled§ed by thc panics, the City, the Counly and <br />FCI do hcreby agree as follows: <br /> <br />Section 1. City and County Ine..~.ntive G~nts, <br /> <br /> 1.1 Grant Approval and Formal A_ereemqnt, (a) Each of <br />the City and thc County shall, in accordancc with and as provided by this Agreement <br />agrcc to pay FCI the incentive grants (cach a "Grant" and collectively, the "Grants'~ <br />generally described in the Indu~i~lai Development Incentive Grant Programs as <br /> <br /> <br />