AG 1998 11 16 - Laserfiche WebLink

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AGREEMENT THIS AGREEMENT (this "Agreement") is made and entered into this the __ day of , 199__ among CABARRUS COUNTY (the "County"), a political subdivision of the State of North Carolina, and Builders' Supply & Lumber Co., Inc. (BSL). WITNESSETH: WHEREAS, BSL currently plans to operate a newly constructed facility (the "Facility"), as generally described in the attached Exhibit A, although the plans for such Facility may be modified from time to time by BSL; project to begin construction within twelve (12) months of approval of industrial grant. WHEREAS, BSL has received a proposal from the County which provides for certain economic incentives to encourage the development of the Facility within Cabarrus County, and BSL has considered requesting similar proposals from competing communities; and WHEREAS, BSL has determined that the real property located in Cabarrus County, North Carolina, more particularly described on Exhibit B attached hereto and incorporated herein by this reference and all building, machinery, equipment and other personal property thereon (collectively, the "Property") is a suitable location for the development of the Facility; and WHEREAS, in order to encourage BSL to develop the Facility on the Property, and to assist BSL in such activity, the County has ofti~red the incentives and other agreements set forth below; and WHEREAS, afl:. careful consideratl .a and evaluation of this proposal, BSL has substantially based its decision to locate the Facility in the County on the incentives and other agreements from the County contained in this Agreement. NOW, THEREFORE, in consideration of the mutual promises set forth in this Agreement and of other consideration, the receipt and sufficiency of which are now acknowledged by the parties, the County and BSL dO hereby agree as follows: SECTION 1. Incentive Grants. The County shall, in accordance with and as provided by this Agreement, agree to pay BSL the incentive grants (each a "Grant" and, collectively, the "Grants") generally described in the Industrial Development Incentive Grant Programs (collectively, the "Program") as previously approved by the Board of County Commissioners of the County, a copy ol'which is attached l:ereto as Exhibit C. The County hereby confirms that the Board of Connty Commissioners has al coved the application of the Program to the Facility and has authorized the (;rants and the othe~ terms of this Agreement. The County further confirms that this Agreemem constitutes the 'formal agreement' required under the Program and.that the terms of this Agreement and the applicable terms contained in the attached description of the Program (Exhibit C) shall govern the application of the Program to the Facility.