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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 "Agreement") is nqade and entered <br />into this __ day of , 19 Among Cabarrus County, a political <br />subdivision of the State of North Carolina (the "County"), The City of Concord, a North Carolina <br />municipal corporation (the "City"), Interstate Combined Ventures, a North Carolina <br />partnership(ICV), and Zamias Services, Inc. a Pennsylvania corporation ("ZSI") or its assigns. <br /> <br />WITNESSETH <br /> <br /> WHEREAS, ICV is the owner of approximately 134 acres of real property located in <br />Cabarrus County, North Carolina. being more particularly described on Exhibit A-I and Exhibit A-2 <br />attached hereto and incorporated herein by this reference (the "Property") upon which it intends to <br />construct a commercial retail shopping center complex of at least 250,000 square feet t'or retail and <br />associated use which use may be structured both as in-line and out-parcel developments subject to <br />space lease, ground lease, or ground purchase (the "Facility"); and <br /> <br /> WHEREAS, the County has adopted a "Cabarrus County Commercial/Retail Development <br />Incentive Grant Program" which provides for certain economic incentives to induce retail <br />development within Cabarrus County, a copy of which, as previously approved by the Board of <br />Commissioners of the County, is attached hereto as Exhibit C-I and incorporated herein by this <br />reference (the "County Program"); and <br /> <br /> WHEREAS, City has adopted a "City of Concord Commercial/Retail Development Incentive <br />Grant Program" which provides for certain economic incentives to induce retail development within <br />the City of Concord, a copy of which, as previously approved by the City's City Council, is attached <br />hereto as Exhibit C-2 and incorporated herein by this reference (the "City Program"); and <br /> <br /> WHEREAS, ZSI, has determined that the Property which is located in the City of Concord <br />and Cabarrus County is a suitable location for the development of the Facility; and <br /> <br /> WHEREAS, in order to encourage ICV and ZSI to develop the Facility on the Property, and <br />to assist ICV and ZSI in such development, the City and County have offered to ICV and ZSI the <br />incentives and other agreements set forth below; and <br /> <br /> WHEREAS, ZSI intends to develop the Facility in substantial accordance with the site plan <br />attached hereto as Exhibit B (as may be amended by ZSI from time to time) and incorporated herein <br />by this reference so long as it is able to acquire the necessary permits and approvals; and <br /> <br /> WHEREAS, ZSI decision to develop the Facility in accordance with the Site Plan is based <br />on the incentives and other assistance from the City and the County contained in this Agreement; <br /> <br /> <br />
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