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AGREEMENT <br /> <br /> This AGREEMENT (this "Agreement") made and entered into this day of <br /> ,199 among CABARRUS COUNTY (the "County"), a political <br />subdivision of the State of North Carolina, THE CITY OF CONCORD (the "City"), a <br />municipal corporation of the State of North Carolina, and DAI NIPPON IMS <br />(AMERICA) CORP. ("IMSA"), a Delaware Corporation. <br /> <br />WITNESSTH: <br /> <br /> WHEREAS, IMSA currently plans to construct a facility, as generally <br />described in the attached Exhibit A, but the plans for such facility may be modified from <br />time to time by IMSA (the "Facility"); and <br /> <br /> WHEREAS, IMSA has received a proposal from the City and the County <br />which provides for certain economic incentives to IMSA to induce the development of <br />the Facility within the City and County, and IMSA has considered requesting similar <br />proposals form competing communities; and <br /> <br /> WHEREAS, IMSA has determined that the real property located in the <br />International Business Park, Concord, Cabarrus County, North Carolina, consisting of <br />approximately 14.706 acres and more particularly described on Exhibit B attached hereto <br />and incorporated herein and all buildings, machinery, equipment and other personal <br />property thereon (collectively, the "Property") is a suitable location for the development <br />of the Facility; and <br /> <br /> WHEREAS, in order to encourage IMSA to develop the Facility on the <br />Property, and to assist IMSA in such development, the City and the County have offered <br />to IMSA the incentives and other agreements set forth below; and <br /> <br /> WHEREAS, after careful consideration and evaluation of this proposal, IMSA <br />has based its decision to locate the Facility in the City and County on the incentives and <br />other assistance's from the City and the County contained in this Agreement. <br /> <br /> NOW, THEREFORE, in consideration of the mutual promises set forth in this <br />Agreement and of other consideration, the receipt and sufficiency of which are now <br />acknowledged by the parties, the City, the County and IMSA do hereby agree as follows: <br /> <br />SECTION 1. Incentive Grants. <br /> <br /> Each of the City and the County shall, in accordance with and as provided by this <br />Agreement, agree to pay to IMSA the incentive grants (the "Grant(s)") generally <br />described in the Industrial Development Incentive Grant Programs (collectively, the <br />"Program") as previously approved by the Board of County Commissioners of the <br /> <br /> <br />