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AGREEMENT <br /> <br />This AGREEMENT (this "Agreement") made and entered into this day of <br />1997 among CABARRUS COUNTY (the "County"), a political subdivision of the State of North <br />Carolina and THE STANLEY WORKS, a Connecticut corporation (hereinafter "Stanley"); <br /> <br />WITNESSETH: <br /> <br />WHEREAS, Stanley has constructed a facility, as generally described in the attached Exhibit A (the <br />"FACILITY"); and <br /> <br />WHEREAS, Stanley received a proposal from the County which provided for specific economic <br />development incenti9es to accrue to Stanley as inducement for Stanley to construct the Facility within <br />the County, and Stanley had considered requesting similar proposals from competing communities; <br />and <br /> <br />WHEREAS, Stanley has determined that the property located within the County more particularly <br />described on Exhibit B attached hereto and incorporated herein and all buildings, machinery, <br />equipment and other personal property thereon (collectively, the "Property") was a suitable location <br />for the development of the Facility; and <br /> <br />WHEREAS, in order to encourage Stanley to develop the Facility on the prOPerty, and to assist <br />Stanley in such development, the County offered to Stanley financial incentives and other assistance <br />as set forth below; and <br /> <br />WHEREAS, after careful consideration of the mutual promises set forth in this Agreement and of <br />other consideration, the receiPt and sufficiency of which are now acknowledged by the parties, the <br />County and Stanley do hereby agree as follows: <br /> <br />SECTION 1. Financial Incentive Grant. <br /> <br />The County shall, in accordance with and as provided by this Agreement, agree to pay Stanley a <br />financial incentive grant (the "Grant") generally described in correspondence dated May 16, 1997 <br />directed to Mr. Jack E..4. Greenslade, Manager of Logistics Administration for Stanley as previously <br />approved by the Board of County Commissioners of the County during the negotiation process which <br />induced Stanley to select the Property within Cabarrus County to construct the Facility and attached <br />hereto as Exhibit A. <br /> <br />The County hereby confirms that the Board of County Commissioners of the County haveapproved <br />this project and the associated incentives as outlined within the context of this Agreement and <br />attachments hereto, and that this Agreement andattachments hereto constitutes the "formal agreement" <br />between the parties. - <br /> <br /> <br />