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AGREEMENT <br /> <br /> THIS AGREEMENT (the "Agreement"), dated as of , <br />1997, is entered into by and between CABARRUS COUNTY (the <br />"County"), a political subdivision of the State of North Carolina; <br />the CITY OF CONCORD (the "City"), a municipal corporation of the <br />State of North Carolina; and CORNING INCORPORATED ("Corning"), a <br />New York corporation; <br /> <br />W I TNE S $ETH: <br /> <br /> WHERE~S, Corning currently plans to construct a facility to <br />manufacture optical fiber, as the plans for such facility may be <br />modified from time to time by Corning (the "F~cility"); and <br /> <br /> WHEREAS; Corning has received various proposals from the <br />County and the City which provide for certain economic incentives <br />to Corning to induce the development of the Facility within <br />Cabarrus County; and <br /> <br /> WHEREAS, Corning has determined that real property located in <br />the Midland Air Park, Midland, Cabarrus County, North Carolina, <br />consisting of approximately 154 acres and more particularly <br />described in Exhibit A, attached hereto and incorporated herein by <br />this reference (the "Property"), is a suitable location for the <br />development of the Facility; and <br /> <br /> WHEREAS, in order to induce Corning to develop such <br />improvements on the Property, and to assist Corning in such <br />activity, County and City have offered to Corning various <br />incentives and other agreements herein described; and <br /> <br /> WHEREAS, after careful consideration and evaluation of these <br />proposals, Corning is relying on and has based its decision to <br />locate in the County on the incentives and other agreements from <br />the County and the City contained in this Agreement; <br /> <br /> NOW, THEREFORE, in consideration of the mutual promises set <br />forth in this Agreement and of other consideration, the receipt and <br />sufficiency of which are hereby acknowledged, the County, the City <br />and Corning do hereby agree as follows: <br /> <br /> 1.0 Incentive Grants. The County shall, in accordance with <br />and as provided by this Agreement, pay to Corning the incentive <br />grants (the "Grants") generally described in the Cabarrus County <br />Industrial Development Incentive Grant Program (the "Program") as <br />previously approved by the Board of County Commissioners'of the <br />County (a copy of the Program as approved thereby being attached <br />hereto as Exhibit B). The County hereby confirms that the Board of <br />County Commissioners of the County have approved the application of <br />the program to the Facility and have authorized the Grants and <br />other terms of this Agreement. The County further confirms that <br />this Agreement constitutes the "formal agreement" required under <br /> <br /> <br />