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<br />no present to address the Board regarding the proposed agreement, and Chairman
<br />Casper closed the public hearing.
<br />
<br /> Mr. Hartsell clarified that the company's rolling stock sited in
<br />Cabarrus County would be included as a part of the provision relating to
<br />machinery, equipment and other personal property of AmeriServe.
<br />
<br /> UPON MOTION of Commissioner Carpenter, seconded by Chairman Casper and
<br />unanimously carried, the Board approved the industrial development incentive
<br />grant agreement for AmeriServe Food Distribution, Inc. and authorized the
<br />Chairman to sign the Agreement on behalf of Cabarrus County. The Agreeement
<br />was as follows:
<br /> AGREEMENT
<br />
<br /> THIS AGREEMENT (this "Agreement") is made and entered into this the
<br />day of, 1998 among CABARRUS COUNTY (The "County"), a political
<br />subdivision of the State of North Carolina, THE CITY OF CONCORD, a political
<br />subdivision of the State of North Carolina (the "City"), and AMERISERVE FOOD
<br />DISTRIBUTION, INC., a Delaware Corporation ("AmeriServe").
<br />
<br /> WITNESSETH:
<br /> WHEREAS, AmeriServe currently plans to construct a facility (the
<br />"Facility"), as generally described in the attached Exhibit A, although the
<br />plans for such Facility may be modified from time to time by AmeriServe; and
<br /> WHEREAS, AmeriServe has received a proposal from the County which
<br />provides for certain economic incentives to encourage the development of the
<br />Facility within Cabarrus County, and AmeriServe has considered requesting
<br />similar proposals from competing communities; and
<br /> WHEREAS, AmeriServe has determined that the real property located in
<br />Cabarrus County, North Carolina, more particularly described on Exhibit B
<br />attached hereto and incorporated herein by this reference and all building,
<br />machinery, equipment and other personal property thereon (collectively, the
<br />"Property") is a suitable location for the development of the Facility; and
<br /> WHEREAS, the City may annex the Property (as defined below) in the near
<br />future, and agrees and desires, upon annexation, to offer AmeriServe similar
<br />tax incentives as described in this Agreement; and
<br /> WHEREAS, in order to encourage AmeriServe to develop the Facility on
<br />the Property, and to assist AmeriServe in such activity, the County and the
<br />City have offered the incentives and other agreements set forth below; and
<br /> WHEREAS, after careful consideration and evaluation of this proposal,
<br />AmeriServe has substantially based its decision to locate the Facility in the
<br />County on the incentives and other agreements from the County and the City
<br />contained in this Agreement.
<br /> NOW, THEREFORE, in consideration of the mutual promises set forth in
<br />this Agreement and of other consideration, the receipt and sufficiency of
<br />which are now acknowledged by the parties, the County, the City, and
<br />AmeriServe do hereby agree as follows:
<br /> SECTION 1. Incentive Grants from the County. The County shall, in
<br />accordance with and as provided by this Agreement, agree to pay AmeriServe the
<br />incentive grants (each a "Grant" and, collectively, the "Grants") generally
<br />described in the Industrial Development Incentive Programs (collectively, the
<br />"Program") as previously approved by the Board of County Commissioners of the
<br />County, a copy of which is attached hereto as Exhibit C. The County hereby
<br />confirms that the Board of County Commissioners has approved the application
<br />of the Program to the Facility and has authorized the Grants and the other
<br />terms of this Agreement. The County further confirms that this Agreement
<br />constitutes the "formal agreement" required under the Program and that the
<br />terms of this Agreement and the applicable terms contained in the attached
<br />description of the Program (Exhibit C) shall govern the application of the
<br />Program to the Facility.
<br /> The County and AmeriServe agree that the five-year period for the
<br />initial Grant to AmeriServe shall begin with such fiscal year of the County as
<br />AmeriServe shall elect by written notice to the County but shall begin no
<br />later than one fiscal year within twelve months of the completion of the
<br />proposed project as defined by AmeriServe. Further, any qualifying expansion
<br />of the Facility or the Property after the election by AmeriServe of the
<br />initial five-year Grant period shall (provided the Program is still in effect)
<br />be eligible for consideration as separate Grants under the Program, each for a
<br />separate five-year Grant period and each beginning with such fiscal year as
<br />AmeriServe shall elect, but no later than one fiscal year within twelve months
<br />of the completion of the added expansion to be defined by AmeriServe by
<br />written notice to the County.
<br /> Projects that may not separately qualify under the investment level
<br />criteria as established by the County if completed within the initial five
<br />year grant period may qualify for consideration within the remainder of the
<br />
<br />
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