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155 AGREEMENT THIS AGREEMENT (this "Agreement") is made and entered into this the day of September, 1996 among CABARRUS COUNTY (the "County"), a political subdivision of the State of North Carolina, THE CITY OF CONCORD (the "City"), a municipal corporation of the State of North Carolina, and BELL/SYSCO FOOD SERVICES, INC. ("Bell/Sysco"), a North Carolina corporation. W I TN E S S E TH: WHEREAS, Bell/Sysco currently plans to construct a facility, as generally described in the attached Exhibit A, as the plans for such facility may be modified from to time by Bell/Sysco (the "Facility"); and WHEREAS, Bell/Sysco has received various proposals from the City and the County which provide for certain economic incentives to Bell/Sysco to induce the development of the Facility within the City of Concord and Cabarrus County, and Bell/Sysco has received other such proposals from, several other North Carolina communities and from the State of South Carolina; and WHEREAS, Bell/Sysco has determined that the real property located in the International Business Park, Concord, Cabarrus County, North Carolina, consisting of approximately 40.428 acres and more particularly described on Exhibit B attached hereto and incorporated herein by this reference (the "Property") is a suitable location for the development of the Facility; and WHEREAS, in order to induce Bell/Sysco to develop such improvements on the Property, and to assist Bell/Sysco in such activity, the City and the County hereby offer to Bell/Sysco various incentives and other agreements hereinafter set forth; and WHEREAS, after careful consideration and evaluation of these proposals, Bell/Sysco is relying on and has based its decision to locate in the City and County on the incentives and other agreements from the City and the County contained in this Agreement. NOW, THEREFORE, in consideration of the mutual promises set forth in this Agreement and of other consideration, the receipt and sufficiency of which are now acknowledged by the parties, the City, the County and Bell/Sysco do hereby agree as follows: SECTION 1. Incentive Grants. Each of the City and County shall, in accordance with and as provided by this Agreement, pay to Bell/Sysco the incentive grants (the "Grants") generally described in the Industrial Development Incentive Grant Program (the "Program") as previously approved by the Board of County Commissioners of the County (a copy of the Program as approved thereby being attached hereto as Exhibit C-i) and as previously approved by the Board of Aldermen of the City (a copy of the Program as approved thereby being attached hereto as Exhibit C-2). The City and the County hereby confirm that the Board of Aldermen of the City and the Board of County Commissioners of the County have approved the application of the program to the Facility and have authorized the Grants and other terms of this Agreement. The City and the County further confirm that this Agreement constitutes the "formal agreement" required under the Program and that the terms of this Agreement and those contained in the attached description of the Program (Exhibits C-1 and C-2) shall govern the application of the Program to the Facility. The parties agree that the five-year period for the Grants shall begin with such tax year as Bell/Sysco shall elect by written notice to the City and the County and that any expansion of the Facility after the commencement of the five-year Grant period shall (provided the Program is still in effect) be eligible for separate Grants under the Program for a separate five-year Grant period beginning for such tax year as Bell/Sysco shall elect by written notice to the City and County. The assessed value for local property tax purposes of all real and personal