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STATE OF NORTH CAROLINA ECONOMIC DEVELOPMENT <br />GRANT AGREEMENT <br />COUNTY OF CABARRUS (Project Key) <br />This ECONOMIC DEVELOPMENT GRANT AGREEMENT (the "Agreement") <br />is made and entered as of the day of 2018, by and between <br />CABARRUS COUNTY, a body politic and political subdivision of the State of North <br />Carolina ("County"), and PROJECT KEY APPLICANT ("Applicant'). <br />RECITALS <br />1. Applicant is considering locating two (2) 77,000 square foot <br />manufacturing facilities in the County at an estimated cost of Four Million, Nine Hundred <br />Thousand Dollars ($4,900,000) and installing equipment and fixtures in the facilities in <br />the amount of Six Million Dollars ($6,000,000), for a total investment of Ten Million, <br />Nine Hundred Thousand Dollars ($10,900,000) (referred to as "New Investment") and <br />creating 25 full time jobs at an average wage of $39,600 within three years. <br />2. The County has previously adopted an Industrial Development Grant <br />Program (the "Program"), a copy of which is attached as Exhibit A and incorporated by <br />reference, the public purpose of which is to encourage economic growth and <br />development within the County. <br />3. Cabarrus Economic Development, Inc. (the "EDC") has reviewed the <br />Applicant application for inclusion in the Program and EDC's overview is attached as <br />Exhibit B and incorporated by reference. <br />4. Applicant has determined that location of its manufacturing facility at the <br />intersection of Hwy 601 S and Wallace Road, in Midland, North Carolina (the "Site) in <br />the County is a suitable location for the placement of the New Investment. <br />5. To induce Applicant to locate the New Investment at the Site and to assist <br />Applicant in that activity, the County has offered incentives to Applicant consistent with <br />the Program. <br />In consideration of the mutual promises set forth in this Agreement and other <br />good and valuable considerations, the receipt and sufficiency of which are acknowledged <br />by the parties, the County and Applicant agree as follows: <br />COVENANTS, TERMS and CONDITIONS <br />1. Incentive Grants. Pursuant to the Program, the County shall in <br />accordance with and as provided by this Agreement, pay to Applicant an economic <br />development grant (the "Grants") in an amount equal to 85 percent of the increase in <br />property tax paid by Applicant upon the actual assessed ad valorem tax value increase <br />Attachment number 1 \n <br />G-2 Page 167 <br />