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STATE OF NORTH CAROLINA <br />ECONOMIC DEVELOPMENT <br />GRANT AGREEMENT <br />COUNTY OF CABARRUS (Meadows Corporate Park) <br />(Building # 1) <br />THIS AGREEMENT (the "Agreement") is made and entered as of the day <br />of 2018, by and between CABARRUS COUNTY, a body politic and <br />political subdivision of the State of North Carolina ("County'), and FORTIUS- <br />RICHARDSON, LLC, ("Applicant"). <br />RECITALS <br />1. Applicant is considering constructing an Industrial Spec Development <br />containing one building (the "Facility") in the County at an estimated cost of Five <br />Million, Nine Hundred Thousand Dollars ($5,900,000.) (the "New Investment"). <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. Cabanas 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 facility will be located at 700 <br />Pitts School Road, NW in Concord, North Carolina (the "Site) in the County is a <br />suitable location for the placement of the Facility and the New Investment. <br />5. To induce Applicant to locate the New Investment in the Facility at the <br />Site and to assist Applicant in that activity, the County has offered incentives to <br />Applicant consistent with 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. Economic Development Grants. Pursuant to the Program, the County <br />shall in accordance with and as provided by this Agreement, pay to Applicant an <br />economic development grant (the "Grants") in an amount equal to 85 percent of the <br />increase in property tax paid by Applicant upon the actual assessed ad valorem tax value <br />increase occasioned by construction and equipment installation of the New Investment in <br />the Facility at the Site. The Grants shall only be paid if the entire Facility is leased or <br />Page 175 <br />