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STATE OF NORTH CAROLINA <br />ECONOMIC DEVELOPMENT <br />GRANT AGREEMENT <br />COUNTY OF CABARRUS (Griffin Industrial Realty, Inc.) <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 GRIFFIN <br />INDUSTRIAL REALTY, INC. ("Griffin"). <br />RECITALS <br />1. Griffin is considering constructing one spec warehouse buildings totaling <br />147,000 square feet (the "Facility") in the County at an estimated cost of Six Million, Six <br />Hundred Thousand Dollars ($6,600,000). <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 ("New Investments"). <br />3. Cabarrus Economic Development, Inc. (the "EDC") has reviewed the <br />Griffin application for inclusion in the Program and EDC's overview is attached as <br />Exhibit B and incorporated by reference. <br />4. Griffin has determined that location of its facility will be located at 4440, <br />4480 and 4530 Poplar Tent Road in Concord, North Carolina (the "Site") in the County is <br />a suitable location for the placement of the Facility and the New Investment. <br />5. To induce Griffin to locate the New Investment in the Facility at the Site <br />and to assist Griffin in that activity, the County has offered incentives to Griffin <br />consistent with the Program. <br />hi 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 Griffin 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 Griffin an economic <br />development grant (the "Grants") in an amount equal to 85 percent of the increase in <br />property tax paid by Griffin upon the actual assessed ad valorem tax value increase <br />occasioned by construction and equipment installation of the New Investment in the <br />Facility at the Site. The Grants shall only be paid if the entire Facility is leased or <br />Page 151 <br />