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STATE OF NORTH CAROLINA <br />ECONOMIC DEVELOPMENT <br />GRANT AGREEMENT <br />COUNTY OF CABARRUS (SL Goodman Road LLC) <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 SL GOODMAN <br />ROAD LLC ("Goodman"). <br />RECITALS <br />1. Goodman is considering constructing one industrial spec building with <br />600,000 square feet (the "Facility's in the County at an estimated cost of Twenty Million <br />Dollars ($20,000,000). <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. Cabarus Economic Development, Inc. (the "EDC') has reviewed the <br />Goodman application for inclusion in the Program and EDC's overview is attached as <br />Exhibit B and incorporated by reference. <br />4. Goodman has determined that location of its facility will be located at 431 <br />Goodman Road in Concord, North Carolina (the `Site") in the County is a suitable <br />location for the placement of the Facility and the New Investment. <br />5. To induce Goodman to locate the New Investment in the Facility at the <br />Site and to assist Goodman in that activity, the County has offered incentives to <br />Goodman 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 Goodman 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 Goodman an <br />economic development grant (the "Grants") in an amount equal to 85 percent of the <br />increase in property tax paid by Goodman 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 197 <br />