Laserfiche WebLink
STATE OF NORTH CAROLINA <br />ECONOMIC DEVELOPMENT <br />GRANT AGREEMENT <br />COUNTY OF CABARRUS (Project Jersey Hydro Applicant) <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 PROJECT JERSEY <br />HYDRO APPLICANT, a New Jersey corporation. <br />RECITALS <br />1. Project Jersey Hydro Applicant is considering upfitting an existing <br />20,000 square foot facility (the "Facility") in County at an estimated cost of Eight <br />Hundred Thousand Dollars ($800,000) (the "New Real Property Investment"); and by <br />installing furniture, fixtures and equipment in the Facility at an estimated cost of an <br />additional Seven Hundred Thousand Dollars ($700,000) (the "New Personal Property <br />Investment") (also sometimes collectively referred to as "New Investment"). The Facility <br />will create thirty-three new jobs at an average wage of $70,092. <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 />Project Jersey Hydro Applicant application for inclusion in the Program and EDC's <br />overview is attached as Exhibit B and incorporated by reference. <br />4. Project Jersey Hydro Applicant has determined that location of its Facility <br />at 4715 Corporate Drive, Suite 200 in Concord, North Carolina (the "Site") in the County <br />is a suitable location for the placement of the Facility and the New Investment. <br />5. To induce Project Jersey Hydro Applicant to locate the New Investment in <br />the Facility at the Site and to assist Project Jersey Hydro Applicant in that activity, the <br />County has offered incentives to Project Jersey Hydro Applicant consistent with the <br />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 Project Jersey Hydro Applicant agree as follows: <br />COVENANTS, TERMS and CONDITIONS <br />Page 206 <br />