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<br />
<br /> The Board of Commissioners for the County of Cabarrus met in recessed
<br />session in the Multipurpose Room at the Cabarrus County Governmental Center in
<br />Concord, North Carolina on Monday, June 8, 1998, at 6:00 P.M.
<br />
<br />Present - Chairman: Sue B. Casper
<br /> Vice-Chairman: Carolyn B. Carpenter
<br /> Commissioners: Kenneth Mills
<br /> Dr. Franklin C. Niblock, Jr.
<br />Absent Commissioner: Jeffrey L. Barnhart
<br />
<br /> Also present were Mr. Frank W. Clifton, Jr., County Manager; Mr. Don
<br />Moorhead, Human Resources Director; Ms. Cathie Keller Straub, Budget Officer;
<br />and Mrs. Frankie F. Bonds, Clerk to the Board.
<br />
<br /> Chairman Casper called the meeting to order at 6:00 P.M.
<br />Carpenter was not present for the beginning of the meeting.
<br />
<br />Commissioner
<br />
<br />Supplemental Industrial Incentive Grant Agreement - Corning, Inc.
<br />
<br /> Mr. Clifton gave a brief overview of the supplemental industrial
<br />incentive grant agreement for Corning, Inc. He stated the new agreement
<br />replaces the previous agreement and addresses such issues as the Community
<br />Development Block Grant Economic Development grant appropriation, funding
<br />participation by the City of Concord and the inclusion of the Midland Fire
<br />District tax in the issue of the incentive grant.
<br />
<br /> The notice of Public Hearing was published in THE INDEPENDENT TRIBUNE on
<br />May 25, 1998 and THE CHARLOTTE OBSERVER (Cabarrus Neighbors) on May 28, 1998.
<br />
<br /> Chairman Casper opened the public hearing on the supplemental incentive
<br />grant agreement for Corning, Inc. pursuant to North Carolina General Statute
<br />158-7.1 and asked if anyone wished to speak either for or against the proposed
<br />agreement. No one addressed the Board regarding this issue, and Chairman
<br />Casper closed the public hearing.
<br />
<br /> UPON MOTION of Commissioner Mills, seconded by Commissioner Niblock with
<br />Commissioners Mills and Niblock and Chairman Casper voting for, the Board
<br />approved the following Agreement.
<br />
<br />AGREEMENT
<br />
<br /> This agreement (the "Agreement"), dated as of , 1998, is entered
<br />into among Cabarrus County (the "County"), a political subdivision of the
<br />State of North Carolina; the CITY OF CONCORD (the "City"), a municipal
<br />corporation of the State of North Carolina; the WATER AND SEWER AUTHORITY OF
<br />CABARRUS COUNTY ("WSACC") a public corporation of the State of North Carolina;
<br />and Corning Incorporated ("Corning"), a New York corporation.
<br /> WHEREAS, Corning currently plans to construct a facility to manufacture
<br />optical fiber, as the plans for such facility may be modified from time to
<br />time by Corning (the "Facility"); and
<br /> WHEREAS, Corning has received various proposal from the County which
<br />provide for certain economic incentives to Corning to induce the development
<br />of the Facility within Cabarrus County; and
<br /> WHEREAS, Corning has determined that the real property located in the
<br />Midland Air Park, Midland, Cabarrus County, North Carolina, consisting of
<br />approximately 154 acres and more particularly described in Exhibit A, attached
<br />hereto and incorporated herein by this reference (the "Property"), is a
<br />suitable location for the development of the Facility; and
<br /> WHEREAS, in order to induce Corning to develop such improvements on the
<br />Property, and to assist Corning in such activity, the County offered to
<br />Corning various incentives and other agreements herein described; and
<br /> WHEREAS, after careful consideration and evaluation of these proposals,
<br />Corning is relying on and has based its decision to locate in the County on
<br />the incentives and other agreements from the County contained in this
<br />Agreement;
<br /> NOW, THEREFORE, in consideration of the mutual promises set forth in this
<br />Agreement and of other consideration, the receipt and sufficiency of which are
<br />hereby acknowledged, the County and Corning do hereby agree as follows:
<br />
<br />1.0 Incentive Grants. The County shall, in accordance with and as provided by
<br />this Agreement, pay to Corning an incentive grant (the "Grant") at Level III
<br />of an amount equal to 85 percent of the actual value of real an (sic) personal
<br />property taxes paid for a period of five (5) consecutive years, generally
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