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STATE OF NORTH CAROLINA <br />COUNTY OF CABARRUS <br />ECONOMIC DEVELOPMENT <br />GRANT AGREEMENT <br />(Simon Property Group /Merlin <br />Entertainments) <br />THIS ECONOMIC DEVELOPMENT GRANT AGREEMENT (the <br />"Agreement ") is made and entered as of the day of , 2013, by and <br />between CABARRUS COUNTY, a body politic and political subdivision of the State of <br />North Carolina ( "County "), and SIMON PROPERTY GROUP ( "Simon "). <br />RECITALS <br />1. Simon is considering upfitting and constructing a 30,000 square foot <br />aquarium facility for Merlin Entertainments in the County (the "Facility ") at an estimated <br />cost of Ten Million Dollars ($10,000,000.00) (the "New Investment "), creating potential <br />new jobs within the County. <br />2. On October 28, 2008 as modified on September 21, 2009, the County had <br />previously adopted an Industrial Development Grant Program (the "Program "), a copy of <br />which is attached as Exhibit A and incorporated by reference, the public purpose of <br />which is to encourage economic growth and development within the County. <br />3. Cabarrus Economic Development, Inc. (the "EDC ") has reviewed the <br />Simon application for inclusion in the Program. <br />4. Simon determined that the location of its Facility on its existing real <br />property at Concord Mills Mall 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 Simon to make the New Investment by constructing the Facility <br />at the Site and to assist Simon in that activity, the County has offered incentives to Simon <br />essentially 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 Simon agree as follows: <br />COVENANTS, TERMS and CONDITIONS <br />1. Incentive Grants. Pursuant to the Program, the County shall, in <br />accordance with and as provided by this Agreement, pay to Simon an incentive grant (the <br />"Grants ") in an amount equal to 85 percent of the increase in property tax paid by Simon <br />upon the actual assessed ad valorem tax value increase occasioned by construction of the <br />Facility at the Site. The County shall pay Grants to Simon as follows: <br />Attachment number 1 <br />G -1 Page 181 <br />