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<br />(Q)[ffi~[Fu <br /> <br />STATE OF NORTH CAROLINA <br /> <br />COUNTY OF CABARRUS <br /> <br />INCENTIVE GRANT AGREEMENT <br />(PreGel USNLares Real Estate USA) <br /> <br />THIS AGREEMENT (the "Agreement") is made and entered as of the _ day <br />of , 2006, by and between CABARRUS COUNTY, a body politic and <br />political subdivision of the State of North Carolina ("County"), and PREGEL <br />USNLARES REAL ESTATES USA ("PreGel"), a North Carolina corporation. <br /> <br />RECITALS <br /> <br />I. PreGel is considering locating a 100,000 square foot gelato manufacturing <br />facility in County (the "Facility") by constructing such facilities in County at an <br />estimated cost of Seven Million Six Hundred Thousand Dollars ($7,600,000.00) (the <br />"New Real Property Investment"); and by installing furniture, fixtures and equipment in <br />the Facility at an estim~ted cost of an additional Nine Hundred Thousand Dollars <br />($900,000.00) (the "New Personal Property Investment") (also sometimes collectively <br />referred to as "New Investment"). <br /> <br />2. The Collnty 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. PreGel is requesting a waiver of some of the terms of <br />the Program, as specified below. <br /> <br />3. Cabarru~ Economic Development, Inc. (the "EDC") has reviewed the <br />PreGel application for Inclusion in the Program and EDC's overview is attached as <br />Exhibit B and incorporl1ted by reference. <br /> <br />4. PreGel l)as determined that location of its facility in the International <br />Business Park in ConcQrd, North Carolina (the "Site") in the County is a suitable location <br />for the placement of the Facility and the New Investment. <br /> <br />5. To indu~e PreGel to locate the New Investment in the Facility at the Site <br />and to assist PreGel in that activity, the County has offered incentives to PreGel <br />consistent with the Program. <br /> <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 PreGel agree as follows: <br /> <br />COVENANTS, TERMS and CONDITIONS <br /> <br />1. Incentive Grants. Pursuant to the Program, the County shall in <br />accordance with and a~provided by this Agreement, pay to PreGel an incentive grant (the <br />"Grants") in an amount equal to 85 percent of the increase in property tax paid by PreGel <br /> <br />G.:.(' <br />