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STATE OF NORTH CAROLINA <br />ECONOMIC DEVELOPMENT <br />GRANT AGREEMENT <br />COUNTY OF CABARRUS (Project M Applicant) <br />THIS AGREEMENT (the "Agreement") is made and entered m 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's, and PROJECT M <br />APPLICANT, a North Carolina corporation. <br />RECITALS <br />1. Project M Applicant is considering constructing an additional 30,000 <br />square foot facility (the "Facility") in County at an estimated cost of Seven Hundred <br />Thousand Dollars ($700,000) (the "New Real Property Investment"); and by installing <br />furniture, fixtures and equipment in the Facility at an estimated cost of an additional <br />Eight Hundred Thousand Dollars ($800,000) (the "New Personal Property Investmerin <br />(also sometimes collectively referred to as "New InvestmenP�. <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 M Applicant application for inclusion in the Program and EDC's overview is <br />attached as Exhibit B and incorporated by reference. <br />4. Project M Applicant has determined that location of its facility off <br />Highway 73 near Concord Parkway in Concord, North Carolina (the "Site") in the <br />County is a suitable location for the placement of the Facility and the New Investment. <br />5. To induce Project M Applicant to locate the New Investment in the <br />Facility at the Site and to assist Project M Applicant in that activity, the County has <br />offered incentives to Project M Applicant 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 Project M Applicant 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 Project M Applicant an <br />incentive grant (the "Grants') in an amount equal to 85 percent of the increase in <br />Aaachmenl number 1 \n <br />G-1 Page 142 <br />