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INTERLOCAL AGREEMENT This INTERLOCAL AGREEMENT (this 'Interlocal Agreement"), made and entered into as of 2017, between the City of Kannapolis, North Carolina, a municipal corporation created and existing under the laws of the State of North Carolina (the "City") and the County of Cabarrus, North Carolina (the "County"), a political subdivision created and existing under the laws of the State of North Carolina; WITNESSETH: WHEREAS, the City has purchased the majority of its downtown and has determined to undertake revitalization activities in its downtown area, including, among other things, infrastructure improvements, parking improvements, construction of sports and entertainment venues and the construction and improvement of other public amenities (collectively, "Downtown Revitalization Projects "); and WHEREAS, there are numerous benefits that will come from public investment as part of the downtown revitalization efforts including but not limited to long term tax base growth, improved vitality of central business district, strengthening tourism assets resulting in additional sales tax generation, andjob creation. WHEREAS, the City has paid and will pay for the Downtown Revitalization Projects through a combination of available funds of the City and financing arrangements; and WHEREAS, the City has created a Municipal Service District to assist with the financing of Downtown Revitalization Projects pursuant to Article 23 of Chapter 160A of the North Carolina General Statutes (the `MSD "); and WHEREAS, the MSD is generally bounded by Dale Earnhardt Boulevard (NC 3) to the south and west, Loop Road to the north and South Ridge Avenue to the east and consists of 319 parcels and 394 acres, the majority of which is located in Cabarrus County, and is set forth in the map attached as Schedule A. WHEREAS, under Article 20 of Chapter 160A of the North Carolina General Statutes, as amended (the "Interlocal Act"), municipalities and counties are authorized to enter into interlocal cooperation undertakings with other local governments for the joint exercise of any power, function, public enterprise, right, privilege, or immunity of local governments in North Carolina; WHEREAS, as permitted by the Interlocal Act, the County desires to provide assistance for the funding of the Downtown Revitalization Projects located in the portion of the MSD located in the County by remitting to the City 85% of the incremental ad valorem tax revenues collected in portion of the MSD located in the County (the "Incremental Revenues ") subject to the limitations and restrictions set forth in this Interlocal Agreement (the "County Contribution"); and PPAB 3705461x3 Attachment number 5 \n G-2 Page 161