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<br />renegotiate the Grant percentage to a level below sixty <br />five percent (65%). This determination shall be based <br />upon a comparison or actual dollar investments and new <br />full-time employment levels achieved as compared to <br />target levels of new additional investments and/or new <br />additional employment anticipated herein. If the parties <br />are unable to agree on a renegotiated grant percentage, <br />the percentage shall be twenty five (25%) percent. <br />However, notwithstanding any term or condition in this or <br />any other agreement, if Oiles fails for whatever reason <br />to continue in business as a fully operational facility <br />at the Site, the County shall have no further obligation <br />to pay and shall cease payment of any further Grant <br />payments. <br /> <br />Upon execution of this Agreement and at any other point in time <br />reasonably requested by the County, Oiles agrees to provide to the <br />County full and complete projected and final capital project <br />expenditures for the Improvements as well as time lines for <br />phasing in the expanded facility construction and the purchase and <br />installation of the additional Personal Property. Such information <br />shall be provided the County in the form of individual summary <br />numbers and cumulative summary numbers. <br /> <br />2. Incentive Grants. Pursuant to the Program, the County <br />shall, in accordance with this Agreement, pay to Oiles an <br />incentive grant (the "Grants") equivalent to Level I of the <br />Program, i.e., an amount equal to sixty-five percent (65%) of the <br />property tax paid by Oiles upon the actual assessed ad valorem tax <br />value occasioned by construction of, respectively, the <br />Improvements at the Site. The County shall pay Grants to Oiles as <br />follows: <br /> <br />(a) For a period of three (3) consecutive years, the County <br />shall make a grant to Oiles based on the ad valorem tax value of <br />the Personal Property Improvements at the Site and for a period of <br />four (4) consecutive years, the County shall make a grant payment <br />to Oiles based on the ad valorem tax value of the Real Property <br />Improvements at the Site. <br /> <br />(b) Oiles shall elect the initial year in which the Grants <br />shall commence and shall notify the County in writing; provided <br />that the initial grant year shall commence no later than twelve <br />(12) months after the new qualifying Personal Property has been <br />installed or construction of the new expansion to the existing <br />facili ty has been released from an in-process stage to a fully- <br />operational stage. <br /> <br />G-- \ <br />