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<br />3. Assessment. The process of assessment of the tax value <br />of Oiles' new investments, the calculation of the Grant amounts <br />and the payment of the Grants are more particularly described in <br />the Program and are also illustrated in Exhibit E, attached and <br />incorporated by reference. The County confirms that it has <br />approved the application of the Program as set forth and has <br />authorized the Grant and other terms of this Agreement. The County <br />and Oiles further confirm that this Agreement constitutes the <br />"formal agreement" required under the Program and that the terms <br />of this Agreement and those contained in the attached description <br />of the Program shall govern the application of the Program to the <br />Site. The net increase in the assessed value of the new expansion <br />to the existing facility and new additional business personal <br />property at the Site for local property tax purposes occasioned by <br />the placement of the new investments at the Site shall determine <br />the investment "level" for the Program in effect. Oiles agrees to <br />forward to the County Tax Administrator, at the time it makes its <br />annual property tax payments, a copy of the property tax payment <br />receipt, which must be requested from the County Tax Collector, <br />and the County Tax Assessor's statement (the "Assessor's <br />Statement") of the valuation of the new investments located at the <br />Site. The Assessor's Statement may be issued only after: <br /> <br />( a) <br />questionnaire <br />documentation <br />by the County <br />and <br /> <br />ailes has completed the County Assessor's <br />and provided all other substantiating corroborating <br />identified in the Program and reasonably requested <br />Assessor to the satisfaction of the County Assessor; <br /> <br />(b) The County Assessor has had the reasonable <br />opportunity to review, evaluate and verify a value for the new <br />expansion to the existing facility and Personal Property at the <br />Site. <br /> <br />The County agrees that the Grant payments to be made to <br />Oiles during the respective term will be made wi thin thirty (30) <br />days after ailes' payment in full of all property taxes and any <br />other assessments or charges due to the County and the delivery of <br />the County Assessor's Statement. <br /> <br />4. State and County Incentives. The County agrees to <br />reasonably assist Oiles in its application for any incentives, <br />grants and programs that may be or become available from the City <br />and/or the State of North Carolina; however, the County shall not <br />be responsible for obtaining or paying any City or State <br />incentives to ailes. <br /> <br />G- \ <br />