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<br />County has offered incentives to Grantee consistent with the <br />Program as described herein; <br /> <br />NOW, THEREFORE, in consideration of the mutual promises set <br />forth in this Agreement and other good and valuable consideration, <br />the receipt and sufficiency of which are hereby acknowledged, the <br />County and Grantee do hereby agree as follows: <br /> <br />1.0 Incenti ve Grants. Pursuant to the Program, the County <br />shall, in accordance with and as provided by this Agreement, pay <br />to Grantee an incentive grant (the "Grants") equivalent to the <br />Levell of the Program, i.e. an amount equal to 65 percent of the <br />increase in property tax paid by Grantee upon the actual assessed <br />ad valorem tax value increase occasioned by construction and <br />equipment installation of the New Investment in the Facility at <br />the Site. The County shall pay Grants to Grantee as follows: <br /> <br />(a) For a period of three (3) consecutive years, the County <br />shall make a grant to Grantee based upon the increased ad valorem <br />tax value of the New Personal Property Investment in business <br />personal property at the Site; <br /> <br />(b) For a period of four (4) consecutive years, the County <br />shall make a grant to Grantee based upon the increased ad valorem <br />tax value of the New Real Property Investment at the Site; <br /> <br />(c) The Grantee shall elect the initial year in which the <br />grants identified in Paragraphs 1.O(a) and (b) and shall commence <br />and shall notify the County thereof in writing; provided that the <br />initial grant year shall commence no later than twelve (12) months <br />after the qualifying equipment or construction has been released <br />from an in-process stage to a fully-operational stage. <br /> <br />The process of assessment of the tax value of the New <br />Investment, the calculation of the Grant amounts and the payment <br />of the Grants are more particularly described in the Program and <br />are incorporated herein. The County hereby confirms that it has <br />approved the application of the Program to the Facility and has <br />authorized the Grant and other terms of this Agreement. The County <br />and Grantee 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 />Facility. The net increase in the assessed value of real property <br />and business personal property in the Facility for local property <br />tax purposes occasioned by the placement of the New Investment at <br />or in the Facility shall determine the investment "level" for the <br /> <br />G-l <br />