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TERMS
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<br />1. Commencement of Grants. PPI shall elect the initial year in
<br />
<br />(a)
<br />
<br />2 0
<br />
<br />which the grants shall commence and shall notify the County
<br />in writing; provided that the initial grant year shall
<br />commence no later than twelve (12) months after the
<br />quallfy!ng Phase I Personal Property (defined below) has
<br />been installed or construction of the Phase I Facility
<br />
<br />(defined below) has been released from an in-process stage
<br />to a fully-operational stage and a certificate of occupancy .:
<br />
<br />has been issued.
<br />Construction of New Real Property Facilities and Personal-
<br />Property Investments. PPI shall construct new real
<br />property facilities at the Site and add new furniture,
<br />fixtures, machinery and equipment personal property to such ::,',::
<br />facilities (suc~ furniture, fix~9~, __ ~in~_ry__ .....
<br />equipment shall be collectively referred to as "Personal'
<br />Property") over a five (5) consecutive year phased-in ~lant.,,
<br />construction and expansion period, as illustrated in
<br />Exhibit D, attached hereto and incorporated herein. Each
<br />unit of the plant construction and expansion shall { !i:
<br />
<br />constitute a Phas% and each Phase shall be equivalent to a:' :/
<br />
<br />consecutive twelve (12) month period of time, with an
<br />
<br />allowance of six months at either the beginning or end of
<br />such Phase, for a maximum period of no more than eighteen
<br />(18) consecutive months permitted for completion of each
<br />
<br />Phase. During each Phase, all PPI commitments for ,,
<br />~nvestments and hiring set forth ~n th~s Agreement for that
<br />Phase must be met in order for any future grants under this
<br />Agreement to remain in effect. Provided PPI constructs the
<br />new facilitiese__p~cha~s___~r~oq~l ~gpe~y and meets
<br />· ts County employment commitments, all as set forth in this
<br />Agreement, the County will provide PPI with the tax ,.
<br />incentives set forth in this Agreemen~__%D__~9~g~..~A~'
<br />the terms and conditions of this Agreement and the Program.,
<br />
<br /> ~h~se ~. During Phase ~_ PPI commits to ~onstruct a-~
<br /> new manuf~i--~'-{~611it~'-~--[~--'~i'[¥~ .... totaling at :l[
<br /> least 200,000 square feet at an ~nitial minimum taxable ',
<br /> investmenq._gf._~g~..Mi~qD._Dg.l~..(.~.,.q99_~.0~.00) (the
<br />
<br />Formatted: Numbered + Level: ! +
<br />Numbenng Style: 1, 2, 3, . + Start
<br />at: ! + Ahgnment: Left + Ahgned at:
<br />0.25" + Tab after: 0.71" + Indent at:
<br />0.71"
<br />
<br />Deleted:,
<br />
<br />Deleted: construct~o~ period.
<br />Each year of the
<br />
<br />Delete4:
<br />
<br />Delete~:. Phase I must
<br />commence within twelve (12)
<br />months following full
<br />~executionpelet%~: and°f th~s Agreement.
<br /> Deleted:,
<br />
<br />Deleted: In the event PPI
<br />fails, at any time, ~o
<br />construct the new facilities
<br />and purchase the Personal
<br />Property as provided in this
<br />Agreement, the County shall
<br />be under no further
<br />obligation to provide these
<br />tax 1ncent[ves.¶
<br />
<br /> Phase -I During Phase I,
<br />PPI commits to construct a
<br />new manufacturlng facility
<br />at the Site, totaling at
<br />least 200,000 square feet at
<br />an 1nit[al minimum taxable
<br />investment of E[ght Million
<br />Dollars ($8,000,000.00) (the
<br />"Phase I Facility"). In
<br />addition, during Phase I,
<br />PPI will also install new
<br />Personal Property at the
<br />Facility at a minimum cost
<br />of an additional Nine
<br />Million Elght Dollars
<br />($9,000,000.00) (the 'Phase
<br /> I Personal Property"). ~
<br />
<br />Formatted: Font: Bold, Underline
<br />Formatted: ln~nt: Left:: O"
<br />Formatted: Bullets and Numbenng
<br />Deleted: ~.
<br />
<br />Deleted: ~
<br />
<br />Deleted: installing
<br />additional new Personal
<br />
<br />"Phase ,I Facility") . In addition, during Phase I-]-"'~-~-i'"',,"',, ~Property in the Phase
<br />W~I__i als__o instal______~l ne__w Personal Property, at the Facility,",,I ,,,'~Deleted:addit~onal
<br />at a minimum cost of an additional Nine Million Eight ',,",' Formatted: F0.t: Bold
<br />D--~-~a~000.00) (the "Phase J Personal '",, '(Delete4: ~
<br />
<br />Property may be collectively referred to as the "Phase I , ]tO the County that ~he
<br />Improvements .) Pnase I must commence, a certificate or "[Deleted ~
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