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determination shall be based upon a comparison or'actual <br />dollar investments and new full-time employment levels <br />achieved as compared to target levels of investments <br />and/or employment. If the parties are unable to agree on <br />a renegotiated grant percentage, the percentage shall be <br />fifty (50%) percent. Notwithstanding any term or <br />condition in this or any other agreement, if HSREI fails <br />for whatever reason to continue in business as a fully <br />operational facility at the Site, the County shall cease <br />payment of any further Grant payments. <br /> <br />Upon execution of this Agreement and at any other point in time <br />reasonably requested by the County, HSREI agrees to provide to the <br />County full and complete projected and final capital project <br />expenditures for the project as well as time lines for phasing in <br />the Facilities construction and the purchase and installation of <br />Personal Property. Such information shall be provided the County <br />in the form of individual summary numbers and cumulative summary <br />numbers. <br /> <br /> 2. Incentive Grants. Pursuant to the Program, the County <br />shall, in accordance with this Agreement, pay to HSREI 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 HSREI 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 HSREI as <br />follows: <br /> <br /> (a) For a period of__~-~.~ ~l'~ consecutive years, the County <br />shall make a grant ~o HSREI based on the increased ad valorem tax <br />value of the Improvements at the Site. (***Commissioners, R~an, <br />John-are we pa~in~ incentives for all Personal Pro~ert~ and Real <br />Property improvements over the entire five ~ears? Normalll~, <br />Personal Propert~ incentives are ~aid for three ~ears, and Rea? <br />Pro~ert~ incentives are for four ~ears. Just makin~ sure I have it <br />correct--- Maril~n) <br /> <br /> (b) HSREI 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 qualifying Personal Property has been <br />installed or construction of the Facilities has been released from <br />an in-process stage to a fully-operational stage. <br /> <br /> 3. Assessment. The process of assessment of the tax value <br />of the HSREI's new investments, the calculation of the Grant <br /> <br /> <br />