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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, Bonitz agrees to provide to <br />the County full and complete projected and final capital project <br />expenditures for the project as well as time lines for phasing in <br />the Facility 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 Bonitz an <br />incentiQs grant (the "Grants") equivalent to Level of the <br />Program, i.e., an amount equal to percent ( %) of the <br />property tax paid by Bonitz upon the actual assessed ad valorem <br />tax value occasioned by construction of, respectively, the <br />Improvements at the Site. The County shall pay Grants to Bonitz <br />as follows: <br /> <br /> (a) For a period of f~'o (5) consecutive years, the County <br />shall make a grant to Bonitz based on the ad valorem tax value of <br />the Improvements at the Site. (***Commissioners, Ryan, John-are we <br />paying incentives ~or all Personal Property and Real Property <br />improvements over the entire five years? Normally, Personal <br />Property incentives are paid for three years, and Real Property <br />incentives are for four years. Just makin~ sure I have it correct- <br />-- Marilyn) <br /> <br /> (b) Bonitz shall elect the initial year in which the Grants <br />shall commence and shall notify the £ounty 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 Facility 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 Bonitz' new investments, the calculation of the Grant <br />amounts and the payment of the Grants are more particularly <br />described in the Program and are also illustrated in Exhibit E, <br />attached and incorporated by reference. The County confirms that <br />it has approved the application of the Program as set forth and <br />has authorized the Grant and other terms of this Agreement. The <br />County and Bonitz further confirm that this Agreement constitutes <br />the "formal agreement,, required under the Program and that the <br /> <br /> <br />