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/Page six investment of $3,000,000/100: $30,000 x 75% x $.60: $ 45,000 grant payment Year Two: real property investment of $6,860,000/100 = $68,600 x 75% x $.60 + personal property investment of $2,700,000/100 = $27,000 x 75% x $.60 = $ 43,020 grant payment Year Three: real property investment of $6,722,800/100 = $67,228 x 75% x $.60 + personal property investment of $2,430,000/100 = $24,300 x 75% x $.60 = $ 41,188 Year Four: real property investment of $6,588,344/100 = $65,883 x 75% x $.60 -- $29,647 grant payment Year Five: real property investment of $6,456,577/100 = $64,568 x 75% x $.60 = $29,056 grant payment Five year period total grant payments estimated at $187,911. For this Level 1 grant project the INDUST~L DEVELOPMENT INCENTIVE GRANT PROGRAM award equates to '01.88%' of the initial corporate investment. Calculations for INDUSTRIAL DEVELOPMENT INCENTIVE GRANT PROGRAM awards at other values and at Levels 1, 2 or 3 would be completed in a similar manner. Note: The ratio of real to personal property (machinery and equipment) will vary significantly among projects. For purposes of this example 70% real and 30% personal property investments were assumed. Depreciation schedules will impact estimated tax assessment values depending on the type of project and applicable depreciation schedule. V. PROGRAM ADOPTION, AMMENDMENT AND EFFECTIVE DATES Earlier INDUSTRIAL DEVELOPMENT GRANT PROGRAM guidelines were adopted by the Cabarrus County Board of Commissioners in June 1996. Subsequent modifcations inclusive of dates of action by the County shall be routinely detailed and noted hereto. Applicability of a specfic project to these program guidelines shall be consistant with latest date of appropriate action by the Board of County Commissioners and the date of application for the program. A pre-application meeting with the County Commission and elected officials of any local municipality impacted by a proposed project shall be held to validate project specifics and assure that current grant program criteria are applicable. Cabarrus Economic Development, Inc. shall provide a fiscal analysis of the project's impact upon the community inclusive of a recommendation from its Board of Direector's as to whether the project proposal should be considered for the award of an incentive grant as detailed within policy guidelines. Only specific action by the Cabarrus County Commission shall be deemed acceptance of terms in a formal contractual grant agreement and by award of an INDUSTRIAL DEVELOPMENT GRANT thereto.