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consecutive years with the value of personal property investments being considered for a period of three (3) c(Jnsecutive years in determining value for grant calculation purposes. The beginning date for grant calculations is to be the date of useful occupancy and/or production startup. Level 3 grant - a grant award based upon the project's estimated tax revenue generation value, to be calculated to equate to approximately 75% of the value of real and personal property tax revenue value anticipated to be generated by the project. The value for real property investments shall be calculated based on a period of four (4) consecutive years with the value of personal property investments being considered for a period of three (3) consecutive years in determining value for grant calculation purposes. The beginning date for grant calculations is to be the date of useful occupancy and/or production startup. Calculations of the project grant award shall be based upon estimates of anticipated new property tax revenues the city could expect to receive from a specific project; the annual grant award due to the grantee will be paid on or before April 15 each year during the grant period, subject to the project's date of useful occupancy and/or production startup. During the grant award period, the grantee must remain current with all real and property taxes assessed, other fees, taxes or other assessments levied by the grantors to remain eligible for the grant. Failure to do so results in termination of the grant award. The city and county will monitor the assessed valuation of the project during the award period to assure that the process used to determine the award of the grant remains consistent with estimates used. Excessive fluctuations in the estimated project value may be cause for review of the grant inclusive of modification to the terms of the grant subject to review and action by the City Council. (It is not intended that grants and the property taxes of a specific grant project equate exactly for the grant period. Additions, changes in real estate valuations and other factors may impact upon the actual property tax assessment base during the grant period and as previously detailed. Estimates are used only to establish a rational link between a project and its' economic impact upon the city and its citizens.) Grants are not transferable and may not be otherwise conveyed to another party without the specific consent of the grantors. Grantees are required to provide and maintain evidence that the average wages paid to employees associated with a project given a grant meet or exceed the existing average wage rate for positions of similar employment within the city's workforce during the grant period. Grants for expansion of existing industries will account for reductions in value associated with machinery and equipment being phased out, replaced or retrofitted as part of a project. Factors impacting employment will be evaluated and enter into determinations of