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upon the Property for the Anticipated Project Investment in <br /> reliance upon the incentives and other agreements from the City and <br /> the County-contained in this Agreement. <br /> <br /> NOW, THEREFORE, in consideration of the mutual promises set <br /> forth in this Agreement and of other'consideration, the receipt and <br /> sufficiency of which are acknowledged by the parties, the City, the <br /> County and S & D do hereby agree as follows: <br /> <br /> SECTION 1. Incentive Grants. <br /> <br /> (a) The City and the County hereby grant Industrial <br />Development Incentive Grants (the "Grants") to S & D as described <br />in their respective Industrial Development Incentive Grant Programs <br />(the "Programs") for a period of five (5) years with respect to the <br />Expanded Facility and the improvements constructed by S & D upon <br />the Property; <br /> <br /> (b) The City and the County hereby affirm that (i) the <br />Concord City Council and the Board of County Commissioners of the <br />County have authorized and approved this Agreement; (ii) this <br />Agreement constitutes the "formal agreement" required under the <br />Programs of the City and the County; (iii) the terms of this <br />Agreement and those contained in the attached description of the <br />Programs (Exhibits B-1 and B-2) shall govern the application of the <br />Programs to the Expanded Facility and the Property; <br /> <br /> (c) The Grant amount shall be determined according to the <br />assessed value for local property tax purposes of all real and <br />personal property involved in the Facility expansion (less the <br />assessed value of the Property as of January 1, 1996, the Base Tax <br />Assessment). S & D will send to the City Manager and the County <br /> <br /> <br />