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When the Assessed Value reaches "Level 1 Grant", IMSA shall be entitled to an <br />initial Grant (the "Initial Grant") from the City and the County whether IMSA completes <br />the Project or not at such time. The period of the Initial Grant shall be for five years and <br />the beginning of the five-year period of the Initial Grant shall be within one (1) year after <br />IMSA completes the Project or, if IMSA does not complete the Project, within one (1) <br />year after the Assessed Value reaches "Level 1 Grant". The procedure of the Initial Grant <br />is as follows: <br /> <br />1). IMSA shall elect the fiscal year with which the five-year period for the Initial Grant <br />begins and shall give a written notice to the City and the County for their consents to such <br />election. ("Fiscal year" of the City and the County is a period of one (1) year <br />commencing on July, 1 each year). -- <br /> <br />2). During the five-year period of the Initial Grant, IMSA shall send to the City and the <br />County, at the time IMSA makes its annual payments of Property Taxes due to the City <br />and the County, each of the followings: <br /> <br />(i) a summary report confirming the current employment levels oftMSA at the <br /> Facility; <br /> <br />(ii) the average salary of the employees of IMSA at the Facility, and <br /> <br />(iii) a copy of the receipt for the Property Taxes payment and any <br /> accompanying correspondence. <br /> <br />(3). During the five-year period of the Initial Grant, the City and the County shall make <br />the Grant Payment to IMSA each year within thirty (30) days after IMSA's annual <br />payment of Property Taxes and the delivery of the documents referred to in the preceding <br />Paragraph 2). <br /> <br /> The investment, which is made after IMSA's qualification for the Initial Grant <br />and which is listed on EXHIBIT A as of the date of this agreement, is entitled to addition <br />to the Initial Grant upon written request oflMSA, provided, however, that such addition <br />shall have no impact upon the Grant Payments for previous years and shall apply only to <br />the remaining years available during the five-year period of the Initial Grant. <br /> <br /> The investment, which is made after IMSA'~ qualification for the Initial Grant <br />and which is not listed on EXHIBIT A as of the date of this agreement, may be entitled to <br />addition to the Initial Grant upon written request of IMSA and consents of the City and <br />the County, provided, however, that such addition sha!l~ have no i.mpact upon the Grant <br />Payments for previous years and shall apply only to the remaining years available during <br />the five-year period of the Initial Grant. <br /> <br />3 <br /> <br /> <br />