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SECTION 1. Incentive Grants <br /> <br /> Each of the City and the County, in accordance with and as provided by this Agreement, <br />agree to pay Tanger the incentive grants (the "Grant(s)") generally described in the County <br />Program and in the City Program (collectively, the "Incentive Program") as previously <br />approved by the Board of County Commissioners of the County a copy of which is attached <br />hereto as Exhibit C-1 and as previously approved by the City Council of the City a copy of <br />which is attached hereto as Exhibit C-2. <br /> <br /> The City and the County hereby confirm that the Board of County Commissioners of the <br />County and the City Council of the City have approved the application of the Incentive Program <br />to the Facility and have authorized the Grants described below in this Agreement. <br /> <br /> The City and the County further confirm that this Agreement constitutes the "contractual <br />agreement" required under the Incentive Program and that the terms of this Agreement and the <br />applicable terms contained in the attached descriptions of the Incentive Program (Exhibit C-1 <br />and Exhibit C-2) shall govern the application of the Incentive Program to the Facility. <br /> <br /> After the Facility achieves a sales tax goal of at least $200.00 per square foot of gross <br />leasable area, the City and the County shall distribute to Tanger incentive payments calculated <br />based on the sales tax generated from the Facility (such distribution by the City and the County <br />being "Grant Payment"). Grant Payment shall be for a period of five full years commencing on <br />the date designated by Tanger, which date, however, shall be within eighteen months after the <br />sales tax goal has been achieved. The Grant Payment will be calculated based on the grant level <br />determined as follows <br /> <br />Level I Grant: <br /> <br />250,000 square feet of gross leasable area; <br /> <br />Level [I Grant: <br /> <br />500,000 square feet of gross leasable area; <br /> <br />Level III Grant: <br />or greater. <br /> <br />1,000,000 square feet of gross leasable area <br /> <br />SECTION 2. State Incentives <br /> <br /> The City and the County agree to assist Tanger in obtaining any incentives, grants or <br />programs that may be or become available from the State of North Carolina and shall "pass <br />through" to the benefit of Tanger any incentives, grants or programs that the State of North <br />Carolina provides to cities and counties for economic development purposes. <br /> <br />2 042340-~00002/84333-3 <br /> <br /> <br />