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conveyed to a primary manufacturing tenant or tenants as defined by the latest version of the North American Industry Classification System, Sectors 31-33, or if the Facility has been designed to attract Class A Office and/or High Tech tenants, or if in the discretion of the Board of Commissioners, the tenant or tenants create newjobs with significantly higher wages than the average wage in Cabarrus County. The County shall pay Grants to Griffin as follows: a) For a period of three (3) consecutive years, the County shall make a grant to Griffin based upon the increased ad valorem tax value of the New Investment at the Site; b) Griffin may elect the initial year in which the Grants identified in Paragraph 1(a) and shall commence and shall so notify the County in writing; provided that the initial grant year shall commence no later than twelve (12) months after the qualifying equipment or construction has been released from an in -process stage to a fully -operational stage. The process of assessment of the tax value of the New Investment, the calculation of the grant amounts and the payment of the Grants are more particularly described in the Program, which provisions are part of this Agreement. The County hereby confirms that it has approved the application of the Program to the Facility and has authorized the Grants and other terms of this Agreement. The County and Griffin further confirm that this Agreement constitutes the "formal agreement" required under the Program and that the terms of this Agreement and those contained in the attached description of the Program shall govern the application of the Program to the Facility. The net increase in the assessed value of real property and business personal property in the Facility for local property tax purposes occasioned by the placement of the New Investment at or in the Facility shall determine the investment "level" for the Program in effect. Griffin agrees to forward to the EDC and the County Manager, at the time it makes its annual property tax payments, a copy of the property tax payment receipt, which must be requested from the Tax Collector and the Cabarrus County Tax Assessor's statement (the "Assessor's Statement") of the valuation of the New Investment located at the Facility. The Assessor's Statement may be issued only after: a) Griffin has completed the Assessor's questionnaire and other substantiating corroborating documentation identified in the Program to the satisfaction of the Assessor; and b) The Assessor has had the reasonable opportunity to review, evaluate and verify a value for the New Investment. The County agrees that each annual Grant payment to be made to Griffin during the respective term shall be made within ninety (90) days after payment by Griffin of the respective annual property taxes due to the County and the delivery of the Assessor's Statement; provided, however, that if at the time of such property tax payment Griffin has not paid all taxes due and payable to the County, including but not limited to taxes Page 152