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($78,000,000.00)by the end of year four(the date that is four years after the Commencement <br /> Date); and at least Eighty-Three Million Dollars ($83,000,000.00)by the end of year 5 (the date <br /> that is five years after the Commencement Date). Sales revenue amounts shall be evidenced by <br /> an annual certification of a Certified Public Accountant. This certification shall be provided to <br /> County prior to the payment of any inducement grant installment. <br /> D. DEVELOPMENT GRANT PARTICIPATION: Where applicable,the Company agrees to <br /> reasonably cooperate with Orange County and other applicable agencies to apply for <br /> development grants that will improve and/or add water, sewer, road or other necessary <br /> infrastructure in order to facilitate the successful completion of this project. If such <br /> development grants become available the Company agrees to meet with program <br /> representatives, and to participate in the grant request process as necessary to secure the required <br /> funding. <br /> E. MINIMUM LEVEL OF PERFORMANCE: The Company agrees that its minimum level of <br /> performance pursuant to this Agreement shall be as set out in this Article 2. Company agrees <br /> that should it not meet the required minimum levels of performance County may reduce the <br /> Inducement Grant by a pro rata amount for failures to meet the sales, employment, and valuation <br /> performance requirements. <br /> F. STATUTORY COMPLIANCE: The Company understands that the County's participation is <br /> contingent upon authority found in North Carolina General Statute 158-7.1 and other relevant <br /> North Carolina General Statutes and that should such statutory authority be withdrawn by the <br /> North Carolina General Assembly, County may terminate this Agreement without penalty to <br /> County and without further compliance with this Agreement. <br /> 3. INDUCEMENT PACKAGE <br /> A. COUNTY INDUCEMENT GRANT: Subject to the limitations set out herein,the County, <br /> upon execution of this Agreement, shall provide to the Company an inducement to offset <br /> Facility development, expansion, and acquisition costs in an amount estimated and not to exceed <br /> Four Million Dollars($4,000,000.00)payable in five installments of approximately Eight <br /> Hundred Thousand Dollars ($800,000.00)over a six year period. The first installment shall <br /> occur within a reasonable time after the end of the first twelve (12)month period following the <br /> Commencement Date and upon receipt of proof, as described in Article 5 of this Agreement, that <br /> the minimum employment, sales, and valuation requirements referenced in Article 2 of this <br /> Agreement have been met and that all outstanding local property Taxes on the real and business <br /> Personal Property owned by the Company and located within Orange County, for which a bill <br /> for such Taxes has been issued to the Company, have been paid. Subsequent annual financial <br /> inducement installments will occur within a reasonable time after the end of the applicable <br /> twelve (12)month period and upon the County's receipt of the proof required by Article 5 of <br /> this Agreement. No installment shall be required to be paid until such time as County receives <br /> proof of the payment of all outstanding property Taxes and verification of sales, employment, <br /> and valuation levels has been submitted to the County. The final Inducement Grant amount <br /> shall be determined based on the level at which Company achieves the valuations, sales, and <br /> employment requirements established in this Agreement. <br /> B. TOTAL COUNTY COMMITMENT: The amount of the Inducement Grant is based on <br /> Company investments resulting in a real property valuation of the Property of at least Eighteen <br /> Page 4of13 <br />