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10 <br /> C. "Baseline Valuation." Current assessed valuation of the Subject Property as assessed by <br /> the Orange County Tax Administrator prior to the investment contemplated in this <br /> Agreement. Upon revaluation by the County the Baseline Valuation shall be adjusted as <br /> determined by the Orange County Tax Administrator. <br /> D. "Commencement Date." The date in which the Company begins actual production <br /> operations at the Subject Property, after having obtained applicable governmental <br /> approvals, certificates of zoning compliance, and certificates of occupancy. Unless <br /> delayed by causes beyond the control of the Company,the Commencement Date is <br /> anticipated to be no later than December 31, 2020. <br /> E. "Company." Piedmont Metalworks, LLC. and includes its affiliates, successors, and <br /> assigns. <br /> F. "Eligible Property." Includes (a)the Subject Property(as defined in Exhibit C, Legal <br /> Description of Real Property), other real property in the County, and all improvements <br /> the Company or an Affiliate of the Company constructs or installs, or causes to be <br /> constructed or installed, at the Subject Property or such other real property, including all <br /> buildings,building systems, and building improvements, and(b) all personal property <br /> (as defined in Exhibit B, Personal Property)the Company or an Affiliate of the <br /> Company purchases or leases and installs, at or relocates to,the Facility or such other <br /> real property. Does not include property valued for the Baseline Valuation. <br /> G. "Grant."An economic incentive grant to the County pursuant to Section 2 of this <br /> Agreement. <br /> H. "Inducement Grant." An economic development grant provided to Company for the <br /> purpose of securing the Company's location of its manufacturing facility in Orange <br /> County,North Carolina. <br /> I. "Minimum Taxable Investment." The aggregate Qualifying Expenditures made by the <br /> Company that Company anticipates will be made annually as reflected in Exhibit A and <br /> verified by the Orange County Tax Assessor and which will be used for calculating the <br /> annual Inducement Grant payment. <br /> J. "Orange County Facility" or"Facility." The Company constructed and/or owned <br /> primary and secondary structures,utilities, and operations and service areas situated on <br /> the Subject Property adjacent to 5816 U.S. 70 West, Orange County,North Carolina in <br /> and on which Company conducts its business and/or operations. <br /> K. "Person." Any individual,partnership,trust, estate, association, limited liability <br /> company, corporation, custodian,nominee, governmental instrumentality or agency, <br /> body politic or any other entity in its own or any representative capacity. <br /> L. "Personal Property." All personal property the Company or an Affiliate owns or leases <br /> located at the Facility, including all(a)machinery and equipment, (b) furniture, <br /> furnishings, and fixtures, (c)property that is capitalized for federal or state income tax <br /> purposes, (d) all additions to any of the foregoing, and all replacements of any of the <br /> foregoing in excess of$100,000. <br /> Page 2 of 14 <br />