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Section 3.05. Compliance with Laws. In connection with the redevelopment of <br />Springtown and the Site, the Owner shall comply with all applicable local, state and federal laws, <br />ordinances, statutes, rules, regulations and standards. <br />ARTICLE 4. ECONOMIC DEVELOPMENT INCENTIVE PROVIDED BY THE CITY <br />Section 4.01. Grant Payments. Subject to other terms and conditions in this Agreement <br />and the Owner's compliance with this Agreement, the City will make Grant Payments to the <br />Owner in the manner set forth in this Article. <br />Section 4.02. Ten -Year Payment Period. Beginning as soon as the calendar year 2016, <br />but no later than calendar year 2019, the Owner may apply for up to ten (10) consecutive annual <br />Grant Payments, Upon application by the Owner, the City shall make such Grant Payments to <br />the Owner, in accordance with the following schedule: <br />Year <br />Additional <br />Property <br />Taxes °/0 <br />Additional <br />Sales <br />Taxes `%o <br />1 <br />100 <br />90 <br />2 <br />100 <br />90 <br />3 <br />80 <br />80 <br />4 <br />80 <br />80 <br />5 <br />60 <br />60 <br />6 <br />60 <br />60 <br />7 <br />40 <br />40 <br />8 <br />40 <br />40 <br />9 <br />20 <br />20 <br />10 <br />20 <br />20 <br />As an example, if Year 1 is 2019, the Owner could apply for and receive a Grant Payment in an <br />amount equal to 100 percent of the Additional Property Taxes and 90 percent of the Additional <br />Sales Taxes generated on the Site in 2018, with subsequent Grant payments similarly being made <br />according to the percentages above. With each application for a Grant Payment, the Owner shall <br />provide to the City a compliance certificate, in the form attached hereto as Exhibit "C" (the <br />"Compliance Certificate ") to verify the Owner's compliance with the terms of this Agreement. <br />Section 4.03. Reduction in Grant Payments. In the event that the Owner's capital <br />investment, as defined in Section 3.02, is less than $27,500,000.00, the annual Grant Payments to <br />the Owner will be reduced proportionate to the percentage of capital investment that can be <br />verified by actual receipts provided to the City by the Owner. For example, if the maximum <br />possible Grant Payment in Year 1 was $1,000,000.00 and the Owner met the target capital <br />investment of $27,500,000.00, then the maximum possible Grant Payment to the Owner would <br />be $1,000,000.00. If, however, the Owner's capital investment was only $26,125,000.00, which <br />is 95 percent of the required capital investment, then the Grant Payment to the Owner would be <br />reduced by five percent resulting in a Grant Payment of $950,000.00. Notwithstanding the <br />